Increasing replacement needs in defense, agricultural and mining industries is expected to exponentially fuel the demand for continuous track wheels. In the forthcoming years, consumer demand is likely to increase at a momentous pace from the agricultural sector. Besides, growing concern amongst each country’s defense industry to stay at the forefront with the help of advanced technology, is anticipated to further strengthen sales of the continuous track wheels. This move can be considered as a recent trend in the market for road wheels.
The major factor behind the growth of the global market for continuous track wheels is the crawling robots that are used in the defense industry for sting operations. Also, these crawling robots help in obtaining information from deep down the earth, especially for mining and archeological applications. However, some factors that are restraining the growth of global market are low replacement rates, which leads to lesser opportunities for aftermarket sales.
Companies namely Kalyani Strategic Systems Limited, Titan Australia Pty Ltd, TGL SP Industries Ltd., Hutchinson Industries, Inc., Van Halteren, SuperDroid Robots, Inc, William Cook Holdings Limited, Maxion Wheels and Hamilton Caster & Mfg. Co. will observe a substantial growth worldwide. Leading companies are working on marketing strategies such as product innovations and expanding their product portfolio.
Maxion Wheels to Develop New Plant in Pune
Maxion Wheels recently announced that it has begun the construction work of its new plant in Pune, India. A ground-breaking ceremony was held in its 25,000sq.m plant, in Khed City. The main motto behind the construction of this new plant is the expansion of Maxion Wheels’ business. The new plant is expected to produce nearly 4Mn aluminium wheels annually. In the initial phase, Maxion Wheels plans to invest over $50 million on the land as well as on the latest equipments and plant. This will in turn benefit the plant in producing over 2Mn wheels annually initially. Moreover, this production is estimated to begin after July 2019.
The new fully-owned operation of Maxion Wheels is expected to bring over 500 new jobs in the region. The company works for its OEM customers across the globe from nearly 28 sites in 15 regions across 5 continents. The wide-ranging portfolio of Maxion Wheels extends to delivering wheels for military and agricultural vehicles, as well as for off-highway applications. Khed City is turning out to be the new leading manufacturing hub and a great catalyst for existing and emerging players.
The new plant in Pune is meant for production of aluminium wheels for passenger cars. Also, Maxion Wheels is likely to be the first producer in India for manufacturing aluminium wheels for light vehicles. This plant has been effective in attracting the prominent domestic companies and MNCs, thereby giving “Make in Maharashtra” and “Make in India” missions a big drive. Lastly, the company is taking efforts in assuring that during the initial phase after the completion of the project, they can produce less-pressure die-cast aluminium wheels along with deluxe wheel finish.
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