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Steel tracks and rubber tracks are essential components utilized in heavy machinery and vehicles used for agricultural applications such as tractors, harvesters, dozers and excavators. They provide reliable traction, firm grip and even weight distribution which allows for efficient operation of heavy duty farming equipment over various soil conditions and terrains. Steel tracks are durable and rugged while rubber tracks offer superior shock absorption properties and floatation. The global steel tracks and rubber tracks market plays a vital role in agricultural mechanization which has boosted farming productivity and output globally.
Heavy agricultural machinery equipped with reliable tracks have transformed farm operations enabling timely and efficient crop planting, spraying, harvesting and transportation. Track systems provide flotation which prevents soil compaction allowing crops to grow unhindered. They distribute the vehicle’s weight evenly over a large ground contact area minimizing ground pressure. This prevents wheeled vehicles from getting stuck in wet or soft fields.
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:
One of the key trends in the steel tracks and rubber tracks market is the increasing adoption of hybrid tracks which combine the advantages of steel and rubber track systems. Hybrid tracks offer improved shock absorption properties compared to rigid steel tracks while maintaining the durability and load bearing capabilities of steel. Manufacturers are focusing on developing hybrid and modular track systems that are interchangeable between different terrains and applications. Furthermore, track pad designs are evolving with new composite materials to achieve better durability, traction and service life especially for forestry and construction equipment operating in tough working conditions. OEMs and aftermarket suppliers are expanding their product portfolios with tracks of varying widths and designs customized for diverse agriculture, construction and mining machinery.
Porter’s Analysis
Threat of new entrants: The steel and rubber tracks market requires high investments in R&D and manufacturing facilities, acting as a barrier for new companies.
Bargaining power of buyers: The market has a large number of buyers from various industries like construction, mining, agriculture, etc. However, differentiated products give companies stronger bargaining power over price-sensitive buyers.
Bargaining power of suppliers: Major raw materials include steel, rubber and other polymers which have many established global suppliers. This eases inputs but limits individual supplier control over prices.
Threat of new substitutes: While alternatives exist, tracks have distinct advantages over wheels in terms applications requiring high traction and lowest ground pressure. Substitution threat is moderate.
Competitive rivalry: Being a mature industry, competition is high among leading track manufacturers. Companies differentiate based on product quality, features and application-specific customizations to gain an edge.
Key players: Key players operating in the steel 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. Companies are focusing on product innovations and tailoring offerings for specific industry needs.
Regional analysis: The Asia Pacific is the fastest growing as well as largest market for steel and rubber tracks. China, India and Southeast Asian countries are witnessing massive investments in construction and infrastructure which is driving requirements for earthmoving machinery with tracks. Additionally, these countries also have a growing mining industry relying on tracked vehicles.
Key Takeaways
The global steel and rubber tracks market is expected to witness high growth over the forecast period supported by increases in infrastructure development, mining and construction activities globally. The Asia Pacific region currently dominates the market with China, India and other emerging countries leading demand growth.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- 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.
