Global Ground Engaging Tools Market is Estimated to Reach USD 1,581.0 Million by 2024 | Top Key Players Caterpillar, Komatsu, Hitachi Construction Machinery, Sandvik AB, CQMS Razer, MTG, Liebherr Group, J.C. Bamford Excavators Limited, ESCO Group LLC
The global ground engaging tools market has been segmented based on type, product, application, and end use. Based on the type, this market has been segmented into digging tools, bulldozing tools, loading tools and others. Digging tools segment is expected to grow at a CAGR of 6.1% from 2019 to 2024, In terms of volume. Volume wise, the global market for digging tools segment was calculated at 311.4 Million KG in 2018 and is expected to reach at 437.7 Million KG by the end of forecast period.
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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.
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.
In terms of geography, the ground engaging tools market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for the major share of the global ground engaging tools market.
In terms of volume, the Asia Pacific ground engaging tools market is expected to mark a valuation of 269.3 Million KG by 2024 by growing at a CAGR of 6.9% throughout forecasted period i.e. 2019 2024 and is expected to collect an opportunity of 86.8 KG Million between 2018 & 2024. The Asia Pacific market for G.E.T is about to witness a Y-o-Y growth of 7.4% in 2024 as compared to previous years.
The report also covers detailed competitive analysis of major market players of the global ground engaging tools market, such as Caterpillar, Komatsu, Hitachi Construction Machinery, Sandvik AB, CQMS Razer, MTG, Liebherr Group, J.C. Bamford Excavators Limited, ESCO Group LLC, BYG, USCO SpA and other major and niche players. The ground engaging tools market is witnessing a wide range of industry activities such as product launch, agreement, acquisition, and expansion across the globe. For instance, on 11th January 2018, ESCO Corporation introduced Nemisys product, the N95 Cast Lip System. This system was mainly developed to target machines such as LIEBHERR R9400, CATERPILLAR 6030, HITACHI EX3600 and others.
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