Global Ground Engaging Tools Market - WishTree Insight

Global Ground Engaging Tools Market by Type (Blades, Bucket Teeth, Cutting Edges), Application (Excavators, Dozers, Loaders, Scrapers), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Ground Engaging Tools market size was valued at USD 7.9 billion in 2022 and is expected to surpass USD 39.9 billion by 2032, expanding at a CAGR of 24.8 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing global population, increasing investment in infrastructure, and rising government investment in smart cities globally.

INTRODUCTION

Ground Engaging Tools (GETs) refer to the various components of an excavation machine or construction equipment that directly interact with the ground surface. These tools are used to dig, excavate, and move earth, gravel, rocks, or other materials during construction, mining, or other earth-moving operations. GETs include bucket teeth, cutting edges, adapters, shanks, and wear plates. The choice of GETs and their design is crucial for the efficiency and effectiveness of the excavation equipment and can impact the lifespan of the machine as well. The GETs must be made of durable and wear-resistant materials to withstand the tough conditions of the earth-moving operations and provide maximum performance.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing investment in infrastructure is expected to propel the global ground-engaging tools market.
• Increasing global population is a key factor driving the market.
• Rising government investment in smart cities is anticipated to boost market growth.
• The growing mining industry is expected to propel the market growth.
• Advancements in ground-engaging tools are anticipated to create lucrative growth in the market.
• Government stringent regulations for the mining sector are restraining the market growth.

Scope of the Report

Market Segment Insights

The bucket teeth segment is projected to register a considerable CAGR

Based on type, the ground engaging tools market is divided into blades, bucket teeth, cutting edges. The bucket teeth segment is expected to expand rapidly during the forecast period due to the increasing demand for earthmoving equipment in the construction and mining industries.

The loaders-application segment is expected to expand at a rapid pace

Based on application, the ground-engaging tools market is divided into excavators, dozers, loaders, and scrapers. The loaders-application segment is expected to expand rapidly during the forecast period.

The APAC region is anticipated to constitute a key market share

In terms of regions, the ground-engaging tools market is classified as APAC, Europe, North America, and LAMEA. APAC (Asia Pacific) market is expected to constitute a key share of the market during the projected period owing to climate change monitoring, disaster response, and land management. Europe accounted for a significant share of the ground-engaging tools market owing to stringent regulations imposed by governments regarding road safety.

Competitive Landscape

Key players competing in the Ground Engaging Tools market are Atlas Copco AB (Sweden); Komatsu Limited (Japan); Tata Hitachi Construction Machinery (India); Caterpillar, Inc., (U.S.); Sandvik AB (Sweden).

FAQs

How much is the market worth?

The Ground Engaging Tools market size was valued at USD 7.9 billion in 2022 and is expected to surpass USD 39.9 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 24.8%.

What are the key drivers of the market?

The market's growth is attributed to the increasing global population, increasing investment in infrastructure, and rising government investment in smart cities globally.

What segments are covered in the Ground Engaging Tools report?

The segments covered in the report are type (blades, bucket teeth, cutting edges), and application (excavators, dozers, loaders, scrapers).

Mention which region is expected to hold the highest share of the Ground Engaging Tools market.

The Asia Pacific region is expected to hold the highest share of the Ground Engaging Tools market.

Mention the key players in the market.

Key players competing in the Ground Engaging Tools market are Atlas Copco AB (Sweden); Komatsu Limited (Japan); Tata Hitachi Construction Machinery (India); Caterpillar, Inc., (U.S.); Sandvik AB (Sweden).