The global Steel and Rubber Tracks Market is estimated to be valued at US$ 2.13 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Steel and rubber tracks are essential components used in heavy machinery equipment such as dozers, harvesters and excavators. They provide better traction, floatation and improved maneuverability on rough terrains and surfaces compared to wheels. Market key trends: One of the key trends spurring market growth is the rising adoption of steel tracks over rubber tracks. Steel tracks offer higher load carrying capacity and durability for heavy duty applications. They are preferred for mining and construction equipment used in applications requiring frequent movements and load transfers. Compared to rubber tracks, steel tracks last longer and require less maintenance. However, their noise generation and rigidity over rough terrains are few disadvantages. Segment Analysis The global steel tracks and rubber tracks market can be segmented into steel tracks and rubber tracks. The rubber tracks segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Rubber tracks offer better traction and movement control over varied terrains as compared to steel tracks. They prevent soil compaction and are less detrimental to the environment. These advantages have increased the adoption of rubber tracks in construction and agriculture equipment. Key Takeaways The Global Steel Tracks And Rubber Tracks Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing usage of tracks in construction, mining, agriculture, and forestry equipment for their superior functionality over wheels. Regional analysis North America dominated the market in 2022 and is expected to continue its dominance over the forecast period. Presence of major players and growing construction and mining industries are driving the growth of steel tracks and rubber tracks market in the region. Asia Pacific is expected to witness fastest growth owing to increasing agriculture mechanization and infrastructure development activities in countries like China and India. 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., TuffStuff Australia. Bridgestone Corporation and Camso Ltd. together account for over 30% of the global market share due to their extensive product portfolio and global distribution network. Read more: https://www.ukwebwire.com/steel-and-rubber-tracks-market-insights-trends/
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