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Steel and rubber tracks are used in heavy machinery and equipment that are used for construction, mining, agricultural, and industrial applications. They provide excellent traction and lower ground pressure compared to tires, making them suitable for operating in muddy, uneven terrain.
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:
The market for steel tracks and rubber tracks is expected to witness significant growth over the forecast period owing to the increased infrastructure development activities across the globe. Governments of various countries are focusing on improving infrastructure such as construction of roads, bridges, rails, and ports. This is anticipated to drive the demand for construction machinery equipped with steel and rubber tracks. According to the World Economic Forum, global infrastructure investment needs are estimated to be around $94 trillion by 2040. Moreover, tracks offer advantages like low ground pressure and excellent traction over tires, which makes them suitable for operating heavy machinery in rough terrains. The aforementioned factors are expected to contribute to the growth of the global steel tracks and rubber tracks market during the forecast period.
Segment Analysis
The global steel tracks and rubber tracks market is expected to witness high growth. The steel tracks segment currently dominates the market owing to its advantages like durability and strength. Steel tracks are ideal for heavy duty applications in construction and mining industries where payload capacity and longevity are the primary requirements. The rubber tracks segment is expected to register fastest growth during the forecast period. It is gaining popularity due to noise reduction and ability to minimally damage surfaces compared to steel tracks.
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.
Regional analysis
The Asia Pacific region currently holds the largest share in the global steel tracks and rubber tracks market due to strong presence of construction and mining industries in countries like China and India. The region is expected to retain its leading position till 2030 backed by ongoing infrastructure development projects and rising mining activity. Europe and North America regions are also expected to offer lucrative opportunities for market participants owing to growing demand from agriculture and defense sectors in these regions.
Key Takeaways
The global steel tracks and rubber tracks market is expected to witness high growth during the forecast period of 2023 to 2030 backed by rising demand from construction and mining industries globally. The Asia Pacific region currently dominates the market and is expected to retain its leading position in the upcoming years driven by ongoing growth in construction activities across countries like China and India. Key market players are focusing on expanding their business across different regions by diversifying their product portfolios.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
