Global Ground Engaging Tools Market to Reach US$ 39,594.7 Mn by End of 2030 - Coherent Market Insights

SEATTLE, May 17, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global Ground Engaging Tools market was valued at US$ 7,087.4 Million in 2021 and is estimated to account for US$ 39.594.7 Million, in terms of value, by the end of 2030.

Increasing urban population has led to high demand for new infrastructure and building such as commercial and residential. Moreover, technological advancements in development of construction or mining equipment such as battery-based equipment have reduced the carbon emission and footprint and led to the replacement of conventional equipment. Hence, increasing demand for new construction and technological advancement are some of the factors expected to drive the market growth.

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Market Drivers

1.  Increasing Investment in infrastructure globally

Increasing investment for infrastructure in various countries have accelerated the demand for construction equipment such as loaders and dozers. This increasing demand for construction equipment is expected to aid in growth of the market for ground engaging tools globally.   For instance, according to South Africa budget 2017, the government released fund of US$ 9.5 billion (R142.6 billion) for public transport, US$ 6.3 billion (R94.4 billion) for water resources and bulk infrastructure, and US$ 7.7 billion (R114.8 billion) for public housing.

2.  Increasing government investment for smart cities

Governments of various countries are focusing on investing significantly for the development of smart cities. For instance, increasing initiatives from Chinese government for the development of smart cities in China drives the market growth in the country. In March 2014, the National State Council of PRC published the National New Urbanisation Plan (2014-2021) for the development of smart cities. In May 2018, the Global Future Cities Alliance, a non-profit organization signed a memorandum of cooperation with China Association of Trade in Services to accelerate smart city development in the country.

 Market Opportunities

1.  Growing development in construction equipment

The development of electric earthmoving or construction equipment has led to replacing traditional equipment.  This is owing to the increasing use of zero-emission equipment. For instance, in January 2018, Pon Equipment, the official Caterpillar Inc. dealer for Norway and The Netherlands, and Caterpillar, Inc. manufacturer of machinery, engines, and financial products entered into an agreement to develop 323F, an electric excavator. Such launches and development of electric equipment are expected to aid in growth of the market over the forecast period.

2.  Growing production in mining industry

Increasing production in the mining industry has led to high demand for mining equipment such as loaders which is expected to accelerate growth of the market for ground engaging tools, globally. Moreover key players are focusing on product launches and development strategies to expand their product portfolio. For instance, In 2018 Hitachi Construction Machinery Co., Ltd., a Japanese construction equipment company launched New EX-7 Series Mining Excavators that is featured with industrial Internet of Things (IoT) for mining sites. 

Market Restraint

1.  Government stringent regulations for mining industry

Governments are enforcing stringent regulations for players in the mining sector and this is one of the major factors hindering growth of the ground engaging tools market. Lengthy permit procedures causes delay in getting new mining projects which directly impacts the market of mining equipment, globally. Non-government organization, tribal governments, and general public is also involved in the process, which increases the time for permits for getting approval for new projects.

Competitive Landscape

Major players operating in the global ground engaging tools market include 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.

Detailed Segmentation

Global Ground Engaging Tools Market, By Application:

• Excavators
• Loaders
• Dozers

Global Ground Engaging Tools Market, By Industry Vertical:

• Construction
• Mining

Global Ground Engaging Tools Market, By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights