Ground Engaging Tools Market is driven by Infrastructural Development
The ground engaging tools market encompasses a wide range of products such as buckets, rippers, blades, and others that are fitted to heavy equipment. These tools are primarily used in earthmoving and material handling machinery to excavate, move and process soil and loose materials to prepare for infrastructure projects like road construction, mining operations and agriculture activities. The products offer enhanced productivity, efficiency and longevity when operating heavy duty equipment in harsh environments and extreme working conditions. 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 market 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. The growing infrastructural projects and urbanization worldwide have propelled the demand for excavation machinery which in turn benefits the ground engaging tools market. Additionally, government investments in construction of roads, bridges, ports, railways and other infrastructures have resulted in growing sales of construction equipment with ground engaging tools fitted on them.
Market Drivers
One of the key drivers of the Ground Engaging Tools Market Size is the rising infrastructural development activities across both developed and developing regions. Governments around the world are investing heavily in expansion and development of transportation and utility infrastructure to drive economic growth. This has favorably impacted the demand for earthmoving and heavy construction machinery fitted with advanced ground engaging tools for excavation, material handling and processing. The increasing spending on infra projects bodes well for the future outlook of this market.
Currently, geopolitical tensions are impacting the growth of the Ground Engaging Tools market. The ongoing Russia-Ukraine conflict is disrupting global supply chains and trade. Both Russia and Ukraine are major exporters of steel and other raw materials used in manufacturing ground engaging tools. The conflict has increased prices and limited availability of these materials, hampering production for equipment manufacturers. At the same time, demand has also slightly reduced as infrastructure and construction activity has slowed down in Europe due to economic uncertainties arising from the war.
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