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The government and private sector worldwide are investing heavily in the construction of new residential & commercial buildings and public infrastructure, supporting the growth of the construction industry. According to the Institute of Civil Engineers, in 2018, the global construction market is anticipated to reach around USD 8 trillion by the end of 2030, driven by the infrastructure development across U.S., China and India. Similarly, governments in European countries are making investments in new smart city development projects. The European Union is expected to have over 300 smart cities by 2020, increasing the adoption of advanced construction machines. Owing to the aforementioned reasons, the market for track dumper is likely to grow at a higher rate with the rising construction activities across the globe. Apart from this, major manufacturers focus on increasing their production capacity by expanding their manufacturing footprints across developed and developing economies to gain a competitive edge and sustain in the global market. For instance, in July 2019, KUBOTA invested USD 85 million in Georgia to setup a production plant and its manufacturing output to meet the ongoing demand. Besides, key vendors are rigorously investing in the research and development activities to introduce intuitive technologies in track dumper to meet the changing demand of the customers. For instance, in August 2020, JCB introduced an innovative electric track dumpster suitable for urban and indoor applications that require low noise and zero exhaust emissions. However, the outbreak of novel coronavirus has a drastic impact on the supply chain operations and transportation processes. The committee for European construction equipment (CECE) stated that the pandemic has extensively impacted nearly 60% of the European construction equipment industry. In 2020, the Australian construction industry was anticipated to halt down by approximately 5.5%, owing to the COVID-19 pandemic and exponentially low oil prices. In India, the construction equipment volume sales are anticipated to de-grow by approximately 18%.
Key Market Driver -
• Introduction of various technologies embedded in track dumper • Rising construction activities across the globe is driving the market
Key Market Restraint -
• High cost of investments at initial stage and stringent governmental regulations regarding carbon emissions is hindering market growth.
Some of the key competitors in the track dumper market include Kubota Corporation., IHIMER SpA, Bergmann Corporate Group, Takeuchi US, TERRAMAC, Menzi Muck AG, Messersì., PRINOTH AG, Winbull Yamaguchi, Canycom Wacker Neuson and others.
Asia Pacific holds a dominant position in the track dumper market owing to the interest of major construction equipment manufacturers to increase their presence in developed countries, mainly China, India, Japan and other countries. Also, growing public-private partnerships and rising residential, industrial, and commercial construction activities in this region is likely to drive the track dumper market
Followed by Asia Pacific, North America and Europe are anticipated to witness substantial growth in the forecast period, owing to the presence of major manufacturers operating in this region. Also, rapid technological advancements and increasing government investments for infrastructure development are some of the other factors creating a potential impact on the product demand.
The Middle East and Africa, and South America are expected to have a steady growth in the track dumper market owing to burgeoning infrastructure needs. Also, major manufacturers are emphasizing expanding their regional and local presence by strengthening their sales and distribution channels in developing nations, mainly GCC, Brazil, and other countries.
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