Undercarriage Vehicle Tracks Market: Introduction
- Undercarriage is the area beneath the vehicle cabin. It includes different systems and components, which are mounted beneath the carriage of vehicles such as track loaders, bulldozers, and crawler dozers. Undercarriages greatly influence the speed of work, driver comfort, and overall maintenance costs.
- Track is a vehicle propulsion system mounted on the undercarriage, which utilizes a continuous band of treads or track plates driven by two or more wheels. The wider surface area of these tracks distributes the weight of the vehicle more evenly, thus enabling the vehicle to move in difficult terrain without getting stuck. This ability of the tracks to operate seamlessly in challenging environments is their primary advantage over wheels.
Key Drivers of Undercarriage Vehicle Tracks Market
- The global population has increased considerably. According to the data published by United Nations in World Population Prospects 2019, the worldwide population increased from 7.3 billion in 2015 to 7.7 billion in 2019. It is projected increase to 8.5 billion by 2030. This growing population has inflated the demand for basic needs of people such as food and housing, thereby increasing the usage of agriculture and construction equipment. Undercarriage tracks mounted on vehicles are subjected to higher wear & tear; therefore, these require periodic replacements. Thus, an increasing demand for basic requirements coupled with rising population is propelling the undercarriage vehicle tracks market across the globe.
- Governments of various developed and developing nations are increasingly investing in development of infrastructure. This has boosted the number of on-going construction projects such as highways, dams, and ports. This high number of construction activities has increased the demand for construction equipment. OEMs such as JCB, Hitachi Construction Machinery Co., Ltd., AB Volvo have reported a rise in sale of their construction equipment. Furthermore, governments are promoting mechanization in the agriculture sector by providing incentives, easy loans, and other lucrative offers to farmers in order to purchase agriculture equipment such as combined harvesters and tractors. These initiatives by governments to develop infrastructure, agriculture, and other sectors are fuelling the sales of off-road vehicles and consequently, fuelling the undercarriage vehicle tracks market across the globe
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Challenges in Undercarriage Vehicle Tracks Market
- Maintenance of undercarriage vehicle tracks is expensive. Moreover, the initial installation cost is also high. These tracks wear faster when operated on hard road surfaces and hamper the comfort level of the rider. These economic and operational limitations are hampering the adoption of undercarriage vehicle tracks.
Impact of COVID-19 pandemic on Undercarriage Vehicle Tracks Market
- The recent pandemic of COVID-19 has disrupted automotive supply chains, thus creating a shortage of raw materials and components. However, demand for undercarriage vehicle tracks across the globe is anticipated to increase as governments are easing restrictions and companies are restarting their operations with precautionary measures. Furthermore, mass COVID-19 vaccination drives initiated recently in countries such as the U.S. and Canada are expected to normalize day-to-day operations and assist industries to regain momentum.
North America to hold significant share of global Undercarriage Vehicle Tracks Market
- North America accounted for a significant share of the global undercarriage vehicle tracks market in 2019 due to a prominent mining industry and expansion of the shale gas, agriculture, construction, and large defense equipment manufacturing industries
Key Players Operating in Undercarriage Vehicle Tracks Market
The global undercarriage vehicle tracks market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global undercarriage vehicle tracks market are:
- Artic Investments S.A. (Camso)
- Berco S.p.A.
- ContiTech AG
- DuroForce, Inc.
- Mattracks, Inc.
- STRICKLAND TRACKS LIMITED
- TOPY INDUSTRIES LIMITED
- Trackline Ltd
- Tragen Technology Pvt Ltd
- Trident International
- Verhoeven Group
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Global Undercarriage Vehicle Tracks Market: Research Scope
Global Undercarriage Vehicle Tracks Market, by Type
- Rubber Track
- Metal Track
Global Undercarriage Vehicle Tracks Market, by Width
- Less than 10 inches
- 10 to 15 Inches
- Above 15 Inches
Global Undercarriage Vehicle Tracks Market, by Vehicle Type
- Light Trucks & SUVs
- Earth Movers
- Agriculture Equipment
- Heavy Vehicles
- Material Handling Vehicles
- Mining Vehicles
- Military Vehicles
- Others (ATV, Forestry Equipment)
Global Undercarriage Vehicle Tracks Market, by Sales Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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