- 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.
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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.