The global Ground Engaging Tools Market is estimated to be valued at US$ 10739.97 Mn in 2023 and is expected to exhibit a CAGR of 23. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
These include buckets, rippers, teeth, and adapters. They allow equipment like excavators, loaders, dozers, graders and drills to efficiently perform tasks at construction sites and mines.
Market key trends:
One of the key trends in the Ground Engaging Tools Market Size is the growing adoption of robotics and automation. Manufacturers are developing ground engaging tools that can be used with autonomous construction and mining equipment. For example, robotic buckets that can identify and pick up different types of debris without human guidance. Robotics is helping reduce labor costs and improve safety. It also ensures consistent productivity even in hazardous environments. The rising use of robotics in construction and mining will continue driving the demand for specialized ground engaging tools in the coming years.
Segment Analysis
The ground engaging tools market is segmented by product into teeth, adapters, buckets, cutting edges, others. Teeth segment dominates the market and is expected to maintain dominance during the forecast period. Teeth are essential components of ground engaging tools that perform the digging, dozing, ripping and grading functions. Their demand is high owing to frequent replacement needs due to high wear and tear.
Key Takeaways
The global ground engaging tools market is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing infrastructure development activities worldwide.
Regional analysis-
Asia Pacific region is expected to dominate the market and is projected to grow at the highest CAGR during the forecast period. This is attributed to growing construction industry and rapid urbanization and industrialization in China and India. North America is also witnessing significant growth owing to ongoing infrastructure revamp initiatives in the region.
Key players analysis - Key players operating in the ground engaging tools market are Atlas Copco AB, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu Limited, Sandvik AB, Columbia Steel Casting Co., Inc., Doosan Corporation, USCO S.p.A, Volvo AB, and MB America, Inc. These players are focusing on new product launches and partnerships to gain competitive advantage in the market. For instance, in 2022, Sandvik introduced the next generation of ground engaging tools for mining and construction applications.
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