15-Nov-2019: The global dump trucks market
size is expected to reach USD 72.4 billion by 2025 at an 8.6% CAGR during the
forecast period, according to a study conducted by Grand View Research, Inc.
Growing construction and mining activities, increased government spending on
sustainable infrastructure, and technological advancements propelling demand
for advanced dump trucks are anticipated to drive the market. The demand for
these vehicles is linked to rising population, urbanization, and infrastructure
developments. Increasing construction and mining activities in Asia Pacific,
especially in India, China, and Australia, will drive the market over the
forecast period.
The use of coal and
other minerals for industrial applications is likely to increase over the next
decade, thereby complementing the growth of the mining industry, which is
further expected to drive the market. Autonomous haul trucks have the potential
to improve performance, reduce cost, and improve safety to overcome challenges
at mining sites. Also, electric and advanced dump trucks are in great demand
owing to global concerns over reduction of carbon emission from passenger and
commercial vehicles. Therefore, governments of various countries have made it
mandatory for automotive manufacturers to comply with emission standards to
reduce their carbon footprint. This, along with numerous R&D activities for
integration of advanced battery technologies, is likely to augment demand of
electric dump trucks over the forecast period.
Such factors are
pushing automotive OEMs and technology companies to develop vehicles that are
cost-effective and aid in emission reduction. For instance, Komatsu America
Corp. announced the launch of a 400-ton haul truck with an electric drive
system. The product has significant features like enhanced productivity, high
power performance, superior operating comfort, and improved safety.
Additionally, it eliminates fuel consumption and hence contributes to reduction
in carbon emission.
Asia Pacific
accounted for the largest revenue share in 2018 owing to large-scale mining
activities in the region. China being one of the largest producers of coal in
the world, accounted for the majority share in the global dump truck market.
Mining dump trucks are used to haul, transport, and deliver raw material from
one site to the other. North America will register the highest CAGR owing to
construction activities that make use of these vehicles for hauling of heavy
materials, land moving, and carrying construction and demolition waste.
In
depth research report on Dump Trucks Market
Further key findings from the report suggest:
·
The global market is expected to develop at a CAGR of 8.6%
from 2019 to 2025 and reach USD 72.4 billion by 2025. Rising construction
activities due to increased investments in infrastructure will drive the market
over the forecast period
·
Based on type, rear dump trucks dominated the market and the
segment is expected to continue the trend over the forecast period, registering
a CAGR of 7.9%
·
Asia Pacific held the largest share in the overall dump truck
market and accounted for USD 28.2 billion in 2018. Increasing construction and
mining activities in the region, especially in India, China, and Australia, is
anticipated to drive the market through 2025
·
Key players include AB Volvo, Komatsu Ltd., Daimler AG, and
Caterpillar. These companies accounted for the majority share in the overall
market in 2018.
Grand View Research
has segmented the global dump truck market on the basis of type, engine type,
end use, and region:
Dump Trucks Type Outlook (Revenue, USD Million, 2015 - 2025)
·
Rear
·
Side
·
Roll-off
Dump Trucks Engine Type Outlook (Revenue, USD Million, 2015 -
2025)
·
Internal Combustion Engine
·
Electric Engine
Dump Trucks End-use Outlook (Revenue, USD Million, 2015 -
2025)
·
Construction
·
Mining
·
Others
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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