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.
Request
a free sample copy or view report summary: Dump Truck Market Report
Dump
Truck Market Report Highlights
- 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, Inc. is a 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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment