Worldwide Dump Trucks Market Share to Cross $24 Bn by 2025: Global Market Insights, Inc.
The dump trucks market growth is majorly driven by the growing construction of new structures globally, such as skyscrapers, business complexes and smart cities to serve the increasing population needs along with increasing recycling & waste management activities across all industry verticals.
SELBYVILLE, Del., May 7, 2019 (Newswire.com) - The dump truck market size is set to grow from USD 14 billion in 2018 to around USD 24 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The rapid technological developments and the introduction of autonomous features to newly-developed machines are driving the dump trucks market growth. Self-driving trucks are beneficial for mining & construction companies to eliminate human errors occurring due to tiredness and increased productivity at sites.
The industry is also witnessing a development of less-polluting machines with engines based on Tier 4 emission regulations that are adopted across the globe. These machines are gaining a high demand from application industries to reduce pollution & emissions levels and control carbon levels. As a result, manufacturers, including Hitachi Construction Machinery, Komatsu, Caterpillar, etc., are developing environment-friendly vehicles, which also deliver low-fuel consumption as compared to conventional models, expanding the dump truck market.
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High costs associated with the initial machinery purchase is a major challenge for the dump trucks market. These machines are highly expensive as compared to conventional trucks due to advanced technologies and heavy lifting abilities. Companies & contractors that have low financial capabilities and machine requirement for a shorter time period prefer rental equipment due to the availability of advanced trucks at low costs.
Rigid models are gaining a high demand from application industries due to their ability to move at high speeds in both loaded & unloaded conditions, developing the dump trucks market. These vehicles are ideal for well-balanced haul roads and can be hauled across long distances as compared to articulated models. These rigid machines have huge bodies for quarry applications with large shock-absorbing abilities, attributing to the dump trucks market growth. The frame designs are resistant to bending & torsional loads and supports high payload, providing better operations in mining operations. These trucks are designed to handle ore, shale, and large rocks and offer high-cost efficiency over articulated machines.
The growing construction of new structures globally, such as skyscrapers, business complexes, and smart cities, to serve the increasing population needs is driving the dump trucks market growth. The major applications of these machines include transportation of loose materials, such as dirt, gravel, and sand, for construction operations, eliminating the need for several small trucks. The rapid expansion of the building & construction industry in Asian countries, such as India, China, South Korea, Singapore, etc., due to the robust manufacturing sector and high population is a major driver for the dump trucks market. The demand for high-quality & efficient construction equipment is growing in order to complete projects on time and eliminate the harmful effects caused by emissions. Additionally, the electric-based operational capabilities in new trucks is a major factor for the demand from contractors and construction companies.
Browse key industry insights spread across 160 pages with 311 market data tables & 21 figures & charts from the report, “Dump Trucks Market Size By Type (Articulated, Rigid), By Capacity (Below 25 metric ton, 25 to 50 metric ton, 51 to 150 metric ton, 151 to 300 metric ton, Above 300 metric ton), By End-Use (Construction, Mining), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
The increasing recycling & waste management activities across all industry verticals in North America are adding up to the tipper trucks market growth. These machines are increasingly used in recycling projects to transfer waste materials from dumping grounds to factories. Moreover, the availability of trained & skilled drivers in the U.S. is also a major factor supporting the dump trucks market development. Due to high demand from both construction & mining applications in the U.S., manufacturers from other regions are entering the North America tipper trucks market. For instance, in May 2017, BELAZ announced its entry to the North American market by setting up an office in Ontario. The company intends to sell its trucks in the North & South American countries and compete with the existing players.
The prominent players in the dump trucks market include Volvo Trucks, Caterpillar, Komatsu Ltd., XCMG Group, Hitachi Construction Equipment, Doosan Group, Terex Trucks, Deere & Company, and Liebherr Group. Manufacturers are focused on providing technically-developed machines with automated hauling systems and new drivelines to increase the efficiency in complex operations. The companies are also strengthening their presence in the operational regions by partnering with local dealers & distributors to address the dump trucks market demand from local customers. The tipper trucks market players are continuously offering new products due to high demand from application industries.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Source: Global Market Insights, Inc.