Ground Engaging Tools Market to Witness heightened Growth with Extension of COVID-19 Pandemicby Jason Lee Marketing Manager
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.
The ground engaging tools provides a number of key benefits including the protection of the expensive parts, reduces the maintenance costs and it provides a longer machine life. Moreover, the market of ground engaging tools is growing on the back of increasing construction activities. In terms of value, global ground engaging tools market is expected to reach USD 1,581.0 Million by the end of 2024 from USD 1,040.7 Million in 2018. Further, the global ground engaging tools market is anticipated to flourish at a CAGR of 7.4% over the forecast period. In terms of volume, the market is expected to account for 775.1 Million KG in 2024 from 551.4 Million KG in 2018.
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Growth Drivers – Ground Engaging Tools Market
Rising Sales of Construction & Mining Equipment
Constuction, 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
- Digging Tools
- Bulldozing Tools
- Loading Tools
- Tips and Adaptors
- Side Cutters
- Cutting Edges
- Grader Blades
- Base Edges & Wear Plates
- Mining & Quarries (Gold Mining, Coal Mining, Silver Mining, Iron Core Mining, Oil Sands Mining, Copper Mining, Lithium Mining, 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)
- 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)
The report profiles various major market players such as
- Hitachi Construction Machinery
- Sandvik AB
- CQMS Razer
- Liebherr Group
- J.C. Bamford Excavators Limited
- ESCO Group LLC
- USCO SpA
- Other Major & Niche Players
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As the coronavirus disease (COVID-19) crisis takes over the world, we are frequently tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our evaluate about the latest market trends and forecasts are being done after considering the impact of this covid-19 pandemic.
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Created on Jun 9th 2020 09:22. Viewed 126 times.