Steel tracks and rubber tracks are widely used in construction vehicles like loaders, excavators, dozers, transport vehicles etc. to prevent equipment from sinking into soft or unstable ground and damage to work surfaces. These tracks provide better traction and ground pressure distribution compared to tires. The steel tracks provide highest durability for heavy-duty applications while rubber tracks offer advantages like less noise and vibration along with superior shock absorption.

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 Dynamics:
One of the key drivers for the growth of steel tracks and rubber tracks market is the increasing construction activities across both commercial and residential sectors globally. The construction equipment fitted with steel or rubber tracks provides better mobility and efficiency on construction sites which have unstable soil conditions or require material movement over long distances. This has increased the demand for tracked construction vehicles instead of tire-based ones. The steel tracks last longer and ensure continuous productivity in rugged work environments while rubber tracks provide comfort ride on machines working near human settlements. The growing infrastructure investment in developing regions is further anticipated to propel the market growth of steel tracks and rubber tracks over the forecast period.

Key players related content comprises:
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.

SWOT Analysis

Strength: The steel tracks and rubber tracks market benefits from rising infrastructure development and construction activities globally. Steel tracks and rubber tracks have high load bearing capacity and offer reliable performance in all terrain. Manufacturers regularly invest in R&D to develop advanced track systems with improved durability and fuel efficiency.
Weakness: Frequent maintenance and high initial purchase cost of steel tracks and rubber tracks limit their adoption. Economic slowdowns can result in reduced sales for manufacturers.
Opportunity: Growth in mining, agriculture, defense and forestry industries will drive the need for heavy machinery equipped with tracks. Developing regions are witnessing increased investments in construction and infrastructure development.
Threats: Volatility in raw material prices can squeeze profits for track manufacturers. Stringent emission norms pose a technical challenge for industry players.

Key Takeaways 

The global steel tracks and rubber tracks Market is expected to witness high growth. Factors such as rapid industrialization and urbanization, growing infrastructure and construction activities will fuel the demand for heavy machinery equipped with tracks. The global Steel tracks and rubber tracks Market is estimated to be valued at US$ 2.13 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

The agriculture sector is expanding significantly across developing regions of Asia Pacific, Middle East and Africa. This is augmenting the sales of tractors and harvesters, thereby boosting consumption of tracks. The Asia Pacific region dominates the global market with largest market share. Availability of low-cost raw materials and labor coupled with lenient regulatory environment has encouraged manufacturing activities in the region. China represents a major production and export hub for tracked vehicles and their components. Indonesia, India and other Southeast Asian countries are witnessing a sharp rise in construction projects of roads, bridges and urban infrastructure. This is positively impacting the regional market.