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Steel tracks and rubber tracks are an essential part of construction equipment such as excavators, loaders, and dozers. They provide strong traction, ensure stability, and absorb shocks while working under tough conditions on construction sites. Steel tracks offer high load-bearing capacity and durability, while rubber tracks are corrosion resistant and provide better stability on soft ground. Growing infrastructure development and residential construction activities across the world have increased the demand for construction equipment with steel tracks and rubber tracks.
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 key trends:
Development of hybrid track systems is one of the key trends witnessed in the steel tracks and rubber tracks market. Hybrid track systems combine the advantages of steel and rubber tracks to offer durability as well as traction on varied terrains. Manufacturers are focusing on developing advanced hybrid track designs made of steel cores wrapped in rubber compounds. These hybrid tracks can withstand heavy loads and offer good stability and traction on dirt, grass, and rock surfaces. The growing construction of infrastructure projects requiring equipment mobility on multiple surfaces is expected to drive the demand for hybrid track systems in the coming years.
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. Bridgestone Corporation and Camso Ltd. hold a significant share of the market.
Segment Analysis
The global steel tracks and rubber tracks market is segmented into track system and application. Based on track system, steel tracks segment dominates the market. Steel tracks offer durability and high load-bearing capacity making them suitable for heavy construction and mining equipment. Their rigid structure provides stability and hence they are preferred for applications requiring static operation and smooth surfaces.
Key Takeaways
The global steel tracks and rubber tracks Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing construction and mining activities globally. 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 region currently dominates the global market led by China, India and other developing nations. Rapid urbanization and industrialization in the region has boosted demand for earthmoving and construction equipment fitted with tracks. Additionally, presence of major mining industry in countries like Australia and Indonesia is also driving the regional market growth. The region is expected to maintain its leading position during the forecast years.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
