DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Ground Engaging Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application, Tools Type, and End-Use" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Ground Engaging Tools Market Landscape
5. Ground Engaging Tools Market - Key Market Dynamics
6. Ground Engaging Tools Market - Asia-Pacific Analysis
7. Ground Engaging Tools Market Analysis - By Application
8. Ground Engaging Tools Market Analysis - By Tools Type
9. Ground Engaging Tools Market Analysis - By End-Use
10. Ground Engaging Tools Market - Country Analysis
11. Ground Engaging Tools Market- COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
- BEML India
- Caterpillar Inc
- CNH Industrial
- JCB India Limited
- John Deere
- Larsen and Toubro
- Sany Group
- Tata Hitachi
- Esco Tool
- CQMS Razer Pty Ltd
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