Global Ground Engaging Tools Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Ground Engaging Tools Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Ground Engaging Tools are the parts of heavy equipment that make ground contact to cut, move, and grade materials during work. Ground Engaging Tools can be attached to machines like excavators, bulldozers, and loaders.

Market Overview:

The latest research study on the global Ground Engaging Tools market finds that the global Ground Engaging Tools market reached a value of USD 2379.32 million in 2022. It’s expected that the market will achieve USD 3116.05 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.

Ground Engaging Tools bring several benefits to the use of heavy machinery

Ground Engaging Tools are heavy equipment attachments that make digging, drilling, or chiseling work easy for machines. For heavy machinery, there are several benefits to using Ground Engaging Tools. First, Ground Engaging Tools are good for protecting machines. The impact of contact with the ground can quickly cause wear on the machine. Ground Engaging Tools help resist impact forces upon contact with the ground, helping to reduce the impact on valuable machine parts, thereby protecting the machine's internal components. Secondly, using Ground Engaging Tools can make the machine more effective, which in turn increases work efficiency. In addition, the use of Ground Engaging Tools facilitates efficient maintenance and repair of machines. Mainly due to the use of Ground Engaging Tools, the user does not need to spend more time repairing the machine, and the detachable components can be replaced quickly. This saves users maintenance time and money and helps users get back to work faster. At the same time, Ground Engaging Tools can add versatility. Users can choose from different edges, tips, edge cutters, and rippers; Ground Engaging Tools gives users the flexibility to change implements as often as needed to optimize the machine for the task at hand. Finally, Ground Engaging Tools can extend machine life.
Mainly due to Ground Engaging Tools reducing damage to machines helps extend their life, keeping them in good condition for longer.
Hence, there are a large number of buyers in the market using Ground Engaging Tools to protect heavy machinery, which is driving the industry.

Raw material price fluctuation risk

The price of steel is always fluctuating for a number of reasons. Steel prices can be attributed to various changing factors. First of all, since iron ore is the main component of steel, its cost directly affects the price of steel. Seasonal inconsistencies and mining operations can both cause changes in iron ore prices. Second, the relationship between supply and demand affects steel prices. For example, U.S. steel prices continued to rise in March, buoyed by stronger industrial activity after the reopening of the Chinese economy and the resilience of U.S. manufacturing. U.S. steel prices averaged $1,070 a metric ton in March, up 25.5% from February but down 6.8% from a year earlier. In addition, material transportation cost is another key factor affecting steel prices. Political unrest or conflict between countries can affect steel shipping costs. In recent years, affected by various factors, steel prices have fluctuated greatly.
For the Ground Engaging Tools industry, steel is the main raw material for the production of Ground Engaging Tools; fluctuations in steel prices have affected the development of the industry.

Region Overview:

In 2022, the share of the Ground Engaging Tools market in North America stood at 21.47%.

Company Overview:

ESCO Corporation is one of the major players in the ground engaging tools market with a share of 23.08% in 2023.

ESCO Corporation is a manufacturer of engineered metal wear-resistant parts and assemblies for industrial applications, including mining and construction. The company has been a division of the Weir Group since 1913. ESCO Corporation designs, manufactures, and services mission-critical equipment used by companies in the mining and infrastructure markets. With more than 100 years of experience in wear-resistant materials science, ESCO Corporation is recognized as an industry leader, providing innovative products and custom-engineered solutions to enhance customer safety and productivity.

Komatsu is a leading manufacturer of construction, mining, forestry and industrial heavy equipment. Komatsu provides essential equipment, technology and services for construction, mining, forestry, energy and manufacturing.

Hitachi is headquartered in Tokyo, Japan. Hitachi manufactures communications and electronic equipment, heavy electrical and industrial machinery, and consumer electronics.

Segmentation Overview:

By type, Adapters segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Aftermarket segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Ground Engaging Tools market covered in Chapter 3:

Liebherr Group
ITR
John Deere
ESCO Corporation
Sandvik
Komatsu
Volvo
Black Cat Wear Parts
Caterpillar
Hitachi
MTG

In Chapter 4 and Chapter 14.2, on the basis of types, the Ground Engaging Tools market from 2018 to 2029 is primarily split into:

Adapters
Cutting Edge
Bucket Teeth
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Ground Engaging Tools market from 2018 to 2029 covers:

OEM
Aftermarket

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)