The Global Ground Engaging Tools Market was valued at US$ 7,087.4 Million in 2021 and is expected to surpass US$ 39,594.7 Million by 2030, exhibiting a CAGR of 23.1% during the forecast period (2022-2030), according to the Global Ground Engaging Tools Market Report, by Application (Excavators, Loaders, and Dozers), by Industry Vertical (Construction and Mining), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Increasing population is one of the major driving factors leading to high demand for new construction. This increasing demand for new construction has led to growth of the construction equipment market, which in turn, is expected to accelerate the market growth of ground engaging tools. For instance, according to Population Reference Bureau 2017, the total global population was 7,621 Mn in 2017 up from 7,418 Mn in 2016. According to the same source, by 2030, the total global population is expected to reach 8,571 Mn.
Global Ground Engaging Tools Market - Impact of Coronavirus (Covid-19) Pandemic
- In 2020, Covid-19 has shut down the production of ground engaging tools, owing to strict lockdown in many countries. This hampered the growth of ground engaging tool market negatively.
- The demand for equipment and machinery decreased in major countries such as the U.S. Germany, China, India and others, as they halted the demand for construction and mining machinery and equipment.
- In post Covid-19 scenario, ground engaging tools market has witnessed growing demand and continuous supply chain and manufacturing activities, as many countries mitigated the lockdown, which is expected to drive the consumers demand for ground engaging tool over forecasted period.
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Key Trends and Analysis of the Global Ground Engaging Tools Market:
- Development of eco-friendly mining practices for reducing harmful environmental impact of the mining operation is one of the key trends in the market globally. The aim of players in this industry is to reduce emissions and carbon footprint during mining. Therefore, some of the players are focusing on developing equipment which aid in reducing carbon emissions. For instance, for the reduction of carbon emission the Caterpillar Inc., a leading manufacturer of construction and mining equipment switched towards manufacturing lighter weight mining equipment.
- Increasing construction of green buildings in the U.S. and Canada is a major factor accelerating growth of the construction sector in North America. The factor for increasing the construction of green buildings is to reduce carbon footprint from the environment. For instance, according to the WMR analysis, the number of green buildings constructed in the U.S. in 2013 was 63 and it increased to 85 in 2014. Therefore, increasing construction of green buildings will further help in reducing CO2 emission from the environment. For instance, according to the U.S Energy Information Administration (EIA) report updated on September 2018, CO2 emissions decreased by 47 Mn metric tons from 5,189 MMmt in 2016 to 5,142 MMmt in 2017.
- 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.
