by GET products include bucket teeth, adapters, cutting edges, and other wear components that help in earthmoving, material handling, demolition, and other operations. GET provide advantages like better penetration, higher productivity, lower operational costs, and longer lifespan compared to traditional solutions. The growing construction industry and infrastructure development projects are key factors driving the demand for GET.
The Global Ground Engaging Tools Market is estimated to be valued at US$ 12372.45 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Ground Engaging Tools are Wire Crafters, Nashville Wire, Apex Wire Shelving, Southwest Solutions Group, Hyloft, Rack Concepts, EZ Shelf, CAEM, W-QUALO, Constructor Group, Titan Wire Shelving, ARACKING & SHELVING SOLUTIONS, Global Industrial, Shelving + Rack Systems, Durham Manufacturing, M&M Wire Shelving, STOREBOXX Australia, EFAB Engineers, Cornerstone Rack & Shelving.
Wire Crafters, Nashville Wire and Apex Wire Shelving collectively hold over 35% of market share in North America owing to their robust distribution network and wide product portfolio. The growing demand is encouraging new players to enter the market with innovative solutions at competitive pricing.
The growing construction activities in Asia Pacific are driving strong demand for Ground Engaging Tools Market Size products in countries like China, India and Japan. Key manufacturers are expanding their footprint in these high growth markets through partnerships, joint ventures and acquisitions to leverage opportunities.
Market Key Trends
Adoption of IoT sensors and connected tools technology by major manufacturers is one of the key trends in the market. Features like remote equipment monitoring, predictive maintenance, and usage analytics help improve productivity and reduce downtime. Integration of technologies like artificial intelligence and data analytics is allowing advanced fleet management solutions. This is expected to be a major driver for the Ground Engaging Tools market over the forecast period.
Porter’s Analysis
Threat of new entrants:High capital requirements for equipment and product manufacturing acts as a barrier for new companies. Bargaining power of buyers: Large mining companies have significant bargaining power due to their size and can negotiate lower prices. Bargaining power of suppliers: Suppliers have moderate power due to availability of substitute materials. Threat of new substitutes: New materials pose a threat but switching costs are high for mining operations. Competitive rivalry: Intense competition between incumbent players to gain market share.
The geographical region where the Ground Engaging Tools market is concentrated in terms of value is North America. The mining industry in countries like the U.S and Canada is well established. Large mining companies generate high demand for ground engaging tools in this region.
The Asia Pacific region is expected to be the fastest growing region for the Ground Engaging Tools market during the forecast period. Increased mining activity in countries like China, India and Australia will drive the demand. Rapid industrialization and infrastructure growth projects boost the requirement for mining in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
