Ground Engaging Tools Market Outlook
The global ground engaging tools (GET) market (By Casting Method) was valued at USD 2,072.2 million in 2021 and is projected to reach USD 4,086.4 million by 2030, expanding at a CAGR of 7.8% during the forecast period. The market growth is attributed to the rising construction and mining activities across the globe.
Ground engaging tools are metal components with high wear resistance that come into direct contact with the ground during excavation and construction activities. These tools help with cutting, moving, and grading materials while also reducing machine stress. The buckets of loaders and excavators, as well as the blades of snow ploughs, dozers, and graders, are frequently connected to GET equipment. Teeth, blades, side cutters, adaptors, and lip shrouds are examples of ground engaging tools.
Macro-Economic Factors
Economic Growth
Economic growth drives the demand for construction, mining, and infrastructure development, which increases the need for GET products. Thus the overall economic growth of a country is a key factor impacting the ground engaging tools market.
When the economy is strong, investments in these industries increase, leading to the high demand for GET products. Additionally, economic growth often leads to high government spending on infrastructure projects such as construction, metro projects, redevelopment. further driving demand for GET products.
GDP
GDP is a key indicator for assessing an economy's performance and size. Strong GDP is indicated by high per capita income and consumer spending. Rising demand for construction equipment is driven by economic development in emerging economies. Increased production capacity by key players and rising demand for ground engaging tools in developing nations are expected to drive the demand for ground engaging tools during the forecast period, fueling the GDP of various nations.
R&D
Several key players are rapidly investing to improve product design, to bring advancements in the manufacturing process of ground engaging tools to enhance the durability and efficiency of the products, which is anticipated to drive the ground engaging tools market during the forecast period.
Some of the key players are extensively using high carbon steel and heat-treated boron steel to improve the hardness and wear-life of ground engaging tools and to meet the high-performance requirement by several earthmoving applications.
Ground Engaging Tools Market Dynamics
Driver- Increasing construction and mining activities across the globe
Increasing construction and mining activities is leading to a growth in sales of earthmoving machines and other construction and mining equipment, which is anticipated to propel the ground engaging tools market during the forecast period. The mining industry is a significant end-user of mining equipment, as mining operations require heavy-duty machinery for excavation and hauling.
For instance, according to the reports by Invest India, the mining sector in India is expected to undergo major reforms in the next few years, owing to initiatives such as Make in India Campaign, Smart Cities, Rural Electrification, and a focus on renewable energy projects under the National Electricity Policy.
Rising population across the globe is creating abundant demand for infrastructure development projects, including roads, bridges, railways, airports, and ports, which is expected to increase the demand for heavy equipment. For instance, according to the International Trade Administration U.S. Department of Commerce, under China’s 14th Five-Year Plan, the Ministry of Housing and Urban-Rural Development (MOHURD) of China issued a notice for the Implementation of Urban Renewal Actions in 2020.
While China’s urbanization rate reached 60.6% in 2019, this urban renewal policy aims to develop greener and efficient cities as the government seeks to improve the quality of China’s urban living conditions. Hence, growing construction and mining activities across the globe is projected to create significant demand for ground engaging tools during the forecast period.
Driver- Rising advancements in ground engaging tools
Several key manufacturers are rapidly investing to advance ground engaging tools to offer high accuracy and productivity to customers. Advanced versions of ground engaging tools have improved their accuracy, strength, fitment, resistance to wear, and long-life performance. Thus, the demand for ground engaging tools is growing rapidly across the globe.
Nowadays, ground engaging tools are designed with 3D modelling software, allowing for precise shapes and angles that optimize their performance. A variety of raw materials is used in cast ground engaging tools. Several key manufacturers are extensively investing in R&D to introduce GETs by using different types of raw materials and composites.
For instance, tungsten, high carbon steel, and heat-treated boron steel are being extensively used in the manufacturing of GETs to improve the hardness and wear life of the ground engaging tools. Advancements in ground engaging tools have increased productivity, as they can penetrate and move through different ground conditions efficiently, resulting in rapid completion of tasks.
Nowadays, manufacturers are offering customized ground engaging tools that are manufactured on the basis of the customer’s requirements. In terms of safety ground engaging tools are enhanced and provide locking systems and improving visibility, to minimize the risk of accidents on worksites.
Restraints- Volatility in mining and construction eco-system
One of the major factors limiting industry demand for ground engaging tools is volatility in the mining and construction industries. The mining and construction industries are both facing increased uncertainty as a result of a variety of factors. In the mining industry, the economic slowdown and trade tensions have pushed down commodity prices, resulting in lower demand and profits.
Labor shortages, rising material costs, and political insecurity have all contributed to a decrease in investment and an increase in the cost of construction projects in the construction sector. As a result, high uncertainty in these sectors has a direct impact on demand for construction and mining equipment and tools. Furthermore, many countries are experiencing high inflation, making it difficult to predict future operating results.
Opportunities- Increasing investments by several countries for the development of smart cities
Governments of several countries are focusing heavily on the development of smart cities, which is expected to create significant demand for construction equipment during the forecast period. For instance, Saudi Arabia investing USD 500 Billion to build a futuristic city in the desert. Moreover, it is building the red sea project, which is one of the biggest giga project in Saudi Arabia.
The Government of the UAE is focusing on increasing building infrastructure; thus, it has released funds of USD 242.6 Million for federal ministry projects, and USD 381.2 Million for Sheikh Zayed Housing Programme. Furthermore, the government has released USD 210 Million for power and water projects which are likely to be implemented by the Federal Electricity & Water Authority.
In India, under the smart city mission, a total of 99 cities have been selected, for which the government has released USD 32 Billion for their development. Thus, significant investments in smart city projects are anticipated to fuel the demand for construction equipment and tools and create abundant opportunities in the market.
Scope of Ground Engaging Tools Market Report
The report on the global Ground Engaging Tools (GET) Market (By Casting Method) includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Ground Engaging Tools (GET) Market (By Casting Method) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2015-2020
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Forecast Period
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2022–2030
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Segmentation
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Type (Bucket Teeth, Blades, Side Cutters, and Others), Weight (Below 15 Kg, 15Kg to 40 Kg, 50Kg to 70 Kg, 70Kg to 100Kg, and Above 100 Kg), Application (Loaders, Excavators, Dozers, Scrapers, and Others), End-use (Mining, Construction, and Others), Distribution Channel (Original Equipment Manufacturers (OEM) and Aftermarket)
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Regional Scope
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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Caterpillar, ESCO Group LLC, Sandvik AB, KOMATSU, Hensley Industries, Black Cat Wear Parts, Hitachi Construction Machinery Co., Ltd, MTG SYSTEMS, Liebherr, J C Bamford Excavators Ltd, Kobelco Construction Machinery Co., Ltd., Deere & Company, AB Volvo, BYG, combi wear parts, Bradken, VALLEY BLADES LTD, Ningbo Fenghua ND Machinery Co., Ltd, KEECH, Cutting Edges Equipment Parts Pty Ltd
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Ground Engaging Tools Market Segmental Outlook
The global Ground Engaging Tools (GET) Market (By Casting Method) is segmented on the basis of type, weight, application, end-use, distribution channel, and regions.
In terms of Type, the Ground Engaging Tools (GET) Market (By Casting Method) is segmented into Bucket Teeth, Blades, Side Cutters, and Others. The bucket teeth segment is expected to dominate the market in 2021.
The growth of the market is attributed due to the increasing use of bucket teeth in various applications in industries such as mining, construction, forestry, and others. It is used to loosen the soil, and for breaking tough surfaces. It is mounted on the bucket in heavy equipment like excavators, loaders, and others. Additionally, it can be easily replaced after wear and damage.
On the basis of Weight, the Ground Engaging Tools (GET) Market (By Casting Method) is segmented into below 15 Kg, 15Kg to 40 Kg, 50Kg to 70 Kg, 70Kg to 100Kg, and Above 100 Kg. The below 15 kg segment is expected to hold a substantial share of the market during the forecast.
The growth of the market is attributed to the increasing adoption of below 15 Kg ground engaging tools such as bucket teeth, blades, and others due to their effective characteristics such as cost efficiency and it also helps in increasing the productivity of heavy equipment.
Based on Application, the Ground Engaging Tools (GET) Market (By Casting Method) is segmented into Loaders, Excavators, Dozers, Scrapers, and Others. The loaders segment is expected to dominate the market in 2021. The growth of the market is attributed to various ground engaging tools used in loaders in various industries such as construction, mining, forestry, and others. Loaders have the ability to carry heavy loads.
In terms of End-use, the Ground Engaging Tools (GET) Market (By Casting Method) is segmented into Mining, Construction, and Others. The construction segment is expected to dominate the market in 2021. The growth of the market is attributed due to the increased use of heavy equipment in the construction industry for various applications such as carrying rubble or leveling the ground.
Excavators with a bucket is equipped with bucket teeth used for breaking tough ground. Blades also play an important role in leveling or grading the ground for further construction activities, which are equipped with loaders or scrapers.
On the basis of Distribution channel, the Ground Engaging Tools (GET) Market (By Casting Method) is segmented into Original Equipment Manufacturers (OEM) and aftermarket. The aftermarket segment is expected to hold a substantial share of the market during the forecast. The growth of the market is attributed to the affordability provided by the aftermarket vendors. Aftermarket ground engaging tools offer a less expensive option without compromising quality. Additionally, there are numerous choices that buyers can have with low cost and high levels of quality.
Regional Outlook
Based on regions, the Ground Engaging Tools (GET) Market (By Casting Method) is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific is growing at a rapid pace during the forecast period. The growth of the ground engaging tools market in Asia Pacific is attributed to the expansion of the construction sector, especially in emerging economies such as India and China.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global Ground Engaging Tools (GET) Market (By Casting Method)
- Historical, Current, and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Ground Engaging Tools (GET) Market (By Casting Method)
Segments
By Type
- Bucket Teeth
- Blades
- Side Cutters
- Others
By Weight
- Below 15 Kg
- 15Kg to 40 Kg
- 50Kg to 70 Kg
- 70Kg to 100Kg
- Above 100 Kg
By Application
- Loaders
- Excavators
- Dozers
- Scrapers
- Others
By End-use
- Mining
- Construction
- Others
By Distribution Channel
- Original Equipment Manufacturers (OEM)
- Aftermarket
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Caterpillar
- ESCO Group LLC
- Sandvik AB
- KOMATSU
- Hensley Industries
- Black Cat Wear Parts
- Hitachi Construction Machinery Co., Ltd
- MTG SYSTEMS
- Liebherr
- J C Bamford Excavators Ltd
- Kobelco Construction Machinery Co., Ltd.
- Deere & Company
- AB Volvo
- BYG
- combi wear parts
- Bradken
- VALLEY BLADES LTD
- Ningbo Fenghua ND Machinery Co., Ltd
- KEECH
- Cutting Edges Equipment Parts Pty Ltd
Competitive Landscape
- Top players in the market includes Caterpillar, ESCO Group LLC, Sandvik AB, KOMATSU, Hensley Industries, Black Cat Wear Parts, Hitachi Construction Machinery Co., Ltd, MTG SYSTEMS, Liebherr, J C Bamford Excavators Ltd, Kobelco Construction Machinery Co., Ltd., Deere & Company, AB Volvo, BYG, combi wear parts, Bradken, VALLEY BLADES LTD, Ningbo Fenghua ND Machinery Co., Ltd, KEECH, Cutting Edges Equipment Parts Pty Ltd.
- These companies are considered key manufacturers of Ground Engaging Tools based on their revenue, product offerings, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for Ground Engaging Tools (GET) Market (By Casting Method).
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