After spending six figures on earthmoving machinery like excavators and loaders, it’s easy to view ground-engaging attachments as an afterthought. However, the market for ground-engaging tools (GET) - the wearable metal attachments that make contact with the ground during construction and excavation - is changing rapidly as manufacturing technologies evolve. A new report from Wakefield Research estimates that the market for GET has just surpassed $1 billion and is set to continue its strong growth.
The report, Market Intelligence Snapshot: Ground Engaging Tools, projects that over the next five years, the GET products market will grow steadily as a result of increased construction activity and advancements in tool design, reaching a projected market size of $1.6 billion in 2024. Growth will be largely the result of increasing construction and mining activity worldwide. In the short term, the improving GET product design will lead to growth in the market as end users replace their outdated tools with newer models.
While replacement rates may slow in the long term as equipment becomes more durable, the improved range of products will carry a higher price point and will result in increased demand for more specific types of GET.
Download the full report to learn more.