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Dump Truck Market size worth $30 Bn by 2030
- Published Date: July 5, 2022
Dump Truck Market size is anticipated to reach USD 30 billion by 2030, according to a new research report by Global Market Insights Inc. Global shipments are expected to surpass 40 thousand units by 2030.
Mining & construction companies are replacing old or traditional equipment with advanced systems to integrate smart mining features into their business operations. The requirement for modern technologies to perform tasks and operations of a group of workers with the help of single equipment is driving the adoption of such technologies in the mining industry.
The dump truck market is facing challenges in the availability of trained truck drivers and operators. Increasing on- & off-site accidents caused on account of improper driving and system handling in these trucks are a major concern for users. Huge body structure and heavy load carried by them, results in fatality of life & property damages.
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High demand for heavy load-lifting drives the adoption of rigid dump trucks
Rigid trucks generated revenue of around USD 7 billion in 2021 and are gaining a high demand from application industries due to their ability to move at high speeds in both loaded & unloaded conditions. These vehicles are ideal for well-balanced haul roads and can be hauled over long distances. Rigid dump trucks are equipped with unique body designs, reliable electrical systems, and advanced suspension systems. These heavy machines have bulky bodies for mines and quarry applications with shock-absorbing abilities.
Analyst view: “The increasing smart city developments coupled with increasing investments in public infrastructures, such as roads, bridges, highways, & dams will augment the dump trucks demand.”
Browse key industry insights spread across 309 pages with 427 market data tables and 32 figures & charts from the report, “Dump Trucks Market Size By Type (Articulated (By Capacity (Below 50 Metric Ton, 50 Metric Tons and Above), Rigid (By Capacity (Below 50 Metric Ton, 50 To 100 Metric Ton, 101 To 150 Metric Ton, 151 To 200 Metric Ton, 201 To 250 Metric Ton, 251 To 300 Metric Ton, Above 300 Metric Ton)), By End-Use (Construction, Mining), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Increasing development in the mining industry
Dump truck market from mining applications is growing at a CAGR of 6% through 2030 owing to the need for transporting mining materials, wastes, and other substances from one site to another. Several governments are also investing in the mining sector to fuel their country’s expansion. For instance, in May 2022, the South African government announced to make investments of approximately USD 3,144 million in the mining & mineral section. In FY2021, the South African mining sector registered 11.8% growth, which is the highest among industries.
Rising initiatives to proliferate the Europe infrastructure
Europe held around 30% of the dump trucks market share in 2021. The widespread proliferation of recycling activities and government initiatives in Europe are contributing to the business statistics. Companies are focusing on continuous R&D activities to develop emission-free dump truck technology, which can adhere to performance requirements. According to a report released in 2021 by the European Union, a total investment worth USD 400 million will be invested to improve the rail and road infrastructure for civil & defense use. Market players are launching new models of dump trucks to capitalize on new opportunities.
Growing technology advancements in the dump trucks
The adoption of robotic technologies & systems across the construction industry is growing rapidly. Applications of several advanced technologies, such as robotic drills and self-driving dump trucks, are growing at a rapid pace for efficiently performing various mining tasks.
Companies operating in the dump truck market include Bell Trucks America, Inc., Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Corporation, Hitachi Construction Machinery, Komatsu Ltd., Liebherr Group, Sany Group, Terex Trucks, Volvo Group, and XCMG Group. They are proactively focusing on strategic partnerships to gain a competitive edge.
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