The GMI Research’s latest analysis illustrates that the global Dump Truck market is slated to register a faster CAGR. The significant factors responsible for the market growth include the continuous expansion of the construction sector across various developing economies, along with the growing demand for natural resources and minerals and the increasing demand for less carbon emission among numerous sectors.
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Global Dump Truck Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The continuous expansion of the construction sector across the developing countries and the strong demand for natural resources and minerals at the global level are surging the growth in mining activities, thus driving the growth of the global dump truck market. Moreover, the rising number of government investments for the infrastructural & transportation development, which include the launch of numerous projects related to the development of smart cities, is another factor that is contributing to the market growth.
As per the dump truck market analysis, the strong demand for reduced carbon emission in numerous sectors due to stringent emission regulations is surging the demand of the market. There have been continuous technological advancements for the launch of dump trucks, including the implementation of machine learning and AI for an autonomous operation, which will further increase the market’s demand. On the other hand, the high cost of such vehicles and lack of skilled professionals in the market are the two major factors that hinder market growth.
Global Dump Truck Market’s leading Manufacturers:
- AB Volvo
- Caterpillar
- OJSC OJSC BELAZ
- BAS Mining Trucks
- BYD Motors Inc.
- China FAW Group Co., Ltd.
- Hitachi Construction Machinery Co., Ltd.
- Deere & Company
- Dongfeng Motor Group Co., Ltd.
- Liebherr
Engine Type Segment Drivers
Based on the engine type, electric engine is projected to have a higher CAGR during the forecast period. This is mainly due to the rising inclination of the population to opt for vehicles with electric engines due to the rising awareness regarding the harmful greenhouse gas emissions in the environment along with the rising population. In addition to this, numerous government efforts to surge the adoption of electric vehicles worldwide with an aim to achieve the target of energy conservation and protect the climate are further driving the segment growth.
End-Use Segment Drivers
Based on the end-use, construction is projected to grow at a faster CAGR during the forecast period. This is mainly to the strong demand for dump trucks in this sector for transportation and infrastructural development. Furthermore, the rising number of development in the construction sector due to the several upcoming building projects in the developing countries is further propelling the market growth.
Global Dump Truck Market Segmentation:
Segmentation by Type:
- Side Dump Trucks
- Rear Dump Trucks
- Roll-off Dump Trucks
Segmentation by Engine Type:
- Electric Engine
- Internal Combustion Engine (ICE)
Segmentation by End-Use:
- Mining
- Construction
- Military
- Infrastructure
- Agriculture
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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