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Steel and rubber tracks are essential components used in heavy machinery and construction equipment such as crawler cranes, crawler dozers, backhoe loaders and excavators. They enable the equipment to move on surfaces that wheels cannot traverse and provide superior traction in muddy, sandy and rocky surfaces. Steel tracks offer high durability while rubber tracks absorb shock and ensure smooth movement.
The global steel tracks and rubber tracks market is estimated to be valued at US$ 2.13 billion 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 key trends:
The construction industry has been growing at a steady rate owing to rapid urbanization and large-scale infrastructure development projects across both developed and developing economies. Increasing number of construction activities has augmented the demand for heavy machinery and equipment that use steel and rubber tracks for movement. The track systems provide better grip and mobility on challenging terrain commonly found on construction sites. Hence, steady growth of the construction sector has emerged as a key trend propelling the sales and demand for various steel and rubber tracks globally in recent years.
SWOT Analysis
Strength: Steel tracks and rubber tracks have widespread applications in various industries like construction, mining, agriculture, and logistics. They provide better traction and stability over uneven terrains compared to wheels.
Weakness: Higher initial costs of tracks compared to wheels. Tracks require more maintenance and repairs compared to wheels.
Opportunity: Growing construction, mining, and agricultural sectors in emerging economies of Asia Pacific and Latin America regions. Rising adoption of heavy equipment and machineries offers scope for tracks market.
Threats: Availability of alternate traction solutions like tires may limit the demand. Economic slowdowns can negatively impact sectors relying on heavy machinery and equipment.
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 Takeaways
The global steel tracks and rubber tracks market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysisThe Asia Pacific region currently dominates the market and is expected to continue its dominance over the forecast period. Countries like China, India, Japan etc are rapidly developing their construction, mining and agriculture industries which is the key growth driver for the tracks market in this region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
