Ground Engaging Tools Market Is Estimated To High Growth

The 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 are used for performing digging, drilling, grading, ripping, scraping and demolition activities. These tools are used in various applications such as construction, mining, agriculture and other heavy equipment operations. Some key ground engaging tools include buckets, rippers, mills, grapples and hammers. Buckets are the most common type of ground engaging tool used for digging and loading applications in excavators and loaders.

Market Dynamics:
The ground engaging tools market is expected to witness significant growth over the forecast period, owing to rising construction activities and increasing mining operations across the globe. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Growing construction of residential and non-residential buildings is anticipated to generate high demand for earthmoving and heavy construction equipment, thereby fueling the need for ground engaging tools. Furthermore, increasing mining activities amid rising demand for metals and minerals from end-use industries such as automotive, construction and manufacturing is also expected to propel the market growth over the coming years.
According to the report ‘Mining Industry Outlook 2020’ by Deloitte, total global mining investment is projected to reach $1 trillion by 2023. This significant growth in mining industry creates high opportunities for ground engaging tools such as rippers, grapples

SWOT Analysis
Strength: Ground engaging tools such as excavator buckets, mining shovels and breakers exhibit high durability and are abrasion resistant. They last longer and reduce maintenance costs. They also increase work efficiency and allow excavation of tough soils.
Weakness: Ground engaging tools require frequent replacement which increases operating costs. Wear and tear also reduces productivity over time. Lack of advanced metallurgy knowledge results in development of inferior quality tools in some regions.
Opportunity: Demand is rising from construction, mining, agriculture, and waste management industries due to expanding infrastructure projects globally. New applications in demolition, forestry and landscaping present growth prospects.
Threats: Economic slowdowns can delay capital expenditures, impacting demand. Localized supply chain disruptions due to pandemic related issues affect production. Protectionist measures like tariffs pose threats. Substitutes like robotics and autonomous machines also threaten parts of the market.

Key Takeaways

The global Ground Engaging Tools Market Engaging Tools market is expected to witness high growth, exhibiting CAGR of 23.1% over the forecast period, due to increasing investments in construction and mining industries. Rising numbers of infrastructure projects related to roads, railways, energy and commercial buildings fuels the market.

The North American region currently dominates the Ground Engaging Tools market accounting for over 30% of the global market share in 2022. This is attributed to extensive mining and construction activities in the USA and Canada. The Asia Pacific region is expected to grow at the fastest pace, due to rising demand from China, India and other Southeast Asian countries experiencing rapid urbanization and infrastructure growth.

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. Leading companies are focusing on new product development using advanced materials to improve wear resistance and extend service life. Partnerships with OEMs are helping boost sales.

Read More : https://www.ukwebwire.com/the-global-ground-engaging-tools-market-opportunities-forecast/

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