According to the latest market research report, published by KD Market Insights covers a detailed analysis of, “Ground Engaging Tools Market” The study comprises of major industry trends and insights that play an important role in the market growth. Also, the report covers forecast revenue growth at global, regional and country levels, providing a detailed analysis of the industry.
Rising Construction Activities & Sale of New Earth Moving Equipment ARE Likely to Foster the Ground Engaging Tools Market at 7.4% CAGR during 2019 & 2024.
Global ground engaging tools market accounted for USD 1,040.7 Million in 2018 and is estimated to reach USD 1,581.0 million in 2024, registering a compound annual growth rate (CAGR) of 7.4% between 2019 and 2024. Growing government initiatives towards infrastructure development in emerging countries such as China and India are anticipated to drive the growth of the global ground engaging tools market over the upcoming years.
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Rising Sales of Construction & Mining Equipment
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 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
Browse Full Report With TOC@ https://www.kdmarketinsights.com/product/3026/ground-engaging-tools-market
Table of Content
Research Methodology
Market Definition and List of Abbreviations
1. Executive Summary
2. Growth Drivers & Issues in Global Ground Engaging Tools Market
3. Global Ground Engaging Tools Market Trends
4. Opportunities in Global Ground Engaging Tools Market
5. Recent Industry Activities, 2017
6. Porter’s Five Forces Analysis
7. Market Value Chain and Supply Chain Analysis
8. Products Average Price Analysis, By Country
9. Global Ground Engaging Tools Market Value & Forecast (USD Million), 2017-2023
- Global Ground Engaging Tools Market Segmentation Analysis, By Type
10.1. Introduction
10.2. Market Attractiveness, By Type
10.3. BPS Analysis, By Type
10.3.1. Digging Tools Market Value & Forecast (USD Million), 2017-2023
10.3.2. Bulldozing Tools Market Value & Forecast (USD Million), 2017-2023
10.3.3. Loading Tools Market Value & Forecast (USD Million), 2017-2023 - Global Ground Engaging Tools Market Segmentation Analysis, By Product
11.1. Introduction
11.2. Market Attractiveness, By Product
11.3. BPS Analysis, By Product
11.3.1. Tips and Adaptors Market Value & Forecast (USD Million), 2017-2023
11.3.2. Ripper Tip Market Value & Forecast (USD Million), 2017-2023
11.3.3. Side Cutters Market Value & Forecast (USD Million), 2017-2023
11.3.4. Cutting Edges Market Value & Forecast (USD Million), 2017-2023
11.3.5. Grader Blades Market Value & Forecast (USD Million), 2017-2023
11.3.6. Base Edges & Wear Plates Market Value & Forecast (USD Million), 2017-2023
11.3.7. Protectors Market Value & Forecast (USD Million), 2017-2023
11.3.8. Others Market Value & Forecast (USD Million), 2017-2023 - Global Ground Engaging Tools Market Segmentation Analysis, By Application
12.1. Introduction
12.2. Market Attractiveness, By Application
12.3. BPS Analysis, By Application
12.3.1. Mining & Quarries Market Value & Forecast (USD Million), 2017-2023
12.3.1.1. Gold Mining & Quarries
12.3.1.2. Coal Mining & Quarries
12.3.1.3. Silver Mining & Quarries
12.3.1.4. Iron Core Mining & Quarries
12.3.1.5. Oil Sands Mining & Quarries
12.3.1.6. Copper Mining & Quarries
12.3.1.7. Lithium Mining & Quarries
12.3.1.8. Others
12.3.2. Construction Market Value & Forecast (USD Million), 2017-2023
12.3.3. Agriculture Market Value & Forecast (USD Million), 2017-2023
12.3.4. Others Market Value & Forecast (USD Million), 2017-2023 - Global Ground Engaging Tools Market Segmentation Analysis, By End-use
13.1. Introduction
13.2. Market Attractiveness, By End-use
13.3. BPS Analysis, By End-use
13.4. Wheel Loaders Market Value & Forecast (USD Million), 2017-2023
13.4.1. Less than 20,000 KG
13.4.2. 20,000 KG – 30,000 KG
13.4.3. 30,000 KG – 60,000 KG
13.4.4. More than 60,000 KG
13.5. Hydraulic Excavators Market Value & Forecast (USD Million), 2017-2023
13.5.1. Under 100t
13.5.2. 100t to 200t
13.5.3. 200t to 400t
13.5.4. 400t up
13.6. Dozers Market Value & Forecast (USD Million), 2017-2023
13.6.1. Less than 20,000 KG
13.6.2. 20,000 KG – 50,000 KG
13.6.3. 50,000 KG – 100,000 KG
13.6.4. More than 100,000 KG
13.7. Motor Graders Market Value & Forecast (USD Million), 2017-2023
13.7.1. Less than 10,000 KG
13.7.2. 10,000 KG – 30,000 KG
13.7.3. More than 30,000 KG
13.8. Others Market Value & Forecast (USD Million), 2017-2023
Continue…
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