Pune, July 19, 2019 (GLOBE NEWSWIRE) --
The global Dump Trucks Market is anticipated to exhibit a CAGR of 7.0% through the forecast years. Fortune Business Insights in a new report, titled “DUMP TRUCKS MARKET: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts that the market is gaining traction from the expansion of mining industry across the world. The demand for dump or tipper trucks is increasing with the rising number of infrastructure refurbishment activities across the world. These activities include demolishing existing structures, which involves the usage of machines for collecting and dumping materials. Influenced by this factor, the Dump Trucks Market is likely to flourish in the forthcoming years. The analysts in the report found that the global market is anticipated to be worth US$ 10.83 Bn by 2026, as against US$ 6.32 Bn in the year 2018.
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“As mining activities are increasing, customers around the world shift their focus to technologically-upgraded dump trucks,” stated a lead analyst at Fortune Business Insights. “Governments in several countries are spending on transportation, driving the Dump Trucks Market share,” he added. Therefore, growing demand for different types of trucks such as rigid dump trucks, articulated dump trucks is propelling growth in the market.
Asia Pacific Leads Owing to Increasing Exploration Activates
The market in Asia Pacific is expected to emerge dominant in the forecast years. In 2018, the market was valued at US$ 2.33 Bn. The market in the region is primarily driven by the presence of well-established mining companies. Also, countries in this region are increasingly involved in exploration activities, creating growth opportunities for the market. Various government initiatives such as funding grants to small-scale and medium-scale firms are contributing to the Dump Trucks Market growth in Asia Pacific. Furthermore, governments are encouraging these companies to initiate exploration activities. The expanding construction sector in this region acts as a potential growth trigger in surging the Dump Trucks Market size.
The market in North America is anticipated to grow substantially over the projected horizon. Consequent to this, the market was worth US$ 1.45 Bn in the year 2018. The market is driven by increasing investments in the region. In addition to this, governments in this region are conducting favourable policies which further gives significant impetus to the market.
Introduction of ‘Sustainable’ Dump Trucks Enables Growth in the Market
The rapid developments in the construction sector and upcoming building projects are fueling demand for dump trucks for construction. The demand for underground mining trucks is increasing owing to their rising demand from the mining industry. Dump trucks for mining are used to transport heavy waste materials from one place to another. These dump trucks are high in demand from contractors, as they help to perform dirt-hauling operations in the mining and construction sector. However, there are chances that the increasing usage of these trucks may prove harmful to the environment. Nevertheless, manufacturers are now upgrading their dump trucks with refined engines. These modifications are made keeping in mind the environmental norms and standards and can help in the reduction of carbon footprint. Therefore, the step towards ‘sustainability’ is likely to increase the Dump Trucks Market revenue by 2026.
Companies Investing in Product Innovations to Gain Market Share
Liebherr launched a mining truck called T282C for mining applications. This truck has a high load capacity as compared to other trucks. Companies are planning to invest in research and development (R&D) activities to develop technology-enabled dump trucks. Some of the technologies include sensor-based features, low-carbon emitting systems, and automated systems. Not only this, companies are planning to explore untapped regions to expand and gain market share.
The report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, SWOT analysis, and emerging market trends.
Key Companies Covered in the Report
Table of Content:
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