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Steel tracks and rubber tracks are used in heavy duty agricultural and construction machinery as they provide better traction and reduce soil compaction as compared to wheels. Steel tracks are mainly used in snow plows, bulldozers, excavators and cranes which requires high load bearing capacity. Rubber tracks are predominantly used in agricultural equipment such as tractors, harvesters and various agriculture vehicles due to their impact absorption ability and suitability for all-terrain operations. Some key properties like self-cleaning, vibration damping and shock absorption offered by rubber tracks make them a viable option for agricultural operations on uneven fields and marshy lands.
The global steel tracks and rubber tracks Market is estimated to be valued at US$ 2.13 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing farm mechanization and construction projects are expected to drive the steel tracks and rubber tracks market over the forecast period. There has been significant growth in construction and infrastructure development projects such as roads, highways, bridges, residential and commercial buildings across the globe. Additionally, implementation of various projects under China’s Belt and Road initiative will further propel the demand for construction equipment fitted with steel and rubber tracks. Aggressive farm mechanization programs, especially in developing countries of Asia Pacific and Latin America is anticipated to boost sales of tractors and harvesters using rubber tracks. Growing small farms and rising labor costs are encouraging farmers to substitute manual labor with agricultural machinery with rubber tracks for better performance in fields.
Key players: Key players operating in the steel tracks and rubber tracks market are Bridgestone Corporation, Camso Ltd. (formerly known as Camoplast Solideal), Bridgestone Industrial Products America, Inc., Continental AG, Titan International, Inc., Mattracks, Inc., Global Track Warehouse USA, VMT International, Trelleborg AB, McLanahan Corporation, Superior Tire & Rubber Corp., TFI Tracks, CTS Tire Express, Eurotrack Ltd., and TuffStuff Australia. The steel tracks and rubber tracks market is consolidated in nature with few global players competing for major market share.
Segment Analysis
The steel tracks and rubber tracks market can be segmented into steel tracks and rubber tracks. The rubber tracks segment dominates the market owing to its advantages like flexibility, traction, shock absorbency and its suitability for various applications in the construction and mining industries. It provides better traction on snow, mud and rough terrains as compared to steel tracks. The rubber tracks are further divided into prototypes and service tracks. Prototype tracks segment holds major share as these are used during the design and testing phase of tracked vehicles.
PEST Analysis
Political: Favourable government policies promoting infrastructure development are boosting the demand for earth moving equipment with tracks in various regions.
Economic: Strong economic growth coupled with rising investments in construction and mining industries are fuelling the overall growth of the tracked vehicles market.
Social: Increasing awareness about safety, productivity and environmental protection is influencing enterprises to adopt advanced equipment fitted with rubber or steel tracks.
Technological: Manufacturers are focusing on incorporating advanced features like sensors, telematics and connectivity in tracks to enhance vehicle performance.
Key Takeaways
The global steel tracks and rubber tracks Market is expected to witness high growth during the forecast period of 2023 to 2030. The global steel tracks and rubber tracks market is estimated to be valued at US$ 2.13 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the market owing to rapid industrialization and urbanization in countries like China and India. The region is anticipated to retain its leading position in the coming years as well.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
