Dump Trucks Market revenue to hit $20 Bn by 2027; Global Market Insights Inc.
Selbyville, Delaware, June 10, 2021 (GLOBE NEWSWIRE) —
Global Market Insights Inc. has recently added a new report on the dump trucks market which estimates the market valuation for dump trucks will cross US£ 20 billion by 2027. Rapidly growing mining industry, primarily in the U.S. and several Asia Pacific countries including China, Australia & India is likely to drive the industry growth.
According to the National Investment Promotion & Facilitation Agency of India, coal demand is anticipated to increase from around 955 MT in 2019 – 2020 to over 1.25 BT in 2023 – 2024, providing robust opportunities for the dump trucks market growth.
The introduction of autonomous dump trucks and smart mining technologies is driving industry growth. Several smart mining technology solution providers are introducing advanced platforms to help mining companies to increase their production, safety, and efficiency at mining sites.
For instance, in June 2020, IBM Corporation and Royal Dutch Shell plc. combinedly introduced the smart mining platform, Oren. The new platform will help mining companies to increase their sustainability, safety, operational efficiency, and planning. This will increase mining production capabilities, driving the dump trucks market.
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The emergence of the COVID-19 pandemic has negatively impacted the dump trucks market growth.
In the first two quarters of 2020, several construction projects and mining sites were temporarily halted due to the restriction on people gathering. Additionally, restrictions on trade & manufacturing activities further hampered the market growth.
The articulated dump trucks segment is expected to witness growth owing to its several advantages such as enhanced flexibility, improved safety, and optimized operator comfort. An articulated dump truck is ideal for several job site requirements and different industries due to its ability to operate over multiple types of terrain and in both confined & open areas.
In July 2020, the European Union (EU) invested over USD 2.5 billion in 140 major transportation projects to support the region’s economic recovery. This will create a huge demand for advanced dump trucks in the region over the coming years.
Key market players are introducing new dump truck models that are compliant with government emission regulations. For instance, in April 2021, Doosan Construction Equipment launched its new Stage V-compliant articulated dump trucks, DA45-7 and DA30-7.
The new dump trucks are integrated with a real-time payload measuring technology that will help operators to place optimal loads in the vehicle, ensuring high efficiency and low fuel consumption.
Some major findings in the dump trucks market report include:
- The rapidly developing global construction industry is a major factor driving the dumps trucks market growth.
- The emergence of smart mining technologies is increasing the production and efficiency at mining sites, supporting the dump trucks industry growth.
- Mining companies across the globe are replacing their old fleet of dump trucks with advanced systems to integrate smart mining features into their business operations.
- Technological advancements in electric dump trucks have led to the introduction of low-carbon emission and efficient vehicles. Market players significantly investing in R&D activities to introduce highly efficient dump trucks.
- Industry players are majorly focusing on new product launches and enhancing their presence in untapped markets.
- Leading players operating in the dump trucks market include Bell Trucks America, Inc., Caterpillar, CNH Industrial N.V., Hitachi Construction Machinery, Komatsu Ltd., Liebherr Group, Sany Group, Volvo Group, and XCMG Group.
Partial chapters of report table of contents (TOC): Chapter 2 Executive Summary
2.1 Dump trucks industry 360? synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Capacity trends
2.1.4 End-use trends
2.1.5 Regional trends Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on dump trucks industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
22.214.171.124 North America
126.96.36.199 Asia Pacific
188.8.131.52 Latin America
3.2.3 Industry value chain
184.108.40.206 Research & development
3.2.4 Competitive landscape
220.127.116.11 Distribution network
18.104.22.168 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.3 Asia Pacific
3.5.4 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
22.214.171.124 Growing investments in infrastructure development globally
126.96.36.199 Proliferation of recycling activities and government initiatives in North America and Europe
188.8.131.52 Integration of new technologies in dump trucks
184.108.40.206 Rising urbanization in India and South Africa
220.127.116.11 Replacement of aging truck fleet in MEA
18.104.22.168 Growing mining activities in Asia and Latin America
3.6.2 Industry pitfalls & challenges
22.214.171.124 High initial price and maintenance cost
126.96.36.199 Lack of trained operators
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making.
These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
- ^ estimates the market valuation (www.globenewswire.com)
- ^ https://www.gminsights.com/request-sample/detail/3272 (www.globenewswire.com)
- ^ Europe dump trucks market (www.globenewswire.com)
- ^ https://www.gminsights.com/roc/3272 (www.globenewswire.com)
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