by The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ground Engaging Tools (GET) are components installed on heavy equipment including excavators, bulldozers, loaders, graders etc. to perform tasks such as digging, lifting, demolishing and moving materials. Some common GET types are buckets, rippers, rakes, augers and hammers. GET enable equipment to efficiently perform excavation, earthmoving, mining and construction activities. They offer advantages such as enhanced productivity, reduced operating costs, improved fuel efficiency and extended component life.
Market key trends:
Increasing infrastructural development activities across both developed and developing countries is a key driver for the Ground Engaging Tools Market Size. According to World Bank, global infrastructure investment needs are estimated to be over $94 trillion by 2040. Rapid urbanization and economic growth are also contributing to the rising demand for commercial and residential buildings, roads, bridges, airports and rail networks which require extensive earthworks. There is also a growing focus on renewable energy projects globally which involve construction of solar and wind farms requiring heavy machinery and GET. Adoption of predictive maintenance solutions enabled with IoT and remote monitoring is another trend allowing real-time monitoring of GET performance and component life prediction. This helps contractors optimize replacement cycle and reduce downtime.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the ground engaging tools market is moderate as large capital investments are required for production capacity and R&D. Established players hold major market share leaving limited opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many established brands providing substitutes. Buyers can negotiate on price and demand better quality and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of suppliers and differentiated products. Suppliers can negotiate on price and product specifications.
Threat of new substitutes: The threat of substitutes is moderate as there are few alternative tools for various applications however switching costs are involved for customers.
Competitive rivalry: Competition is high among established market players to gain market share through product innovation, quality, and additional services.
Key Takeaways
The global Ground Engaging Tools market is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing infrastructure development and mining activities globally. The market size for 2023 is estimated to be US$ 10739.97 Mn.
Regional analysis
North America is expected to dominate the ground engaging tools market over the forecast period owing to presence of major mining and construction companies and ongoing infrastructure projects in the region. Asia Pacific is anticipated to showcase fastest growth rate during the forecast period due to rising mining and construction activities 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. Atlas Copco and caterpillar dominate the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
