The Ground Engaging Tools Market is estimated to be valued at US$ 10739.97 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ground engaging tools are components fitted on earthmoving and mining equipment such as excavators, loaders, dozers, and compactors. They are made up of steel alloys and are used for digging, grasping, lifting, and demolishing materials. Some common ground engaging tools include buckets, rippers, rock drills, augers, and hammers. They play a vital role in various construction, mining, and material handling activities.
Market Dynamics:
Increasing infrastructure development and construction activities globally are a major factor driving the growth of the Ground Engaging Tools Market Size. Rising urbanization in developing countries is generating demand for new residential and commercial infrastructure such as roads, bridges, dams, buildings, and rail networks. This is expected to propel the adoption of construction machinery fitted with ground engaging tools. Moreover, growing mining exploration activities, especially in Asia Pacific and Latin America are boosting the demand for ground engaging tools used in mining excavators, loaders, and dozers. Advancements in equipment design are making ground engaging tools more durable and efficient in operating across various applications, which is supporting the market growth.
Segment Analysis
The ground engaging tools market is dominated by the excavator segment which accounts for over 50% share of the market. Excavators are highly used for digging, breaking surfaces and are suitable for construction and mining applications. Their ability to maneuver easily and perform various tasks makes them first choice for end-users resulting in high demand for ground engaging tools operating with excavators.
PEST Analysis
Political: Government investments and initiatives towards infrastructure development are driving the growth of construction sector globally which in turn boosts the demand for construction equipment including excavators and their GET partners.
Economic: Strong economic growth in developing nations, rising global mining output, and increasing infrastructure spending is positively impacting the ground engaging tools market.
Social: Rapid urbanization, growing population, and changing lifestyles are fueling the construction of residential and commercial buildings worldwide augmenting the GET demand.
Technological: Advancements in material science are allowing manufacturers to develop durable and wear-resistant GET products that can withstand heavy-duty operations and last longer.
Key Takeaways :
The global ground engaging tools market is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing investments in infrastructure development projects globally. The Asia Pacific region dominates the market and is expected to maintain its lead over 2023-2030 owing to massive infrastructure push by China and India.
Regional analysis
The Asia Pacific region held over 35% share of the total GET market in 2023 led by China, India, and other Southeast Asian countries. Burgeoning construction and mining industries along with government initiatives are driving the product demand. North America and Europe are other major consumers while South America and Middle East & Africa offer lucrative prospects.
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. Major players are focusing on new product development and strategic collaborations with OEMs to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it