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Steel tracks and rubber tracks are used for heavy machinery and vehicles operating in harsh environments and off-road conditions where regular tires cannot perform efficiently. Steel tracks provide better traction and movement control over rough terrains as compared to wheels. Rubber tracks also provide advantages of shock absorption and better ground contact. Steel tracks and rubber tracks find widespread applications in sectors such as construction, mining, agriculture, and forestry. Rising investments in construction of roads, bridges and other infrastructure globally is expected to drive demand for earthmoving machinery equipped with tracks. The development of special tracks designed for specific terrain and machinery has also increased adoption.
The global steel tracks and rubber tracks market 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:
The global steel tracks and rubber tracks market growth is majorly driven by rise in construction activities globally. As mentioned in the heading, increasing investments in road, bridge and building construction projects across both developed and developing economies is augmenting the demand for earthmoving machinery such as bulldozers, loaders and excavators equipped with tracks. Moreover, rapid urbanization has also boosted off-road infrastructure development which in turn is propelling the sales of tracked vehicles and propelling the steel tracks and rubber tracks market size. The other driver refered in the heading, demand for tracked machinery which can operate efficiently in harsh conditions and different terrains is also fueling the adoption of special application-specific tracks made from steel and rubber composites. Innovation and advanced composite materials is further improving track performance contributing towards market expansion over the forecast period.
Segment Analysis
The steel tracks and rubber tracks market can be segmented into steel tracks and rubber tracks. Steel tracks dominates the market, accounting for over 60% share. Steel tracks are preferred for heavy duty applications that require high load bearing capacity. They are used in heavy equipment such as excavators, dozers, loaders, cranes, and industrial equipment. Rubber tracks are gaining traction due to benefits such as greater traction, reduced ground pressure, and shock absorption. They are increasingly being used in light construction equipment and agricultural equipment. The agricultural segment is a rapidly growing sub-segment within rubber tracks due to reduced soil compaction.
PEST Analysis
Political: Track regulations help promote safety standards. Trade policies impact raw material prices.
Economic: Demand is driven by infrastructure projects and agricultural output. Higher economic growth enables more equipment purchases.
Social: Increasing population and urbanization drive needs for housing, roads, and agriculture. Safety awareness boosts tracks usage.
Technological: Track innovations deliver better traction, stability, wear-resistance. Telematics enables remote equipment monitoring to maximize uptime.
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. Key players are focusing on new product development and geographical expansion to increase market share.
The global steel tracks and rubber tracks market size for 2023 is US$ 2.13 Bn. Potential growth opportunities in industrial, mining and agricultural applications are driving manufacturers to enhance product quality, track design and material science. Innovation in rubber compounding and track configurations aim to optimize performance.
Key Takeaways
The global steel tracks and rubber tracks market is expected to witness high growth. Regional analysis comprises the Asia Pacific region dominates due to large scale infrastructure projects and growing agriculture sector in countries such as India and China. North America and Europe are other major markets driven by expansion of construction, mining and agriculture industries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
