Asia Pacific Ground Engaging Tools Market
No. of Pages: 184 | Report Code: TIPRE00029276 | Category: Manufacturing and Construction
No. of Pages: 184 | Report Code: TIPRE00029276 | Category: Manufacturing and Construction
Strong demand for ground engaging tools continues in the mining industry as the industry inclines toward using large equipment with greater production capacity. Therefore, the large-scale adoption of ground engaging tools ensures machine efficiency and reduces damage. Manufacturers such as Tata, Hitachi, and Caterpillar provide tough, engaging tool solutions for excavators, loaders, and bulldozers. Alloy steel and heat-treated tools ensure consistency of quality, durability, and strength under the most demanding terrain. Further, innovations in ground engaging tools increase the life expectancy of machine parts and decrease the overall cost of machine ownership. For instance, the forged ground engaging tool is a new technology designed to extend the wheel excavator bucket teeth life. Advancements such as wear-resistant, lightweight, and high-performance in ground engaging tools and special mounting mechanisms during field operations are anticipated to impact the Asia Pacific ground engaging tools market positively.
In 2020, the discontinuation of several infrastructure projects hampered the growth of the Asia Pacific ground engaging tools market in China and India. However, with the mitigation of the adverse effects of the COVID-19 crisis, OEMs are evaluating long-term supply chains to ensure rapid market recovery. Large mining companies are installing OEM bucket teeth and adaptors; and they are sourcing matching bucket teeth from suppliers to fit these adaptors. The use of ground engaging tools is anticipated to rise in remote mining sites in Australia and at many large and small sites in Indonesia, which will propel the Asia Pacific ground engaging tools market growth in the coming years.
According to the India Brand Equity Foundation (IBEF.org), India is expected to become the third-largest construction market worldwide by 2022. The Government of India (GOI) aims to invest a sum of US$ 777.73 billion across various infrastructure projects for sustainable development in the country by 2022. In Union Budget 2021, the government announced initiatives such as “Housing for All” and “Smart Cities Mission.” In March 2021, a bill was passed to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund new infrastructure projects. Such data assures a significant growth in the construction equipment and heavy-duty machinery sales in the coming years in India.
Based on application, the Asia Pacific ground engaging tools market is segmented into excavators, loaders, bulldozers, and others. The excavators segment held the largest share in the Asia Pacific ground engaging tools market in 2021. It is also anticipated to grow at the highest CAGR during the forecast period. The rapid growth in the excavators market is fuelling the demand for ground engaging tools more frequently to extend the lifespan of machines and reduce operating costs, maintenance costs, fuel costs, and downtime. The presence of manufacturers, such as Caterpillar and Hitachi, offering these tools with high-quality design and materials for excavators, loaders, and bulldozers are propelling the segment growth in this region.
Strategic insights for the Asia Pacific Ground Engaging Tools provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 668.86 Million |
| Market Size by 2028 | US$ 1,496.46 Million |
| Global CAGR (2021 - 2028) | 10.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Ground Engaging Tools refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Based on tools type, the Asia Pacific ground engaging tools market is segmented into bucket teeth, adapters, lips shrouds, side cutter, ripper shanks, and others. The bucket teeth segment held the largest share in the Asia Pacific ground engaging tools market in 2021. It is anticipated to grow at the highest CAGR during the forecast period. The rising demand for bucket teeth and adapters to provide protection and increase equipment performance boosts sales in India, China, and many Southeast Asian nations. The growing need for excavator and loader buckets for several tasks, such as digging through the ground, is one of the major driving factors for the growth of the bucket teeth segment in this region.
Based on end-use, the Asia Pacific ground engaging tools market is segmented into construction, mining, and others. The construction segment held the largest share in the Asia Pacific ground engaging tools market in 2021, and it is anticipated to grow at the highest CAGR during the forecast period. India and China have observed a rapid rise in construction industries and infrastructure projects. Ground engaging tools are witnessing high demand in the forestry, mining, and agricultural sector to enhance the performance of equipment used for crop cultivation and extraction of minerals. Such factors are boosting product sales across various industries in Asia Pacific during the forecast period.
Companies operating in the Asia Pacific ground engaging tools market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their market positions. A few of the notable developments by key players are listed below:
The report segments the Asia Pacific Ground Engaging Tools market as follows:
The Asia Pacific ground engaging tools market is segmented on the basis of application, tools type, and end-use. Based on application, the market is categorized into excavators, loaders, bulldozers, and others. Based on tools type, the Asia Pacific ground engaging tools market is segmented into bucket teeth, adapters, lips shrouds, side cutter, ripper shanks, and others. Based on end-use, the market is categorized into construction, mining, and others.
The Asia Pacific Ground Engaging Tools Market is valued at US$ 668.86 Million in 2021, it is projected to reach US$ 1,496.46 Million by 2028.
As per our report Asia Pacific Ground Engaging Tools Market, the market size is valued at US$ 668.86 Million in 2021, projecting it to reach US$ 1,496.46 Million by 2028. This translates to a CAGR of approximately 10.4% during the forecast period.
The Asia Pacific Ground Engaging Tools Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Ground Engaging Tools Market report:
The Asia Pacific Ground Engaging Tools Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Ground Engaging Tools Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Ground Engaging Tools Market value chain can benefit from the information contained in a comprehensive market report.
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