Ground engaging tools are metal components with a high wear resistance that come in direct contact with the ground during construction and excavation activities. Ground engaging tools used in construction and mining industry. These tools provide invaluable capabilities like enhanced soil penetration and efficient ripping and grading, while also giving your machines the protection they need to maintain maximum performance.
Market Dynamics
Increasing population is one of the major driving factors leading to rising construction activities, globally. For instance, according to the Population Reference Bureau, in 2017, the population of China was 1,387 Mn, in India 1,353 Mn, in the U.S. 325 Mn, in Indonesia 264 Mn, and in Brazil 208 Mn. Hence, this increasing population have raised the need for new infrastructure, houses, and others which is expected to drive growth of the market for ground engaging tools. Moreover, rising population in urban areas have also accelerated demand for new constructions such as building including commercial and residential. For instance, according to the Chartered Institute of Building 2015 report, India needs to build 31,000 new houses per day over the next 15 years to meet the needs of rapidly growing urban population. Hence, this increasing demand for new construction have accelerated growth of the ground engaging tools market. Rapid urbanization and industrialization are some of the factors that fuel growth of the construction sector. For instance, according to the Worldometer analysis, in India, 32.8% of the total population resided in the urban area in 2017, which increased from 2016. Furthermore, rising demand for metals and mineral commodities, as well as increased use of natural resources such as coal, diamonds, and uranium are fueling the mining industry vertical. Additionally, expanding infrastructure development and automotive industry are some of the other driving factors for the metals and mining sector's growth that are expected to rise demand for global ground engaging tools over the forecasted period.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Detailed Segmentation
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients