North America Aftermarket Undercarriage Components Market

Market Outlook:

The North America Aftermarket Undercarriage Components Market was valued at USD 2,526.85 Million in 2022 and is expected to reach USD 4,008.04 Million in 2031, expanding at a CAGR of 5.28% during the forecast period.

The undercarriage components market refers to the concerning the parts and components that constitute the undercarriage of off-road vehicles. The size of this industry directly correlates with the overall vehicle production worldwide, which has been steadily growing in recent years, particularly in emerging economies such as China and India. The key players in this market are both vehicle manufacturers who produce these components in-house, and specialized component manufacturers who cater to multiple vehicle manufacturers. Undercarriage components are essential elements of tracked heavy machinery such as excavators, dozers, and cranes. These components support the vehicle, allow it to move, and protect it from damage. The undercarriage has different components such as a rollers, track system, sprocket, idler, and bogie wheels. Rollers are wheels that support the track system and reduce the friction between the tracks & the ground. The rollers are either single or double-flanged, depending on the design of the track system. The main frame is the structure that holds the engine, transmission, cab, and other components of the vehicle. The main frame is connected to the front ends of the track frames by spherical bearings, which permit rotational movement in all directions. All these components play a crucial part in the undercarriage system.

Macro-economic Factors

Recession

Recession is a period of economic decline that is characterized by reduced output, income, trade, and employment. Recession lowers the demand for undercarriage components by reducing income and spending power of consumers and businesses, who postpone or cancel their purchases of new or used vehicles. Recession also affects the supply of undercarriage components by disrupting the production and distribution of raw materials, intermediate goods, and finished products. During the Great Recession of 2008-2009, the US auto industry suffered a sharp decline in sales, production, and employment, as consumers faced job losses, wage cuts, credit crunches, and falling asset values. The global financial crisis also affected the vehicle demand in other countries such as China, Japan, Germany, and India.

Government Spending and Infrastructure Projects

Government spending on infrastructure projects such as roads, bridges, and public transportation has a direct impact on the aftermarket undercarriage components market. Large-scale projects create a demand for construction machinery, leading to a subsequent demand for aftermarket parts.

Dulles Transit Extension, Otay Mesa East, O’Hare Modernization, Crescent Corridor Expansion, and Alaskan Way Viaduct are the notable examples of the projects led by the US government. Numerous infrastructure projects were undertaken in participating countries as part of this projects, creating a significant demand for construction equipment and aftermarket components. This surge in demand was driven by both the public and private sectors investing in infrastructure projects.

Market Dynamics

Market Driver- Demand for Heavy Machinery & Construction Equipment

Heavy machinery and construction equipment demand has a direct impact on the demand for undercarriage components. The expansion of the building and mining sectors necessitates the use of heavy gear for a variety of activities such as digging, grading, lifting, and hauling. Undercarriage components are required for these machines to function effectively and safely on a variety of terrains and situations. As a result, the growth of the construction sector increases demand for undercarriage components.

Market Driver- Growing Adoption of Rubber Tracks

Rubber tracks and polymer components are gaining popularity in the undercarriage components industry due to their benefits over steel counterparts. Rubber tracks provide greater traction, low noise, decreased vibration, and low ground pressure, making them ideal for agricultural, forestry, landscaping, and demolition applications. Idlers, sprockets, and rollers made of polymer are lighter, more robust, more resistant to corrosion and wear than steel components. These reasons are increasing market demand for rubber tracks and polymer components.

Market Restraint- Increasing Availability of Counterfeit Products

Counterfeit products are imitation or unauthorized copies of original products that are sold at lower prices than genuine products. The undercarriage components market is facing a challenge from the proliferation of counterfeit products, especially in developing regions such as Asia Pacific and Latin America. Caterpillar Inc., a manufacturer of undercarriage components, has launched a campaign called Know Your Source to overcome from this threat. The campaign is launched to educate customers about the risks of counterfeit products and the benefits of genuine products.

Market Opportunity- Emerging Automation

The integration of IoT and AI is expected to create several opportunities in the aftermarket undercarriage components market in the coming years. The combination of these technologies helps in improving the efficiency and productivity of construction equipment, which in turn, boosts the demand for aftermarket undercarriage components. IoT sensors are used to monitor the health of construction equipment in real time. This data is analyzed using AI algorithms to predict when maintenance is required, reducing downtime, and increasing productivity.

Scope of the Report

The report on the North America Aftermarket Undercarriage Components Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	North America Aftermarket Undercarriage Components Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	By Type (Rollers, Track Chains, Shoes, Idlers, Sprockets, Track Adjusters, and Others), By Application (Excavator, Dozer, Track Loaders, Pavers, and Others), and By End-Use Industry (Mining, Construction, Utilities, and Others)
Regional Scope	Country (U.S., Canada, and Mexico)
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered	ITR America, AB Volvo, Deere & Company, Berco, Komatsu, Hitachi Construction Machinery Americas Inc., ENSTRUC, KTSU America, LLC, Brewer Machine & Gear Company, and Chermack Machine Inc.

 

North America Aftermarket Undercarriage Components Market Segments

By Type

Based on type, the North America Aftermarket Undercarriage Components Market is segmented into Rollers, Track Chains, Shoes, Idlers, Sprockets, Track Adjusters, and Others. The roller segment of the aftermarket undercarriage components market refers to the components that support and guide the tracks or wheels of heavy equipment and machinery such as bulldozers, excavators, and tracked vehicles. These rollers are critical to the undercarriage system's functionality and durability. The aftermarket roller segment provides replacement rollers to replace worn or damaged OEM rollers. These aftermarket rollers are usually built to meet or exceed OEM specifications. There are two type of rollers which are Carrier Roller and Track Roller. Carrier rollers, commonly referred to as top rollers or upper rollers, are located at the top of the undercarriage and are in charge of supporting the weight of the track or wheel assemblies as well as assisting in the maintenance of proper track tension. They are crucial in spreading the load evenly across the undercarriage. Track rollers, additionally referred to as bottom rollers, are important components of the undercarriage system, supporting and guiding the tracks or wheels of these big machinery.

By Application

Based on application, the North America undercarriage components market is segmented into excavator, dozers, track loaders, pavers, and others. The undercarriage components of an excavator form the foundation for functionality and longevity of the machine. The tracks, supported by components such as idlers and rollers, enable the excavator to navigate uneven and challenging terrains with ease, maintaining stability even in adverse conditions. A dozer, or bulldozer, is a powerful earth-moving machine primarily used for pushing, leveling, and excavating. It's essential in construction, mining, and land development projects, shaping terrain and clearing obstacles. A track loader, also known as a compact track loader (CTL) or multi-terrain loader, is a versatile construction and earthmoving machine. It combines the attributes of a skid steer loader with a dedicated undercarriage featuring rubber or steel tracks. A paver machine, often referred to as a road paver or asphalt paver, is a specialized construction equipment used for the precise and efficient laying of asphalt or concrete on roads, highways, parking lots, and other surfaces. These machines come in various sizes and configurations. The other segment covers crawler tractors and large mining equipment, including draglines and mining dozers. Crawler tractors are essential for land development and landscaping. Their ability to move through challenging ground conditions and their powerful engines make them suitable for tasks such as grading, leveling, and site preparation.

By End-Use Industry

Based on End-Use Industry, the North America undercarriage components market is segmented into mining, construction, utilities, and others. In the mining industry, undercarriage components are indispensable for the operation of heavy machinery and equipment. These components, typically consisting of robust tracks, rollers, sprockets, and idlers, are specifically designed to endure the harsh and demanding conditions of mining sites. The construction industry relies heavily on undercarriage components to provide the essential support and mobility for heavy machinery and equipment. These components, which typically include tracks, sprockets, idlers, and rollers, are integral to the stability, durability, and functionality of construction equipment. Many utility companies employ specialized vehicles with undercarriage components, which enable them to access and service remote or difficult-to-reach areas. These components ensure that the vehicles navigate diverse terrains, from urban streets to rugged landscapes. The other industries include agriculture and forestry. Agricultural machinery such as track tractors and combines rely on undercarriage components to provide traction and reduce ground pressure. This minimizes soil compaction and ensures efficient & productive farming operations.

Regional Outlook

Based on country, the market is fragmented into U.S., Canada, and Mexico. The U.S. is the largest market for aftermarket undercarriage components in North America, accounting for largest market share in 2022. The growth of the US market is attributed to the increasing investments in infrastructure development and the expanding mining industry. Canada is the second-largest market for aftermarket undercarriage components in North America, followed by Mexico. The Canadian market is driven by the growing demand for construction and mining equipment in the country's oil and gas sector. The Mexico market is expected to witness significant growth in the coming years due to the increasing investments in the country's infrastructure development.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the North America Aftermarket Undercarriage Components Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on North America Aftermarket Undercarriage Components Market Performance

Segments

By Type

• Rollers
  • Carrier Roller
  • Track Roller
• Track Chains
• Shoes
• Idlers
• Sprockets
• Track Adjusters
• Others

By Application

• Excavator
• Dozer
• Track Loaders
• Pavers
• Others

By End-use Industry

• Mining
• Construction
• Utilities
• Others

By Country

• U.S.
• Canada
• Mexico

Key Market Players Profiled in the Report

• ITR America
• AB Volvo
• Deere & Company
• Berco
• Komatsu
• Hitachi Construction Machinery Americas Inc.
• ENSTRUC
• KTSU America, LLC
• Brewer Machine & Gear Company
• Chermack Machine Inc.

Competitive Landscape

• Service provider in the North America Aftermarket Undercarriage Components Market are ITR America, AB Volvo, Deere & Company, Berco, Komatsu, Hitachi Construction Machinery Americas Inc., ENSTRUC, KTSU America, LLC, Brewer Machine & Gear Company, and Chermack Machine Inc.

• Market players are pursuing strategies such as acquisitions, product launches, collaborations, and geographic expansion to leverage untapped opportunities in the North America Aftermarket Undercarriage Components Market.