Ground Engaging Tools Market By Type (Digging Tool, Bulldozing Tool, Loading Tool); By Product (Tips and Adaptors, Ripper Tip, Side Cutters, Cutting Edges, Grader Blades, Base Edges & Wear Plates, Protectors, Others); By Application (Mining & Quarries, Construction, Agriculture, Others); By End Users (Wheel Loaders, Hydraulic Excavators, Dozers, Motor Graders, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Rising Sales of Construction & Mining Equipment
The global ground engaging tools market size was valued at around USD 2.1 billion in 2021 and is projected to grow at a compound annual rate of growth (CAGR) of around 7.4% from 2022 to 2032.The market size is projected to succeed in USD 4.3 billion by 2032.
Construction, mining machinery, and related parts and equipment industry have enjoyed sustained success in recent years and is expected to continue this growth in the coming years. The demand for ground engaging tools is also growing at satisfactory rate due to the rise in residential and commercial construction and infrastructure, as well as the maintenance and expansion of existing buildings, roads, transportation routes, water and sanitation facilities. The ground engaging tools have a direct effect on a machine in terms of productivity, fuel consumption, maintenance costs, and possibly the longevity of equipment. Proper management of G.E.T. aids in maximizing production capacity of equipment, improves fuel consumption rate, increase engine & power train life, minimizing operating cost and more. The ground engaging tools for construction & mining activities are expected to rise in upcoming years as the earth moving equipment users are now becoming aware of the advantages of frequently replacing ground engaging tools.
Growing Mining Industry
World mining industry recorded 2017 as a remarkable year. The continuing recovery in commodity prices, fueled by general economic growth has encouraged the growth of the mining industry which in turn has also fostered the demand for ground engaging tools in the mining industry. Due to increasing mining activities across globe, the heavy equipment machines such as backhoes, draglines, rope shovels, face shovels, and wheel loaders are witnessing strong demand for ground engaging tools. Apart from this, demand for metals & minerals iron and steel is set to grow which in turn is envisioned to strengthen the growth of ground engaging tools market. The number of operative mines has also increased throughout the globe. For instance, the number of operative mines (excluding atomic minerals, petroleum (crude), natural gas (utilized) and minor minerals) in India have increased to an estimated 1,531 in 2017-18 from 1,508 in 2016-17 to an estimated 1,531 in 2017-18 from 1,508 in 2016-17. This rise in the number of active mines is expected to escalate the demand for ground engaging tools in the mining sector.
Infrastructure Development Projects
Government initiatives for infrastructure development, especially in emerging countries, is also expected to fuel the demand for ground engaging tools. Projects such as smart city projects, tunnel projects, and others are resulting in increased consumption of ground engaging tools. For instance, the Government of India initiated a project to develop 100 smart cities across the country making them citizen friendly and sustainable. Apart from this, rapid urbanization and population migration towards urban areas is increasing the number of infrastructure development projects are some of the factors which are likely to bolster the demand for G.E.T in coming years.
Advancements in Ground Engaging Tools
The ground engaging tools have gone through numerous advancements which have improved their accuracy, fitment, resistance to wear, strength, impact & long-life performance. The manufacturers of ground engaging tools are continuously introducing advanced versions of ground engaging tools in order to offer higher accuracy and productivity to consumers. For instance, hammerless tooth & adapter system are superior to ordinary tooth & adapter systems in terms of durability, productivity, & safe ease of installation. Earth moving equipment owners are opting for these new & advanced ground engaging tools in order to increase their productivity and reduce operating cost. It is believed that these continuous advancements in ground engaging tools will have a positive impact on the demand for getting in the coming years.
Barriers in G.E.T. Market
Although the mining & construction industry has recovered remarkably since the 2008 financial crisis, there is still much uncertainty remains within the industry. Such uncertainty in the industry, especially in the mining industry will adversely affect the market growth of ground engaging tools market. Apart from this, small construction & mining service companies generally avoid replacing ground engaging tools & other wear parts, even after their change over time. This weak replacement cycle among small construction and mining companies is also restraining the growth of the market worldwide.
The ground engaging tools provides several key benefits including the protection of the expensive parts, reduces the maintenance costs and it provides a longer machine life. Moreover, the market of ground engaging tools is growing on the back of increasing construction activities. In terms of value, global ground engaging tools is expected to reach USD 1,581.0 Million by the end of 2027 from USD 1,040.7 Million in 2021. Further, the global ground engaging tools market is anticipated to flourish at a CAGR of 7.4% over the forecast period. In terms of volume, the market is expected to account for 775.1 Million KG in 2027 from 551.4 Million KG in 2021.
The market is segmented by type into digging tools, bulldozing tools and loading tools, out of which, digging tools segment shared approximately 56.5% of the global ground engaging tools market in 2021. It was followed by loading tools segment in terms of market share in 2021.
The market is segmented by product into tips and adaptors, side cutters, cutting edges, grader blades, base edge & wear plates, protectors and others, out of which, teeth & adapters segment acquired a major market share of the global ground engaging tools market in 2021. It was followed by a grader blades segment in terms of market share in 2021.
The market is also segmented by application and end-use segments. The application segment comprises of mining & quarries (gold mining, coal mining, silver mining, iron-core mining, oil sands mining, copper mining, lithium mining, and others), construction, agriculture & others. Mining & quarries segment among other application dominated the market with a major market share in the market. Apart from this, the end use segment includes wheel loaders, hydraulic excavators, dozer, motor graders and others.
Rapid growth in the development of smart cities coupled with the increasing urban population had led to a rise in the construction industry, which is expected to positively impact the growth of the global ground engaging tools market over the forecast period.
Asia Pacific ground engaging tools market was held at USD 348.6 Million in 2018 and is anticipated to reach USD 556.5 Million by the end of 2027. Asia Pacific ground engaging tools market accounted for a market share of 33.5% in 2021 and further, is expected to be stood at a market share of 35.2% by the end of 2027.
The key players profiled in the report include Caterpillar, Komatsu, Hitachi Construction Machinery, Sandvik AB, CQMS Razer, MTG, Liebherr Group, J.C. Bamford Excavators Limited, ESCO Group LLC, BYG and USCO SpA. These market players have adopted different business strategies, such as acquisition, product launch, merger, and partnership to stay competitive in the global G.E.T. market.
Market Segmentation Analysis:
By Type
- Digging Tools
- Bulldozing Tools
- Loading Tools
By Product
- Tips and Adaptors
- Ripper Tip
- Side Cutters
- Cutting Edges
- Grader Blades
- Base Edges & Wear Plates
- Protectors
- Others
By Application
- Mining & Quarries
- - - Gold Mining & Quarries
- - - Coal Mining & Quarries
- - - Silver Mining & Quarries
- - - Iron Core Mining & Quarries
- - - Oil Sands Mining & Quarries
- - - Copper Mining & Quarries
- - - Lithium Mining & Quarries
- - - Others
- Construction
- Agriculture
- Others
By End Use
- Wheel Loaders
Less than 20,000 KG
20,000 KG – 30,000 KG
30,000 KG – 60,000 KG
More than 60,000 KG
- Hydraulic Excavators
Under 100t
100t to 200t
200t to 400t
400t up
- Dozers
Less than 20,000 KG
20,000 KG – 50,000 KG
50,000 KG – 100,000 KG
More than 100,000 KG
- Motor Graders
Less than 10,000 KG
10,000 KG – 30,000 KG
More than 30,000 KG
- Others
The ground engaging tools market was dominated by construction and mining industry in previous years. However, agriculture, forestry, and dredging applications are also showcasing a potential growth opportunity for ground engaging tools market. In the past few years, dredging has emerged as a distinct industry and is being driven by the growing dredging requirements across the globe. The expansion of the dredging activities such as maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, and others are escalating the demand for ground engaging tools. Apart from dredging applications, the demand for G.E.T in forestry applications is anticipated to rise at a significant pace during the forecast period. Factors such as rising demand for advanced machinery, increasing mechanization of farming operations, and technological advancements are driving the market growth of ground engaging tools in forestry applications.
The G.E.T. market report provides market analytics for major economies worldwide. Global G.E.T. market has been categorized into various regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The report also comprises of detailed market analysis of major countries.
Regional Markets
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- The Middle East & Africa (GCC, North Africa, South Africa and Rest of the Middle East & Africa
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- Publication date: 27th December 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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