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Asia Pacific Ground Engaging Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application, Tools Type, and End-Use

Asia Pacific Ground Engaging Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application, Tools Type, and End-Use

  • May 2022
  • 184 pages
  • ID: 6289884
  • Format: PDF
  • The Insight Partners

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The Asia Pacific ground engaging tools market is expected to grow from US$ 668.86 million in 2021 to US$ 1,496.46 million by 2028; it is estimated to register a CAGR of 10.4% from 2021 to 2028.

Many local vendors, such as BEML India, Caterpillar Inc., CNH Industrial, JCB India Limited, and John Deere, operating in the Asia Pacific ground engaging tools market, have strategically invested in business expansion to gain a competitive advantage. The sales of technologically advanced excavators, loaders, and other equipment have increased recently in Asia Pacific. The growth in Asia Pacific ground engaging tools market is attributed to the advent of artificial intelligence as it saves time, lowers expenses, uplifts production, and improves equipment accuracy. Agriculture is a primary source of income for more than 58% of the Indian population. Therefore, the integration of new technologies such as artificial intelligence, blockchain, and robotics is anticipated to boost the sales of heavy-duty equipment and machinery that can help enhance the crop yield in the country. Further, the Indian government launched the Digital Agriculture Mission for 2021—2025; in addition to this mission, the decision to invest US$ 306.29 million in the computerization of the Primary Agricultural Credit Society (PACS) is projected to propel the Indian agricultural sector in the coming years. Such initiatives by the Indian government bolster the sales of earth-moving heavy equipment, thereby driving the demand for the Asia Pacific ground engaging tools market.

The use of ground-engaging tools in construction and mining activities is expected to rise in the coming years due to the benefits of metal attachments among earth-moving equipment users.Manufacturers in the Asia Pacific ground engaging tools market are offering products with uncompromising design and advanced computer-aided engineering (CAE) technologies, including finite element analysis (FEA) that can withstand different digging conditions.

Such innovations are propelling the Asia pacific ground engaging tools market. The advantages of frequently replacing ground engaging tools are further anticipated to increase the sales of these tools in agricultural & forestry verticals, bolstering the Asia Pacific ground engaging tools market.

Key Insights:

With the rapid growth in the automotive & transportation sector in China, off-highway construction and mining equipment is anticipated to observe an increased sales in 2022. According to the China International Capital Corporation, auto sales are expected to reach 27.2 million units at the end of next year in 2022, up by 6.2% year-on-year (Y-o-Y). Chinese vehicle production rose by 20.6%, and sales increased by 18.7% in February 2022, compared to February 2021, as per the China Association of Automobile Manufacturers (CAAM) report 2022. Therefore, the rising heavy-duty equipment production and sales are boosting the ground engaging tools market growth across the country. The off-highway vehicle sales grew exponentially in the second half of 2021 due to favorable government policies, such as the Chinese Phase VI Emission Standards (China VI) for commercial vehicles. The Chinese government is investing extensively in infrastructure projects, such as Intermodal Freight Logistics Parks, leading to an increased demand for ground engaging tools to enhance equipment performance and reduce wear and tear. Such factors are propelling the Asia Pacific ground engaging tools market in the post pandemic era.

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 market in 2021, and it is also anticipated to grow at the highest CAGR during the forecast period.

Excavators are heavy construction equipment consisting of a boom, dipper, bucket, and cab on a rotating platform and are used for digging trenches, holes, and foundations. The growing demand for ground engaging tools for excavators to increase the life expectancy of machine parts and raise production while decreasing the overall cost of machine ownership is propelling this segment.

According to the China Construction Machinery Association (CCMA), 26 leading excavator makers in China sold 126,941 digging machines, up 85% Y-o-Y in the first quarter of 2021.In November 2020, Volvo CE unveiled its two major heavy-duty excavators in the country and launched 10 models throughout 2021.

Doosan Infracore Co. and Hyundai Construction Equipment Co., South Korea’s excavator makers, are observing a steady rise in their excavator shipments to China due to China’s booming construction market. The Chinese government’s policy to boost the economy is driving the regional civil engineering and construction market growth, thus accelerating excavator sales. Such data indicates a rising demand for ground engaging tools in Asia Pacific.

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.

BEML India, Caterpillar Inc, CNH Industrial, JCB India Limited, John Deere, Komatsu, Larsen And Toubro, Liebherr, Sany Group, Tata Hitachi, ESCO Tool, Bradken, and CQMS Razer Pty Ltd. are companies operating in the Asia Pacific ground engaging tools market.

The overall size of the Asia Pacific ground engaging tools market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the market segments.Multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic.

This process includes VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific ground engaging tools market.

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