by The Ground Engaging Tools Market is estimated to be valued at US$ 7,087.4 Mn in 2022 and is expected to exhibit a CAGR of 23.1% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ground engaging tools refers to teeth, jaws, tips, adapters and other attachments used in heavy construction and mining equipment such as excavators, bulldozers, loaders and drilling rigs. These tools are used for various applications including digging, drilling, demolition, material handling and more. The key products include teeth, adapters, buckets, rippers and blades. Rising mineral extraction and infrastructure development activities have fueled the demand for heavy construction machinery, which in turn is driving the ground engaging tools market.
Market Dynamics:
Around the world, mining activities are increasing substantially owing to rapid industrialization and urbanization. Mineral commodities such as coal, iron ore, copper, aluminum and others are key to economic growth and infrastructure development. This has led to a significant rise in mining projects globally. According to the World Bank, the value of world merchandise exports increased from US$ 7.9 Trillion To US$ 19.9 Trillion between 2005 to 2018. Another key driver is increased spending on infrastructure development across both developed and emerging countries. Rising population has necessitated new roads, railways, ports, dams and other urban infrastructure projects. This requires heavy machinery and therefore drives demand for ground engaging tools.
Segment Analysis
The ground engaging tools market is segmented into bucket teeth, adapters, blades, cutters, and others. The bucket teeth segment accounted for the largest market share in 2020 and is expected to dominate the market throughout the forecast period. This is because bucket teeth experience wear and tear frequently and require regular replacement.
PEST Analysis
Political: Changes in mining regulations across regions will impact demand for ground engaging tools. For example, stricter emission norms can reduce construction activity.
Economic: A thriving construction industry augurs well for the demand of ground engaging tools. Rising infrastructure spending worldwide is a major driver.
Social: Increasing population and rapid urbanization are leading to new building projects. This increases the replacement rate of worn-out tools.
Technological: Advanced composite materials and premium steel alloys enhance tool life and durability. Some players offer telemetry for tool performance monitoring.
Key Takeaways
The global Ground Engaging Tools Market is expected to witness high growth, exhibiting CAGR of 23.1% over the forecast period, due to increasing infrastructure development worldwide.
Regional analysis: The North America region currently dominates the market owing to major refurbishment and construction activities in the US. The Asia Pacific region is anticipated to witness the fastest growth due to the ongoing infrastructure development programs in China and India.
Key players: Key players operating in the ground engaging tools market are Atlas Copco AB, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu Limited, Sandvik AB, Columbia Steel Casting Co., Inc., Doosan Corporation, USCO S.p.A, Volvo AB, and MB America, Inc. These players are focusing on new product launches to strengthen their market presence.
Key players analysis: Key players operating in the ground engaging tools market are Atlas Copco AB, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu Limited, Sandvik AB, Columbia Steel Casting Co., Inc., Doosan Corporation, USCO S.p.A, Volvo AB, and MB America, Inc.
Market Size: The global ground engaging tools market size was valued at US$ 7,087.4 Mn in 2022 and expected to reach US$ 16,765 Mn by 2030, expanding at a CAGR of 23.1% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
