Global Ground Engaging Tools Market Report 2022 to 2030 - by Application, Industry Vertical and Region - ResearchAndMarkets.com

The "Global Ground Engaging Tools Market by Application, Industry Vertical, and Region - Size, Share, Outlook, and Opportunity Analysis, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

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.

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:

• This report provides an in-depth analysis of the global ground engaging tools market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022- 2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players
• It profiles leading players in the global ground engaging tools market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
• Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
• The global ground engaging tools market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global ground engaging tools market

Market Segmentation

Global Ground Engaging Tools Market, By Application:

• Excavators
• Loaders
• Dozers

Global Ground Engaging Tools Market, By Industry Vertical:

• Construction
• Mining

Global Ground Engaging Tools Market, By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Company Profiles

• Atlas Copco AB
• Caterpillar, Inc.
• Hitachi Construction Machinery
• Komatsu Limited
• Sandvik AB
• Columbia Steel Casting Co., Inc.
• Doosan Corporation
• USCO S.p.A
• Volvo AB
• MB America, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/qog5dd

View source version on businesswire.com: https://www.businesswire.com/news/home/20221202005148/en/