USD 7.5 billion
Ground Engaging Tools Market Size, Share, Growth Analysis, By Type (Bucket Teeth, Blades), By Weight, By Application (Loaders, Excavators), By Distribution Channel (OEM, Aftermarket), By End-User (Mining, Construction), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG55A2044 |
Region:
Global |
Published Date: November, 2024
Pages:
182
|Tables:
147
|Figures:
76
Ground Engaging Tools Market Insights
Ground Engaging Tools Market size was valued at USD 9.2 Billion in 2023 and is poised to grow from USD 11.33 Billion in 2024 to USD 59.83 Billion by 2032, growing at a CAGR of 23.1% during the forecast period (2025-2032).
The growing demand for construction and infrastructure facilities is contributing to the rise in demand for flooring equipment. Growing urban population and increasing number of smart cities support the growth of the market. Increasing demand for expansion of roads, buildings, water, sanitation facilities and transportation corridors boosts the market. Equipment connected to earth directly influences equipment in terms of fuel consumption use, operation, longevity of equipment and maintenance costs to improve resource utilization, etc. Moreover, the growing mining industry is driving the geothermal equipment market. Mechanization of heavy equipment such as blade shovels, backhoes, front shovels and wheel drives that are essential in the mining industry has increased the demand for ground attachments.
Stricter regulations by governments are increasing processing times for renewal permits and may hamper demand for mining equipment. Thus, this could have a negative impact on market growth over the forecast period. Ground adhesive equipment consists of corrosion-resistant steel parts in direct contact with the ground during construction and excavation. These steel products are specially designed for excavators and conveyors, bulldozers, and other machinery. Drilling machinery and construction are the most common materials used in earthmoving machinery.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Aftermarket
Fastest Growth
OEM
Growth Rate
23.1% CAGR
Global Ground Engaging Tools Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Ground Engaging Tools Market Segmental Analysis
Global Ground Engaging Tools Market is segmented by Type, Weight, Application, Distribution Channel, End user and region. Based on Type, the market is segmented into Bucket Teeth, Blades, Side Cutters, Others. Based on Weight, the market is segmented into Below 15 Kg, 15Kg to 40 Kg, 41Kg to 70 Kg, 71Kg to 100Kg. Based on application, the market is segmented into Loaders, Excavators, Dozers, Scrapers. Based on Distribution Channel, the market is segmented into Original Equipment Manufacturers (OEM) and Aftermarket. Based on end user, the market is segmented into Mining, Construction, Industrial, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Distribution Channel
The aftermarket segment dominated the global market during the forecast period. The growth of the market is attributed to funds provided by aftermarket vendors. Aftermarket ground equipment offers a cheaper alternative without compromising quality. In addition, there are many affordable and high-quality products available to consumers.
Original equipment manufacturers (OEMs) play a key role in the geothermal equipment (GET) market, contributing significantly to the design, manufacture and application of these critical components in earthmoving and construction machinery is divided. OEMs are responsible for sophisticated and innovative equipment to meet evolving end-user needs and specifications. Investment in research and development to improve the performance, durability and efficiency of these tools. OEMs manufacture persuasive ground equipment to match specific ground maneuvering equipment types and models. This ensures proper operation and compatibility with the original equipment.
Analysis by End-use
The mining sector dominated the global ground engaging tools market. Grounding tools are corrosion resistant components used in heavy machinery to improve and extend their performance, especially in applications where the tool is in direct contact with the ground. Mining and construction industries are equipment users of such plays one of the main roles, and their great need affected the global ground engaging tools market.
The construction sector is expected to grow at the significant CAGR. Machines are exposed to extreme conditions and abrasions, causing severe damage to the equipment. Grounding equipment is designed to withstand these extreme conditions, resisting abrasion, shock and other damage. The size and growth of the mining and construction industry directly affects the global market. The rise in construction and mining drives greater demand for fine-grained equipment on earth. As infrastructure and mining industries expand globally, the global market experiences corresponding growth. The unique challenges posed by mining and construction often drive new trends in materials and technologies for ground engaging tools.
Global Ground Engaging Tools Market By Distribution Channel (%)
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Ground Engaging Tools Market Regional Insights
Asia Pacific held the dominant position in the global ground engaging tools market and is expected to maintain its dominance throughout the forecast period. Factors driving the growth of the global ground engaging tools market in Asia Pacific, especially India and China. Rapid urbanization and industrialization are some of the factors driving productivity growth due to increasing growth in emerging economies. Thus, the growing construction industry in emerging markets is likely to drive the demand for construction machinery, which in turn increases the demand for earthmoving equipment.
North America is one of the leading global ground engaging tools markets and is expected to grow significantly in the coming years. Rising power consumption in the US. is a key driver for the growth of the global earthmoving equipment market in North America. For example, according to the CIA World Factbook, the world’s leading foreign intelligence agency, electricity consumption in the U.S. is expected to increase by 10 percent will increase coal production in the region through electrification.
Global Ground Engaging Tools Market By Geography
- Largest
- Fastest
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Ground Engaging Tools Market Dynamics
Drivers
Upgrade Of Quality Equipment on the Floor
- Grounding tools have undergone many developments, improving their accuracy, fitment, wear resistance, strength, impact & longevity performance. To provide customers with higher accuracy and results, manufacturers of grounding tools always offer improved versions of ordinary grounding tools as for example, hammerless teeth & adapter system teeth & is superior to adapter systems in terms of complexity, performance and ease of safe installation. Owners of excavators choose these new advanced excavators to increase their productivity and reduce operating costs. Such continuous improvements in earthmoving equipment are expected to positively impact the demand for the product in the coming years.
Growing Manufacturing and Mining Worldwide
- Increasing construction and mining activities drives the sales of earthmoving machinery and other construction mining equipment, which is expected to drive market growth during the forecast period. The mining industry is a driver for the end use of mining machinery, as the mining industry requires heavy-duty machinery for mining operations. For example, infrastructure under the National Power Plan is expected to grow significantly in the next few years due to initiatives in India such as the Make in India campaign for mining, smart cities, rural electrification and for focusing on renewable energy, according to a report by Invest India.
Restraints
Instabilities In Ammunition Construction Ecology
- One of the main factors limiting corporate demand for mining equipment is the volatility in the mining and construction industries. Increased disputes arising from various factors in the mining and construction industries. In the mining industry, commodity prices fell due to the recession and trade disputes, reducing demand and profits.
High Cost of Material
- Labor shortages, rising material costs, and political insecurity have all contributed to declining investment and increasing construction costs in the construction industry. Consequently, the high level of uncertainty in these industries directly impacts the demand for construction and mining machinery and equipment. Furthermore, many countries experience inflation, which makes it difficult to predict future business results.
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Ground Engaging Tools Market Competitive Landscape
The competitive environment of the Global Ground Engaging Tools Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
- Caterpillar Inc.
- Komatsu Ltd.
- Hitachi Construction Machinery
- John Deere
- Liebherr Group
- Sandvik AB
- Atlas Copco AB
- Volvo Construction Equipment
- Doosan Corporation
- Columbia Steel Casting Co., Inc.
- MB America, Inc.
- ESCO Corporation
- Bradken Limited
- Metso Corporation
- Hensley Industries, Inc.
- MTG (Metalogenia SA)
- Tata Hitachi Construction Machinery
- Topy Industries, Ltd.
- J.C. Bamford Excavators Ltd. (JCB)
- CNH Industrial (CASE Construction Equipment)
Ground Engaging Tools Key Market Trends
Growth of the Mining Industry
- The global mining industry has faced a resurgence in production costs. However, general economic growth has enhanced the momentum of growth in the mining industry, which has added to the interest in mined equipment land work leads to the expansion of mining exercises worldwide, large-scale gearing machinery, e.g. Interest in iron and steel is set to increase, and is expected to reinforce geographical developments in industrial exhibits The number of potential mines in the world has expanded. Development, mining equipment, & related parts along with hardware industries contributed to the growth of the market.
Ground Engaging Tools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The market follows a steady growth owing to continuous growth in the infrastructure, construction activities and mining sectors across the globe. The demand for heavy equipment equipped with heavy landscaping equipment continues to build largely, especially in developing countries with rapid urbanization and industrialization. Continuous advances in materials science and engineering manufacturing have led to the development of durable and efficient equipment for earth installation. Manufacturers are increasingly focusing on innovation to provide improving corrosion resistance, strength and longevity of these devices, for overall performance and cost savings of heavy equipment. The market is highly competitive, with several major players dominating the landscape. Companies such as Caterpillar Inc., Komatsu Ltd., ESCO Corporation, Doosan Corporation, and Liebherr-International AG are among the leading manufacturers of earthmoving equipment worldwide. These companies invest heavily in R&D activities with products, new ones will emerge and maintain their competitiveness in the market. The market reflects regional dynamics influenced by factors such as economic growth, infrastructure investment, regulatory framework etc. in Asia Pacific, especially China.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.5 billion |
| Market size value in 2031 | USD 48.6 billion |
| Growth Rate | 23.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ground Engaging Tools Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ground Engaging Tools Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ground Engaging Tools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ground Engaging Tools Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ground Engaging Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ground Engaging Tools Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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