SEOUL-- April 26, 2022 -- As per Fact.MR’s Latest Analysis, the global sales of undercarriage components is expected to surpass a value of US$ 6.5 Bn at the end of 2020, and is projected to expand at a value CAGR of close to 4% over the forecast period 2020-2030. The spread of COVID-19 is resulting in declining sales as the global construction industry is facing a downturn, which ultimately affects the sales of undercarriage components. The impact on the market is continuing to fluctuate as the sales of new equipment have come to a standstill.

Product Launches to Enhance Market Resiliency

Key players in the undercarriage components market are Caterpillar Inc., Deere & Company, ThyssenKrupp AG, AB Volvo, Komatsu Ltd., and Hitachi Construction Machinery, among others. Prominent manufacturers are striving for product enhancement and introducing new products in order to broaden their customer base and gain a competitive edge over other players. For instance, in 2020, Berco, a brand of ThyssenKrupp, introduced a new Platinum Line, a specially-designed undercarriage component line of products for the aftermarket.

The Platinum Line product range focuses on improving undercarriage life in forestry applications. The undercarriage components market in East Asia is expected to grow the fastest by experiencing a value CAGR of 4%, whereas South Asia & Oceania is projected to be valued 2.1X than MEA, and is estimated to account for a significant proportion of the demand pie by the end of the forecast period.