An increase in demand for snowballing tracks equipment and a rise in investments for infrastructure projects are driving the global rubber track market
Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – As per a Transparency Market Research study, the global rubber track market is anticipated to expand at a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2023 to 2031.
Rubber tracks are a type of track system consisting of a loop of continuous rubber embedded with metal components that offer stability and traction. The rubber used in rubber tracks is long-lasting and durable and offers superior resistance against wear and tear, impact damage, and abrasion.
Apart from rubber, some of the other components in rubber tracks are metal pieces, textile wrapping, and steel cords. Rubber tracks are also available in two types of strands: overlapping or non-continuous wire strands, and continuous wire strands.
Rubber tracks are in greater demand than traditional products since they help decrease ground damage. The presence of rubber is likely to cause less damage to surfaces as compared to metal tracks.
Launch of new rubber tracks is helping well-established market players gain an edge over other companies. Additionally, leading players are expanding their presence and increasing revenue shares by collaborating with other players. Prominent manufacturers are expanding their production capabilities to meet consumer needs in different application areas.
Surge in Investments in Infrastructure Projects: There has been a rise in investment from governments worldwide toward infrastructure development in the last few years. Increase in focus on developing bridges and roads has led to a surge in demand for heavy equipment that can operate on difficult terrain. Rubber tracks are an essential raw material used to manufacture these equipment since they offer stability on uneven surfaces as well as offer excellent traction. Some of the heavy equipment products that use rubber tracks are bulldozers, excavators, and harvesters.
Increase in Demand for Snowballing Tracks Equipment: In terms of equipment, the market has been divided into snowmobile tracks, skid steer tracks, snow groomer tracks, earthmover tracks, dump carrier rubber tracks, skid loader rubber tracks, excavator rubber tracks, and others. The snowmobile tracks equipment segment is projected to account for dominant share during the forecast period. Increase in demand for e-snowmobile equipment due to their eco-friendly nature and ease of navigation is likely to help expand the segment in the next few years. Reinforced rubber tracks are used to improve the resilience of the snowmobile’s undercarriage against heat as well as wear and tear.
Surge in Demand from Construction Sector: Based on application, the global market has been classified into construction, agriculture, powersports, government and defense, and others. The construction application segment is estimated to account for dominant share during the forecast period. Increase in the usage of machines and equipment with rubber track undercarriages on hard surfaces in the construction sector is anticipated to help drive growth of the segment. Additionally, rubber tracks are easy to maintain during construction projects, which is likely to help fuel the demand in the future.
Rise in adoption of off-road vehicles is expected to drive the global rubber track market during the forecast period
Increase in demand for compact construction equipment is anticipated to help expand market size in the next few years
Surge in demand for mining equipment that uses rubber tracks to serve the growing urbanization is driving market development
Rubber Track Market-Regional Insights
North America accounted for dominant market share in 2022 and is projected to grow at the highest CAGR during the forecast period. Increase in adoption of snow-handling automobiles and vehicles in countries such as the U.S. and Canada is estimated to help drive market development in the region.
Europe is projected to witness significant growth in the market during the forecast period due to growth in investment in infrastructure and construction projects and increase in focus on sustainability projects in countries such as Germany and the U.K.
Rubber Track Market-Key Players
The global rubber track market has fewer number of manufacturers, who hold dominant market share.
Prominent manufacturers are investing significantly in R&D to produce improved rubber tracks that meet consumer requirements. Increase in demand for improved rubber tracks is likely to help create business opportunities in the next few years.
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favour growth in the market over the next 10 years.