by The global 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 (GET) are construction equipment accessories used for drilling, excavating, grading, and other applications. They include teeth, tips, mounts, and adapters attached to equipment such as excavators, loaders, dozers, graders, and mining trucks. GET enhance productivity and protect equipment from wear and damage. They offer advantages such as higher penetration, resistance to abrasion and impact, longer life, and reduced operational costs. The growing construction industry and infrastructure development activities are fueling the demand for earthmoving and mining equipment, thereby augmenting the GET market.
Market Key Trends:
One of the key trends in the ground engaging tools market is increasing adoption of custom-designed and product-matched GET. Manufacturers are developing customized solutions to meet site-specific work requirements. This improves productivity and reduces operational costs. Another major trend is the rising demand for rental and pay-per-use models. Equipment rental companies are focusing on subscription-based or performance-based contracts for GET to lower upfront costs for customers. Sensors and connected solutions are also gaining traction to enable remote equipment monitoring and preventive maintenance of GET. This improves uptime and reduces downtime costs.
Porter’s Analysis
Threat of new entrants: The high capital investments required to enter the ground engaging tools market acts as a barrier for new entrants.
Bargaining power of buyers: The presence of numerous manufacturers limits the bargaining power of buyers in this market.
Bargaining power of suppliers: The availability of substitute raw materials provides suppliers with low bargaining power.
Threat of new substitutes: There exists a low threat of substitution in this market as ground engaging tools have highly specialized applications.
Competitive rivalry: Competition in the market is high owing to the presence of several international players.
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 activities across the world. Specifically, North America and Asia Pacific are expected to dominate the market owing to rapid investments in development projects in countries like the US, China and India.
Regional Analysis
North America is expected to hold the largest share in the global market over the forecast period. This is attributed to robust mining and construction sector and increased investments in development projects in the US. Asia Pacific is anticipated to exhibit the fastest growth rate supported by strong GDP growth in China and India. Countries in the region are investing heavily in upgrading their infrastructure which will escalate the demand for ground engaging tools in the coming years.
Key players
Key players operating in the ground engaging tools market include 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 and expansion strategies to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
