New York, USA, May 02, 2023 (GLOBE NEWSWIRE) -- Press Release:
Research Dive has published a new report on the global dump trucks and mining trucks market. According to the report, the global market is projected to surpass $92.1 billion and grow at a CAGR of 7.4% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the dump trucks and mining trucks market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Dump Trucks and Mining Trucks Market:
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global dump trucks and mining trucks market. During the pandemic, supply chain disruptions, manufacturing unit closures, and a global economic downturn all contributed to a drop in demand for dump and mining trucks. Moreover, import-export limitations were imposed on significant dump and mining truck manufacturing nations such as the United States and China. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Dump Trucks and Mining Trucks Market Growth:
The key factor boosting the growth of the global dump trucks and mining trucks market is a significant rise in the need for dump trucks and mining trucks owing to increased industrialization and urbanization, the need for natural resources such as minerals and oil is increasing. Furthermore, the rising interest of manufacturers in car electrification is estimated to unlock lucrative opportunities for the market growth in the forecast period. However, the high maintenance expenses and stringent laws on big trucks are anticipated to deter the market’s growth.
The report segments the global dump trucks and mining trucks market into type, payload class, engine type, end-use industry, and region.
Rigid Sub-Segment to Witness Rapid Growth
The rigid sub-segment of the type segment is predicted to grow enormously in the forecast period. This growth is mainly because rigid dump trucks are cost-effective and capable of transporting large quantities of rocks and abrasives materials.
Less than 100 Tonnes Sub-Segment to Grab a Foremost Share of the Market
The less than 100 tonnes sub-segment of the payload class segment is foreseen to observe leading growth in the forecast period. This growth is mainly owed to the government's desire to push ultra-megawatt power projects near collieries.
Internal Combustion Sub-Segment to Grab a Leading Share of the Market
The internal combustion sub-segment of the engine type segment is expected to observe leading growth in the forecast period. This growth is mainly because using internal combustion engines as a means of transportation has a number of benefits for performance, efficiency, and security.
Construction Sub-Segment to Observer Rapid Growth
The construction sub-segment of the end-use industry segment is projected to grow enormously in the forecast period. This growth is mainly owed to rising government infrastructure expenditure, increasing real estate spending, and a focus on public infrastructure.
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Asia-Pacific Dump Trucks and Mining Trucks Market to Perceive Maximum Growth
The report analyzes the global dump trucks and mining trucks market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to an increase in mining equipment production as a result of increased surface mining production and the predictable equipment maintenance and replacement cycle in surface mining in this region.
Key Players of the Global Dump Trucks and Mining Trucks Market
The report states some of the foremost players operating in the global dump trucks and mining trucks market including
- Caterpillar
- SANY Group
- Hitachi Construction Machinery Co. Ltd.
- Volvo
- Liebherr
- Komatsu
- Zoomlion Heavy Industry Science and Technology Co. Ltd
- Deere & Company
- Scania
- XCMG Group
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in July 2022, John Deere, India's leading manufacturer of tractors and other agricultural equipment, announced the new Articulated Dump Truck (ADT) 460E-II. This John Deere-designed machine provides maximum productivity with a redesigned wider dump body, enhanced electrical and hydraulic systems, and improved drive modes to assist you get the job done in various situations.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Dump Trucks and Mining Trucks Market:
- A Quick Look at the Top 4 Dump Trucks and Mining Trucks in the Market for 2023
- Global Dump Trucks and Mining Trucks Market to Witness Noteworthy Growth by 2031 with the Rising Industrialization and Urbanization across the Globe
