Ground Engaging Tools (GET) Market: Introduction
Ground engaging tools (GET) are tools that engage directly with the ground or materials to protect heavy equipment. Ground engaging tools are high wear-resistant metal components that come in direct contact with the ground during construction and excavation activities. GET options are available for popular machine categories for many industries. For example, GET equipment is often equipped to the buckets of excavators and loaders and to the blades of dozers, graders, and snow plows. Ground engaging tools are important as they protect expensive machine components, reduce operating costs, and maximize machine performance.
Key Drivers of the Ground Engaging Tools (GET) Market
The global urban population is increasing significantly, putting pressure on existing urban services such as road networks and public transport. Rising number of smart cities is one of the major factors which necessitates better infrastructure and their maintenance. Smart cities offer improved infrastructure by setting up highly efficient transportation systems. Demand for affordable housing has increased along with the growing demand for transport, and social and utility infrastructure. Governments across the globe have launched plans to provide affordable housing at reasonable interest rates. These measures are expected to drive the growth of the construction industry, thereby impacting the growth of the ground engaging tools (GET) market over the forecast period.
Innovations and Advanced Technology Creating Opportunities in the Ground Engaging Tools (GET) Market
Innovations in ground engaging tools (GET) are boosting the life expectancy of machine parts and increasing production, while decreasing the overall cost of machine ownership. Advanced GET comes with products focused on improving undercarriage lifetime and reducing the cost per hour of operation for mining, large construction, and oil & gas markets. Manufacturers are introducing new technology such as forged ground engaging tools that are designed to extend the life on the teeth of a bucket wheel excavator. This specific GET uses a special locking mechanism to make smooth changes during field operations. These factors create new opportunities for the product in the market.
Restraints of the Ground Engaging Tools (GET) Market
Uncertainty in the mining industry is one of the major factors restricting industry demand for ground handling tools. Moreover, longer life cycle of these products is a major challenge to manufacturers. This prevents the repetitive sales of the products, thereby shifting the focus toward providing maintenance services of ground engaging tools (GET). All these factors create hurdles and restrain the growth of the ground engaging tools market.
Asia Pacific the dominant market
China and Japan are the largest markets for ground engaging tools (GET). Increase in investments in infrastructure, growing population, and better standard of living in the region are driving the improvements in infrastructure. The Chinese government has planned to upgrade the country’s infrastructure through various projects such as 7918 Network (also known as the National Trunk Highway System) and national high-speed railway. These factors are imparting a robust impetus to the expansion of the ground engaging tools (GET) market, offering new opportunities in the region.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level.
Some of the major companies identified in the ground engaging tools (GET) market are:
- Caterpillar Inc.
- Hitachi Construction Machinery
- Atlas Copco
- John Deere
Ground Engaging Tools (GET) Market: Research Scope
Ground Engaging Tools (GET) Market, by Type
- Motor Graders
- Others (Rippers and Scrapers etc.)
Ground Engaging Tools (GET) Market, by Application
- Mining & Quarries
Ground Engaging Tools (GET) Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the ground engaging tools (GET) Market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.