by The global Steel Tracks and Rubber Tracks Market is estimated to be valued at US$ 2.13 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steel tracks and rubber tracks are specialized continuous tracks that are used in construction equipment, mining equipment, agricultural equipment and other off-road vehicles. They provide better traction, transportation and maneuverability in rough terrains, muddy and sandy areas as compared to conventional tires. Steel tracks are made of hardened steel links connected by pins whereas rubber tracks are comprised of steel cables encased in rubber compound. They distribute the vehicle’s weight over a large ground contact area to prevent getting stuck. This reduces soil compaction and allows working in sensitive environments.
Market key trends:
One of the key trends in the steel tracks and rubber tracks market is the increasing demand from construction industry. There is a rapid growth in infrastructure, housing, commercial construction globally which is fueling the demand for construction machinery. Steel tracks and rubber tracks provides better traction and stability for these heavy construction vehicles to move on rough sites and transport heavy materials efficiently. They prevent equipment slippage and sinking into muddy or soft soil conditions common at construction areas. This has been a major factor augmenting the sales of steel tracks and rubber tracks in recent years.
Porter’s Analysis
Threat of new entrants: The steel tracks and rubber tracks market requires large capital investments to set up manufacturing facilities for tracks, making the threat of new entrants moderate.
Bargaining power of buyers: The presence of many buyers of tracks from construction, agriculture, and mining industries gives them significant bargaining power over suppliers.
Bargaining power of suppliers: Major suppliers of tracks have global presence and strong distribution network, giving them higher bargaining power over buyers.
Threat of new substitutes: Steel and rubber tracks have limited threat from substitutes as there are no close alternatives for their applications in heavy equipment and vehicles used in hazardous areas.
Competitive rivalry: The global steel tracks and rubber tracks market is highly competitive due to presence of many international players.
Key Takeaways
The Global Steel Tracks And Rubber Tracks Market Size was valued at US$ 2.13 Bn in 2023 and is expected to reach US$ 3.52 Bn by 2030, expanding at a CAGR of 6.7% over the forecast period. Rising demand from construction and mining industries is expected to drive the market.
The Asia Pacific region dominated the steel tracks and rubber tracks market in 2023 and is projected to maintain its lead over the forecast period. This can be attributed to strong growth in the construction and mining industries across China, India, Indonesia and other countries in the region.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. 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, chemical and materials, defense and aerospace, consumer goods, etc.
