GROUND ENGAGING TOOLS MARKET ANALYSIS

Ground Engaging Tools MarketSize and Trends

Statistics:

Asia Pacific held dominant position in the global ground engaging tools market in 2021, accounting for 41.0% share, in terms of value, followed by North America and Europe

The global ground engaging tools market was valued at US$ 7,087.4 Mn in 2021 and is expected to reach US$ 39,594.7 Mn by 2030 at a CAGR of 23.1% between 2021 and 2030.

Figure 1: Global Ground Engaging Tools Market Share (%), By Region, 2021

Figure 2: Global Ground Engaging Tools Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2030

Among regions, Asia Pacific held dominant position in the global ground engaging tools market in 2021, and is expected to retain its dominance throughout the forecast period. The factor attributed to growth of the ground engaging tools market in Asia Pacific is due to the increasing growth in the construction sector, especially in emerging economies such as India and China. Rapid urbanization and industrialization are some of the factors that fuel growth of the construction sector. According to the World Bank Group an international financial institution, GDP per capita of India increased from US$ 5.456 in 2012 to US$ 8.154 in 2016. Moreover, increasing Foreign Direct Investment (FDI) inflows in the infrastructure sector is expected to further accelerate the construction of roads, bridges, and dams. For instance, according to a report by the India Brand Equity Foundation (IBEF), in September 2018, the FDI inflows in the construction sector, which includes townships, built-up infrastructure, and construction- development projects, reached US$ 24.29 billion in 2017 from 24.18 billion in 2016. Therefore, increasing construction activities in emerging economies is expected to drive the demand for construction equipment, which in turn increases demand for ground engaging tools