June 14, 2024

The Global Steel Tracks and Rubber Tracks Market Driving Construction Industry Growth

The global steel tracks and rubber tracks market has witnessed significant growth in recent years owing to increasing construction activities around the world. Steel tracks and rubber tracks are commonly used in heavy construction equipment such as bulldozers, excavators, loaders and tractors to provide superior traction and flotation in soft ground conditions and muddy work sites. These tracks provide stable movement on rough terrain and help transport heavy loads of soil, sand, rocks and construction materials with ease. The advantages of tracks over wheels include reduced ground pressure for minimizing soil compaction, no risk of getting stuck and higher traction for working on slopes and uneven surfaces.

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 growing demand for track systems that enable low ground pressure and cause minimal environmental damage. Track manufacturers are focusing on developing tracks with wider and larger contact surfaces to distribute vehicle weight over a greater ground area. This significantly reduces soil compaction and ground disturbance compared to traditional tracks and wheeled vehicles. For instance, Camso, a global tracked vehicle manufacturer, has introduced OPTItrack technology featuring advanced track design with optimized ground contact footprint and variable ground pressure. Such innovative track systems are gaining popularity among construction and mining companies striving to minimize environmental impact of heavy machinery.

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. Key players focus on expansion in emerging markets through partnerships, collaboration with OEMs, and new product launches.

Porter’s Analysis

Threat of new entrants: The steel tracks and rubber tracks market requires high capital investments and technological capabilities to manufacture tracks. This poses significant barriers for new companies to enter the market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various manufacturers for steel and rubber tracks. However, switching costs are moderately high for buyers.

Bargaining power of suppliers: A few large companies dominate the supply of raw materials for steel and rubber tracks manufacturing. This provides significant bargaining power to suppliers.

Threat of new substitutes: There is no direct substitute available for steel and rubber tracks used in heavy machinery and vehicles. Thus, threat from substitutes is low.

Competitive rivalry: The global market is consolidated with top players accounting for majority share. Intense competition exists between key players on the basis of product quality, pricing, and innovation.

Key Takeaways

The global steel tracks and rubber tracks Market is expected to witness high growth over the forecast period. 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 accounts for more than 40% market share currently led by China, India, and other Southeast Asian countries. This can be attributed to rapid industrialization and infrastructure development activities in the region. The regional market is estimated to grow at a CAGR of around 7% during the forecast period.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it