The new ground engaging tools market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Ground Engaging Tools Market by Application, Product, and Geography Forecast and Analysis 2021-2025 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increase in the number of smart cities," says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the ground engaging tools market size to grow by USD 752.97 million during the period 2021-2025.
Ground Engaging Tools Market Segment Highlights for 2020
- The ground engaging tools market is expected to post a year-over-year growth rate of 19.73%.
- Based on the application, the excavators segment saw maximum growth in 2020. The growing demand for excavators will positively influence the growth of ground engaging tools, as these components are an essential part of excavators, without which carrying out activities such as digging, trenching, and earth-moving are not possible.
- The growth of the market segment will be significant during the forecast period.
Regional Analysis
- 34% of the growth will originate from the APAC region.
- The growth in infrastructure development projects will facilitate the ground engaging tools market growth in APAC over the forecast period.
- China, India, and Japan are the key markets for ground engaging tools in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
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Notes:
- The ground engaging tools market size is expected to accelerate at a CAGR of almost 21% during the forecast period.
- The ground engaging tools market is segmented by application (Excavators, Loaders, and Others) and geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Atlas Copco AB, Caterpillar Inc., ESCO Corp., Hitachi Ltd., JA Delmas, Komatsu Ltd., Liebherr-International AG, ME Elecmetal, Mincon Group Plc, and Sandvik AB.
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