Construction Machinery Chain
Mar 26, 2023| forecast
Introduction
Chains and accessories are essential parts of construction machinery that enable them to perform their functions efficiently. They play an important role in the stability and performance of construction machines, which is crucial for construction projects. The global chain and accessories market for construction machinery is expected to grow significantly in the coming years due to a surge in infrastructure development and construction activities in developing countries. In this report, we will provide a comprehensive analysis of the chain and accessory market's existing state, growth prospects, key trends, and forecast for the year 2023.
Market Overview
The global chain and accessory market for construction machinery was valued at USD 19.9 billion in 2018 and is projected to reach USD 27.5 billion by 2023, growing at a CAGR of 6.6% during the forecast period. The growing demand for infrastructure development and construction activities, coupled with the rise in mining activities, is expected to drive the market globally.
Key Trends
1. The Emergence of Electric and Hybrid Construction Machines
The construction industry is gradually shifting towards greener and more sustainable technologies. The rising demand for electric and hybrid construction machines has led to the development of chains and accessories that cater to the needs of these machines. The latest chains and accessories are designed to meet the high-torque requirements of electric motors and to minimize energy consumption.
2. Increasing Demand for Heavy-duty Chains and Accessories
Heavy-duty chains and accessories are becoming increasingly popular in the construction sector due to their superior strength and durability. These chains and accessories are designed to withstand heavy loads and perform under challenging conditions. They are of great importance in large-scale construction projects where heavy machines are used for digging, lifting, and other operations.
3. Focus on Lightweight and Low-maintenance Chains and Accessories
Lightweight chains and accessories are gaining traction among construction companies as they provide greater ease of use and better efficiency. They are also easier to transport, install, and maintain compared to their heavy-duty counterparts. The growing trend towards low-maintenance chains and accessories is also driven by the need to reduce downtime and increase productivity.
Market Segmentation
The global chain and accessory market for construction machinery can be segmented based on product type, end-user, and geographical region.
Based on product type, the market can be further segmented into the following categories:
1. Track chains and shoes
2. Idler wheels
3. Sprockets
4. Rollers and pins
5. Hydraulic hoses
Based on the end-user, the market can be segmented into the following categories:
1. Construction
2. Mining
3. Agriculture
4. Others
Based on the geographical region, the market can be segmented into the following categories:
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Regional Analysis
1. North America
The North American region is a mature market, and the growth prospects for the chain and accessory market for construction machinery are modest. The market in North America is expected to grow at a CAGR of 5.2% during the forecast period, driven by the growing demand for retrofitting of old equipment and increasing construction and infrastructure development activities.
2. Europe
Europe is another mature market for chain and accessory for construction machinery. The market in Europe is expected to grow at a CAGR of 4.8% during the forecast period, driven by the growing demand for construction machinery in Eastern Europe and Russia. The shift towards eco-friendly technologies is also driving the market in this region.
3. Asia Pacific
The Asia Pacific region is currently dominating the chain and accessory market for construction machinery due to the growing demand for infrastructure development and construction activities. China, India, and Japan are the major contributors to the growth of this market in the Asia Pacific region. The market in the Asia Pacific is expected to grow at a CAGR of 7.5% during the forecast period.
4. Middle East and Africa
The Middle East and Africa region have witnessed significant growth in the construction and infrastructure sectors, which is driving the growth of the chain and accessory market for construction machinery. The market is expected to grow at a CAGR of 8.2% during the forecast period.
5. Latin America
Latin America is another region that is witnessing significant growth in the construction industry. The market for chain and accessory for construction machinery is expected to grow at a CAGR of 6.9% during the forecast period due to the increasing demand for construction machinery in Brazil and Mexico.
Conclusion
The global chain and accessory market for construction machinery is expected to grow significantly over the next few years. The growing demand for construction machinery in developing countries and the rising demand for heavy-duty and eco-friendly machines are driving the growth of this market. The shift towards electric and hybrid machines, lightweight and low-maintenance chains and accessories, and heavy-duty chains and accessories is among the most significant trends in the market. The market is also witnessing a significant demand from different end-users such as construction, mining, agriculture, and others. The Asia Pacific region is currently leading the market and is expected to continue its dominance during the forecast period. Overall, the chain and accessory market for construction machinery holds considerable growth potential and will continue to be a lucrative market for the coming years.