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The global dump trucks market size was at USD 6.32 Billion in 2018 is projected to reach USD 10.83 Billion by 2026, exhibiting a CAGR of 7.0% during the forecast period.
Growth in the construction and mining industries have led to the higher acceptance of off-road vehicles such as dump trucks, which are used for transporting materials (gravel, sand, iron ore, etc.).he global market is anticipated to grow substantially during the forecast period, owing to introduction of new coalfields and mining sites for energy production activities in steel, cement, and power sector. Additionally, an increase in government expenditure on infrastructure and transportation, stringent emission regulations imposed on manufacturers compelled manufacturing companies to introduce upgraded dump trucks with refined engines in order to reduce their carbon footprints and qualify the mining environmental norms and standards.
The mining segment held the highest dump trucks market share in 2018, due to increase in the domestic and global demand for precious metals mainly iron ore and gold. Additionally, the introduction of smart mining and adoption of automated equipment, increasing supply of dump trucks on short-term or long-term contracts with mining companies, and high demand for dump trucks for underground mining are also supplementing the growth of the global market.
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"Introduction of new coalfields and mining sites for energy production is driving the market"
Consumers across the globe are focusing to carry out mining activities through energy production and adopting technologically upgraded dump trucks and equipment. The rising demand for dump trucks is expected to propel the dump truck market growth during the forecast period 2019 – 2026.
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"Increasing adoption of dump trucks is supplementing the revenue growth of Asia Pacific"
Asia Pacific generated a revenue of US$ 2.33 Bn in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Growth witnessed in the region is likely to be driven by increase in exploration activities and the presence of leading mining companies mainly Rio Tinto, Fortescue Metals Group, and BHP Billiton., Furthermore, the government is introducing various programs and initiatives to boost the mining activities. Moreover, Government are focusing on funding to small and medium sized mining companies in order to encourage exploration activities.
North America generated a dump trucks market revenue of US$ 1.45 Bn in 2018 and is forecasted to drive the global market owing to sustaining investments and favorable government policies, decrease in transportation costs in order to help the companies for lowering unit costs, availability of essential mined commodities including zinc, lead, and nickel along with sustaining investments. Several mines in Canada have undergone to unearth and transport oil sands for crude oil processing. In such scenario, dump trucks market size is gaining impetus as such materials have to carry bulk materials.
Asia Pacific Dump Trucks Market, 2018
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The report provides qualitative and quantitative insights on the global dump trucks market industry analysis and detailed analysis of market size & growth rate for all possible segments in the market. The global market has been segmented by type, end use application, and geography. By type, the market is categorized into articulated and rigid. Based on the end use application, the global market is segmented into mining, construction, waste management, others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report on market provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report on dump trucks market are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, SWOT analysis, and emerging market trends.
By End Use Application
Fortune Business Insights says that the Dump Trucks Market was valued at USD 6.32 Bn.
In 2026, the Dump Trucks Market is expected to be valued at USD 10.83 Bn.
Growing at a CAGR of 7.0%, the Dump Trucks Market will exhibit steady growth in the forecast period (2019-2026)
Asia Pacific is expected to hold a significant market share in the Dump Trucks Market. The region is valued at USD 2.33 Bn in 2018.
Within the type segment articulated Dump Trucks is expected to be the leading segment in market during the forecast period.
Introduction of new coalfields and mining sites for energy production is expected to drive the growth of the Dump Trucks Market.
Catepillar Inc., Komatsu Ltd., Dheere & Company, AB Volvo, Terex Trucks are the top players in Dump Trucks Market.
Mining application is expected to drive the market of Dump Trucks.
The major players in the market constitutes ~70-80% of the market which is majorly owed to their brand name and presence in multiple regions.