Resurgent growth in the construction sector since the past years coupled with increasing construction activities and infrastructure development continue to remain instrumental in driving sales of construction equipment, in turn influencing sales of undercarriage components worldwide. Growing technological advancements in earth moving equipment to meet the increasing demand for new construction projects has significantly fueled the demand for durable and efficient undercarriage components since the past years. Fact.MR envisages that the demand for undercarriage components is projected to expand at a steady rate at a CAGR of 3.2% throughout the period of assessment, 2018-2028. Sales of undercarriage components by the end of the year of forecast is estimated to cross US$ 10,800 Mn, says the report.
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Sales of undercarriage components through aftermarkets is likely to surpass those from OEMs (original equipment manufacturers) during the period of forecast. The aftermarket is likely to remain strong for undercarriage components on the back of low life of these components. Lower life span has resulted in frequent changing of undercarriage components owing to excessive use of construction equipment, which in turn is expected to increase the demand for undercarriage components in the aftermarket. However, development of undercarriage components with high durability is expected to impact their aftermarket sales as OEMs are striving to extend life of undercarriage components using wear-resistant undercarriage technology.
Demand for undercarriage components in the construction industry is expected to increase at significant pace during the period of forecast on the back of growing construction projects across the globe. For instance, expansion of airports, construction of new highways and road extensions, construction of dams, increasing commercial infrastructure projects and construction of railways are likely to augment demand for construction and earth moving equipment, in turn supporting the sales of undercarriage components. Moreover, demand for undercarriage components from the agriculture and forestry industry is projected to expand at a high rate during the period of forecast owing to growing use of agricultural equipment, particularly in the emerging economies.
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Use of undercarriage components in crawler excavators and mini excavators has remained high since the past few years and is likely to witness an upswing in the years to follow, says
Fact.MR report. Apart from construction of highways and dams, demand for crawler excavators has been increasing in the mining sector, which is expected to push their sales. This factor is anticipated to support the growth of the undercarriage components market during the assessment period. Moreover, with growing residential construction activities the demand for mini excavators is likely to witness a significant push. These factors are expected to auger well for the sales of undercarriage components in earth moving equipment such as crawler excavators and mini excavators during the forecast period, making them a lucrative business opportunity for undercarriage components manufacturers.
Demand for track shoe/rubber tracks undercarriage components is projected to grow at a high rate during the period of assessment. According to the report, the sales of track shoe undercarriage components are estimated to surpass US$ 2,800 Mn by end of the year of forecast. This growth in sales can be attributed to their high efficiency in providing traction to the construction equipment to conveniently maneuver. In addition, the report forecasts that the demand for track chains, bushing and seals as undercarriage components, is projected to expand at a relatively high pace throughout the assessment period, making them a highly attractive market for stakeholders.
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Sales of undercarriage components are expected to remain concentrated in the emerging economies of Greater China and India in the Asia Pacific excluding Japan (APEJ) owing to stellar growth in construction and infrastructure activities in the region. Major constructions projects such as InterBering-China-Russia-Canada-America High Speed Rail Road, DoIT – Brisbane to Melbourne High Speed Railway Link – New South Wales, Australia, Xinjiang-Kyrgyzstan-Uzbekistan-Turkmenistan-Iran-Turkey Railway Link – China, NHAI – National Highway Development Program – India and MoLTM/MoT – South Korea to China Underwater Train Tunnel – South Korea, to name a few, have largely contributed to the growth of the construction equipment industry in the region, in turn fuelling sales of undercarriage components. Stakeholders in the undercarriage components market can expect a steady stream of opportunities from the APEJ region on the back of an optimistic construction scenario in the region.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.