Asia Pacific Ground Engaging Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Excavators, Loaders, Bulldozers, and Others), Tools Type (Bucket Teeth, Adapters, Lips Shrouds, Side Cutter, Ripper Shanks, and Others), and End-Use (Construction, Mining, and Others)

Code: TIPRE00029276 | Pages: 184 | Industry: Automotive and Transportation | Date: May 2022
Covid

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.

 

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.

 

Impact of COVID-19 Pandemic on Asia Pacific Ground Engaging Tools Market

 

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. 

 

Market Insight–Growth of Construction Equipment Industry in India Drives Asia Pacific Ground Engaging Tools Market Growth

 

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.

 

Application Segment Insights

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.

 

Asia Pacific Ground Engaging Tools Market, by Application (% share)

Asia Pacific Ground Engaging Tools Market, by Application (% share)

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Tools Type Segment Insights

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.

 

End-Use Segment Insights

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.

 

Strategic Insights

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. 

 

Asia Pacific Ground Engaging Tools Market – Company Profiles

  • BEML INDIA
  • CATERPILLAR INC
  • CNH INDUSTRIAL
  • JCB INDIA LIMITED
  • JOHN DEERE
  • KOMATSU
  • LARSEN AND TOUBRO
  • LIEBHERR
  • SANY GROUP
  • TATA HITACHI
  • ESCO TOOL
  • BRADKEN
  • CQMS RAZER PTY LTD

TABLE OF CONTENTS

1.           Introduction

1.1          Study Scope

1.2          The Insight Partners Research Report Guidance

1.3          Market Segmentation

2.           Key Takeaways

3.        Research Methodology

3.1          Coverage

3.2          Secondary Research

3.3          Primary Research

4.           Ground Engaging Tools Market Landscape

4.1          Market Overview

4.2          PORTER’S FIVE FORCES ANALYSIS

4.2.1          ASIA-PACIFIC

4.2.2          Bargaining Power of Buyers

4.2.3          Bargaining Power of Suppliers

4.2.4          Threat to New Entrants

4.2.5          Threat to Substitutes

4.2.6          Competitive Rivalry

4.3          Ecosystem Analysis

4.4          Expert Opinion

5.           Ground Engaging Tools Market – Key Market Dynamics

5.1          Market Drivers

5.1.1          Growth of Construction Equipment Industry in India

5.1.2          Surge in Compact Excavator Sales

5.2          Market Restraints

5.2.1          Complex Engineering and Metal Fabrication Processes

5.3          Market Opportunities

5.3.1          Manufacturing Competitiveness in ASEAN to unveil new production and sales opportunities

5.4          Future Trends

5.4.1          Tilt Rotator and Hydraulic Power Technologies based Earthmoving Equipment and Parts

5.5          Impact Analysis of Drivers and Restraints

6.           Ground Engaging Tools Market – Asia-Pacific Analysis

6.1          Ground Engaging Tools Market- Asia-Pacific Overview

6.2          Asia-Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

6.3          Asia-Pacific Ground Engaging Tools Market: Market Positioning – Five Key Players

7.           Ground Engaging Tools Market Analysis –By Application

7.1          Overview

7.2          Ground Engaging Tools Market Breakdown, By Application, 2021 & 2028

7.3          Excavators

7.3.1          Overview

7.3.2          Excavators: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

7.4          Loaders

7.4.1          Overview

7.4.2          Loaders: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

7.5          Bulldozers

7.5.1          Overview

7.5.2          Bulldozers: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

7.6          Others

7.6.1          Overview

7.6.2          Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

8.           Ground Engaging Tools Market Analysis – By Tools Type

8.1          Overview

8.2          Ground Engaging Tools Market Breakdown, By Tools type, 2021 & 2028

8.3          Bucket Teeth

8.3.1          Overview

8.3.2          Bucket Teeth: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

8.4          Adapters

8.4.1          Overview

8.4.2          Adapters: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

8.5          Lips Shrouds

8.5.1          Overview

8.5.2          Lips Shrouds: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

8.6          Side Cutter

8.6.1          Overview

8.6.2          Side Cutter: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

8.7          Ripper Shanks

8.7.1          Overview

8.7.2          Ripper Shanks: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

8.8          Others

8.8.1          Overview

8.8.2          Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

9.           Ground Engaging Tools Market Analysis – By End-Use

9.1          Overview

9.2          Ground Engaging Tools Market, by End-use (2021 and 2028)

9.4          Construction

9.4.1          Overview

9.4.2          Construction: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

9.6          Mining

9.6.1          Overview

9.6.2          Mining: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

9.7          Others

9.7.1          Overview

9.7.2          Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

10.        Ground Engaging Tools Market – Country Analysis

10.1        Overview

10.1.1        Asia-Pacific Ground Engaging Tools Market- by Key Country

10.1.1.1          Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)

10.1.1.1.1           Australia Ground Engaging Tools Market Breakdown, By Application

10.1.1.1.2           Australia Ground Engaging Tools Market Breakdown, By Tools Type

10.1.1.1.3           Australia Ground Engaging Tools Market Breakdown, By End-Use

10.1.1.2          China Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)

10.1.1.2.1           China Ground Engaging Tools Market Breakdown, By Application

10.1.1.2.2           China Ground Engaging Tools Market Breakdown, By Tools Type

10.1.1.2.3           China Ground Engaging Tools Market Breakdown, By End-Use

10.1.1.3          India Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)

10.1.1.3.1           India Ground Engaging Tools Market Breakdown, By Application

10.1.1.3.2           India Ground Engaging Tools Market Breakdown, By Tools Type

10.1.1.3.3           India Ground Engaging Tools Market Breakdown, By End-Use

10.1.1.4          Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)

10.1.1.4.1           Japan Ground Engaging Tools Market Breakdown, By Application

10.1.1.4.2           Japan Ground Engaging Tools Market Breakdown, By Tools Type

10.1.1.4.3           Japan Ground Engaging Tools Market Breakdown, By End-Use

10.1.1.5          South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)

10.1.1.5.1           South Korea Ground Engaging Tools Market Breakdown, By Application

10.1.1.5.2           South Korea Ground Engaging Tools Market Breakdown, By Tools Type

10.1.1.5.3           South Korea Ground Engaging Tools Market Breakdown, By End-Use

10.1.1.6          Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)

10.1.1.6.1           Rest of APAC Ground Engaging Tools Market Breakdown, By Application

10.1.1.6.2           Rest of APAC Ground Engaging Tools Market Breakdown, By Tools Type

10.1.1.6.3           Rest of APAC Ground Engaging Tools Market Breakdown, By End-Use

11.        Ground Engaging Tools Market- COVID-19 Impact Analysis

12.      Industry Landscape

12.1        Overview

12.2        Market Initiative

12.3        Merger and Acquisition

13.        Company Profiles

13.1        Liebherr

13.1.1        Key Facts

13.1.2        Business Description

13.1.3        Products and Services

13.1.4        Financial Overview

13.1.5        SWOT Analysis

13.1.6        Key Developments

13.2        Caterpillar Inc.

13.2.1        Key Facts

13.2.2        Business Description

13.2.3        Products and Services

13.2.4        Financial Overview

13.2.5        SWOT Analysis

13.2.6        Key Developments

13.3        Deere & Company

13.3.1        Key Facts

13.3.2        Business Description

13.3.3        Products and Services

13.3.4        Financial Overview

13.3.5        SWOT Analysis

13.3.6        Key Developments

13.4        Komatsu Ltd.

13.4.1        Key Facts

13.4.2        Business Description

13.4.3        Products and Services

13.4.4        Financial Overview

13.4.5        SWOT Analysis

13.4.6        Key Developments

13.5        Larsen & Toubro Limited

13.5.1        Key Facts

13.5.2        Business Description

13.5.3        Products and Services

13.5.4        Financial Overview

13.5.5        SWOT Analysis

13.5.6        Key Developments

13.6        Tata Hitachi Construction Machinery

13.6.1        Key Facts

13.6.2        Business Description

13.6.3        Products and Services

13.6.4        Financial Overview

13.6.5        SWOT Analysis

13.6.6        Key Developments

13.7        Bradken

13.7.1        Key Facts

13.7.2        Business Description

13.7.3        Products and Services

13.7.4        Financial Overview

13.7.5        SWOT Analysis

13.7.6        Key Developments

13.8        ESCO Group LLC

13.8.1        Key Facts

13.8.2        Business Description

13.8.3        Products and Services

13.8.4        Financial Overview

13.8.5        SWOT Analysis

13.8.6        Key Developments

13.9        BEML Limited

13.9.1        Key Facts

13.9.2        Business Description

13.9.3        Products and Services

13.9.4        Financial Overview

13.9.5        SWOT Analysis

13.9.6        Key Developments

13.10     JCB India Limited

13.10.1      Key Facts

13.10.2      Business Description

13.10.3      Products and Services

13.10.4      Financial Overview

13.10.5      SWOT Analysis

13.10.6      Key Developments

13.11     Sany Group

13.11.1      Key Facts

13.11.2      Business Description

13.11.3      Products and Services

13.11.4      Financial Overview

13.11.5      SWOT Analysis

13.11.6      Key Developments

13.12     CNH Industrial N.V.

13.12.1      Key Facts

13.12.2      Business Description

13.12.3      Products and Services

13.12.4      Financial Overview

13.12.5      SWOT Analysis

13.12.6      Key Developments

13.13     CR Mining (CQMS RAZER PTY LTD)

13.13.1      Key Facts

13.13.2      Business Description

13.13.3      Products and Services

13.13.4      Financial Overview

13.13.5      SWOT Analysis

13.13.6      Key Developments

14.        Appendix

14.1        About The Insight Partners

14.2        Word Index

 


LIST OF TABLES

Table 1.              Ground Engaging Tools Market – Revenue, and Forecast to 2028 (US$ Million)

Table 2.              Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)

Table 3.              Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)

Table 4.              Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)

Table 5.              China Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)

Table 6.              China Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)

Table 7.              China Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)

Table 8.              India Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)

Table 9.              India Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)

Table 10.            India Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)

Table 11.            Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)

Table 12.            Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)

Table 13.            Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)

Table 14.            South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)

Table 15.            South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)

Table 16.            South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)

Table 17.            Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)

Table 18.            Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)

Table 19.            Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)

Table 20.            List of Abbreviation

 


LIST OF FIGURES

Figure 1.            Asia-Pacific Ground Engaging Tools Market Segmentation

Figure 2.            Asia-Pacific Ground Engaging Tools Market Segmentation – By Country

Figure 3.            Asia-Pacific Ground Engaging Tools Market

Figure 4.            Excavators held the Largest Market Share in 2021

Figure 5.            Bucket Teeth held the Largest Market Share in 2021

Figure 6.            Construction held the Largest Market Share in 2021

Figure 7.            Asia-Pacific: Porter’s Five Forces Analysis

Figure 8.            Ground Engaging Tools Market– Ecosystem Analysis

Figure 9.            Expert Opinion

Figure 10.          Ground Engaging Tools Market: Impact Analysis of Drivers and Restraints

Figure 11.          Asia-Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 12.          Asia-Pacific Ground Engaging Tools Market Breakdown, By Application, 2021 & 2028 (%)

Figure 13.          Excavators: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 14.          Loaders: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 15.          Bulldozers Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 16.          Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17.          Ground Engaging Tools Market Breakdown, By Tools type, 2021 & 2028 (%)

Figure 18.          Bucket Teeth: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 19.          Adapters: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20.          Lips Shrouds: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 21.          Side Cutter: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 22.          Ripper Shanks: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 23.          Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24.          Ground Engaging Tools Market Revenue Share, by End-Use (2021 and 2028)

Figure 25.          Construction: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26.          Mining: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27.          Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28.          Asia-Pacific Ground Engaging Tools Market Revenue Share, By Key Country (2021 and 2028)

Figure 29.          Australia Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)

Figure 30.          China Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)

Figure 31.          India Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)

Figure 32.          Japan Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)

Figure 33.          South Korea Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)

Figure 34.          Rest of APAC Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)

Figure 35.          Impact of COVID-19 Pandemic in Asia-Pacific Country Markets

  1. BEML INDIA
  2. CATERPILLAR INC
  3. CNH INDUSTRIAL
  4. JCB INDIA LIMITED
  5. JOHN DEERE
  6. KOMATSU
  7. LARSEN AND TOUBRO
  8. LIEBHERR
  9. SANY GROUP
  10. TATA HITACHI
  11. ESCO TOOL
  12. BRADKEN
  13. CQMS RAZER PTY LTD
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