NEW YORK, Dec. 15, 2021
- Undercarriage Components Market to Expand by 1.4X Amid Burgeoning Construction Activities Worldwide
- In its new study, Fact.MR has provided the extensive company profiles comprising product benchmarking and company insights. It also includes the market dynamics and growth opportunities across leading segments in terms of component, equipment, end-user, sales channel, and region.
NEW YORK, Dec. 15, 2021 /PRNewswire/ -- The global undercarriage components market is projected to expand 1.4x in terms of value during the forecast period during 2020 to 2030, predicts Fact.MR. Increasing demand for novel construction equipment is expected to drive the global undercarriage components market in the upcoming years.
Undercarriage components are the supporting frameworks present underneath a vehicle or heavy machinery. These components are assembled to enable the machine to work on any type of terrain depending on the operation.
Increasing production of heavy machinery across the mining, agriculture, and construction industries is expected to bolster the demand for undercarriage components. Governments of various countries are also investing huge sums in the development of public infrastructure.
As per the National Projects Construction Corporation Limited (NPCC), at present, around 27 public infrastructure construction activities are taking place in India. Similarly, the Associated General Contractors of America (AGC) mentions that the construction industry in the U.S. develops about $1.4 trillion worth of structures annually. The industry is a major contributor to the country's economy.
Hence, increasing application of undercarriage components within construction industry across emerging economies such as India, China, Japan, and South Korea, is expected to boost the growth in the market.
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"Increasing usage of undercarriage components in dozers for commercial construction activities is expected to augment the growth in this market in the near future. Subsequently, rapid pace of economic diversification in emerging economies is also set to drive the market," says a Fact.MR analyst.
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The undercarriage components market players are focusing on launching new construction equipment and their innovative components to extend their product portfolios.
Meanwhile, some of the other players are participating in mergers and acquisitions, partnerships, and joint ventures to strengthen their positions in the global market.
Key Players in the Undercarriage Components Market Include:
More Valuable Insights on Undercarriage Components Market:
Fact.MR provides an unbiased analysis of the undercarriage components market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global undercarriage components market with a detailed segmentation on the basis of:
Key Questions Covered in Undercarriage Components Market Report
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