According to Global Market Insights, the global — dump trucks market is anticipated to register remuneration of over $24 billion by 2025. The dump trucks market size is anticipated to grow at an appreciable rate owing to the rising demand for heavy materials and rubble transportation from the thriving construction and mining industries.
These robust vehicles are useful for enhancing the efficiency and productivity of operations in transportation applications for various sites, leading to their frequent deployment by numerous industry players including government & private contractors and mining companies.
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The primary function of dump trucks is transportation across various industries for applications like recycling, landscaping and dumping. Dump trucks are available in a plethora of sizes and capacities depending on the usage requirement.
As the construction sector across the globe witnesses a major upsurge, with the onset of numerous complex projects, the dump trucks market trends are also slated to proliferate at a rapid pace over the estimated timeline.
In order to keep up with soaring customer expectations, the construction sector across the globe is transforming day by day, giving rise to new structures like business complexes, high-rises and smart cities. This expansion is likely to add impetus to the dump trucks market forecast.
In the construction sector, dump trucks are commonly used for the transportation of loose materials like gravel, dirt and sand, etc., used for building activities, which drives down the need for smaller trucks.
The burgeoning construction sector in China, India, Singapore, South Korea and other Asian countries, owing to the thriving manufacturing industry and large population is driving the dump trucks industry outlook over the projected period.
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So as to mitigate the adverse effects of emissions via construction activities and to ensure timely completion of projects, the demand for efficient and sophisticated construction equipment is on the rise. Likewise, the need for electric-based operational facilities in new products is a key factor in driving up demand from construction companies and contractors.
In terms of the mining industry landscape, the dump trucks market is anticipated to amass considerable gains owing to the extensive application of these vehicles in the transportation of extracted materials and waste between sites.
Furthermore, the rise of mining activities in the Middle East and Asia has augmented the demand for tipper trucks, thereby propelling the dump trucks industry share. Subsequently, truck manufacturers are now creating specialized mining trucks, designed to operate in rough terrains and open cast mines, among others.
Mining companies are shifting focus towards more sustainable machines with low-emissions and lesser fuel consumption in order to minimize the impact of mining activities on the environment. These developments coupled with the aim to recycle harmful waste are significantly impelling dump trucks market demand over the predicted timeframe.
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In the Europe region, the prevalence of more urbanized infrastructural developments, particularly in the UK, Germany and France, is fueling the dump trucks industry demand. Government mandates pertaining to sustainability, like the utilization of low emission and technically innovative construction equipment are the key drivers for the enhancement of the tipper trucks market outlook.
The government in Europe is working dedicatedly towards improving operator and worker safety on construction sites and has initiated several mandates regarding manufacturing safety standards for equipment manufacturers. Consequently, manufacturers are developing new products that are geared towards safety, in the region. An example would be the July 2018 launch of Komatsu’s new rigid truck model, HD1500-8 in the European region, which comprises several operator-safety facilities.
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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.
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