Ground Engaging Tools Market Expected to Reach CAGR of 7.4% by 2024
According to a recent report published by Fast.MR, titled, Ground Engaging Tools Market - By Type (Digging Tools, Bulldozing Tools, Loading Tools, Others), By Product (Tips and Adaptors, Side Cutters, Cutting Edges, Grader Blades, Base Edges & Wear Plates, Protectors, Others), By Application (Mining & Quarries, Construction, Agriculture, Others), By End Use (Wheel Loaders, Hydraulic Excavators, Dozers, Motor Graders, Others) & Global Region - Market Size, Market Volume, Trends, Opportunity, Historical 2014-2017 & Forecast 2018-2024”. It evaluates the key market trends, advantages, and factors that are pushing the overall growth of the market. The report also analyzes the different segments along with major geographies that have more demand for Ground Engaging Tools Market. The competition analysis is also a major part of the report.
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Market Insights
Growth Drivers – Ground Engaging Tools Market
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 the 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.
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 – Ground Engaging Tools 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 changeover time. This weak replacement cycle among small construction and mining companies is also restraining the growth of the market worldwide.
Market Segmentation
By Type:
- Digging Tools
- Bulldozing Tools
- Loading Tools
- Others
By Product:
- Tips and Adaptors
- Side Cutters
- Cutting Edges
- Grader Blades
- Base Edges & Wear Plates
- Protectors
- Others
By Application:
- Mining & Quarries (Gold Mining, Coal Mining, Silver Mining, Iron Core Mining, Oil Sands Mining, Copper Mining, Lithium Mining, 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 (Less than 100t, 100t to 200t, 200t to 400t, More than 400t)
- 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
By Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of the Middle East & Africa)
Competitive Landscape
The report profiles various major market players 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
- Other Major & Niche Players
Table of Content
1.Executive Summary
2.Methodology
2.1. Research Methodology
2.2. Geographic Scope
2.3. Years Considered
3.Market Overview
3.1. Introduction to Ground Engaging Tools
3.2. Overview and Definition
3.3. Global Market Maturity
3.3.1. North America
3.3.2. Europe
3.3.3. Asia Pacific
3.3.4. Latin America
3.3.5. Middle East & Africa
3.4. Porter’s Five Force Analysis
3.5. Industry Value Chain Analysis
3.6. Macroeconomic Indicators Impacting the Growth of the Ground Engaging Tools Market
4.Competitive Landscape
4.1. Global Ground Engaging Tools Market Value Share, By Company 2018
4.2. Global Ground Engaging Tools Market Volume Share, By Company 2018
5.Growth Drivers & Barriers in Global Ground Engaging Tools Market
6.Industry Trends in Global Ground Engaging Tools Market
7.Global Ground Engaging Tools Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
8.Global Ground Engaging Tools Market Segmentation Analysis, By Type
8.1. Introduction
8.2. Market Attractiveness, By Type
8.3. BPS Analysis, By Type
8.4. Digging Tools Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
8.5. Bulldozing Tools Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
8.6. Loading Tools Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
8.7. Others Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.Global Ground Engaging Tools Market Segmentation Analysis, By Product
9.1. Introduction
9.2. Market Attractiveness, By Product
9.3. BPS Analysis, By Product
9.4. Tips and Adaptors Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014- 2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.5. Side Cutters Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.6. Cutting Edges Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.7. Grader Blades Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.8. Base Edges & Wear Plates Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.9. Protectors Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
9.10. Others Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
10.Global Ground Engaging Tools Market Segmentation Analysis, By Application
10.1. Introduction
10.2. Market Attractiveness, By Application
10.3. BPS Analysis, By Application
10.4. Mining & Quarries Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
10.4.1. Gold Mining
10.4.2. Coal Mining
10.4.3. Silver Mining
10.4.4. Iron Core Mining
10.4.5. Oil Sands Mining
10.4.6. Copper Mining
10.4.7. Lithium Mining
10.4.8. Others
10.5. Construction Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
10.6. Agriculture Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
10.7. Others Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-202
11.Global Ground Engaging Tools Market Segmentation Analysis, By End Use
11.1. Introduction
11.2. Market Attractiveness, By End Use
11.3. BPS Analysis, By End Use
11.4. Wheel Loaders Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
11.4.1. Less than 20,000 KG
11.4.2. 20,000 KG – 30,000 KG
11.4.3. 30,000 KG – 60,000 KG
11.4.4. More than 60,000 KG
11.5. Hydraulic Excavators Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-YGrowth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
11.5.1. Less than 100t
11.5.2. 100t to 200t
11.5.3. 200t to 400t
11.5.4. More than 400t
11.6. Dozers Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
11.6.1. Less than 20,000 KG
11.6.2. 20,000 KG – 50,000 KG
11.6.3. 50,000 KG – 100,000 KG
11.6.4. More than 100,000 KG
11.7. Motor Graders Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
11.7.1. Less than 10,000 KG
11.7.2. 10,000 KG – 30,000 KG
11.7.3. More than 30,000 KG
11.8. Others Market Value (USD Million), Market Volume (Million KG), Historical Market Analysis & Y-o-Y Growth Analysis 2014-2017, Market Forecast & Y-o-Y Growth Analysis, 2018-2024
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