Load Haul and Dump Trucks Market to exhibit a CAGR of 6.5% By 2026 | Anchises Technologies, Atlas Copco, Caterpillar, DUX Machinery Corporation, Fahrzeuge, Hensley Industries, Joy Global Inc., KGHM ZANAM S.A, Mining Technologies International

Load haul and dump trucks market is expected to exhibit a CAGR of 6.5% in the forecast period, according to a new market research report. Manufacturers in the market are focusing on innovations in load haul and dump trucks, which is expected to be a major factor for growth of the global load haul and dump trucks market. This is in order to improve productivity and to increase safety of personnel.

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On the basis of geography, the load haul and dump market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific load haul and dump market held the dominant position in the global market in 2017 and is projected to retain its dominance throughout the forecast period. Large scale production of minerals in Asia Pacific countries is one of the major driving factors for growth of the load haul and dump trucks market. For instance, according to World Mining Congress, the Asia Pacific mining production was pegged at 9.8 billion metric tons in 2016 up from 8.9 billion metric tons in 2010. Hence, due to high mining production demand for load haul and dump trucks in Asia Pacific countries is increasing significantly. India and China are some of the major countries in the load haul and dump truck market in this region. China is one of the largest mining producing countries in the world.

According to World Mining Congress, in 2016, China produced around 4,000 million metric tons mining production, which accounts for around 23.7% of the global mining production. Similarly, high production of minerals row material in India is a key driving factor for growth of the load haul dump truck market in the region. According to World Mining Congress, in 2016, India held the 5th position in the production of minerals row material, globally.

The electric engine based load haul dump truck segment is projected to exhibit the highest CAGR in the forecast period. This growth is attributed to advantages such as zero exhaust emissions, less initial cost, less maintenance cost, and long lifespan. Anchises Technologies Co., Ltd, Caterpillar Inc., and GHH Fahrzeuge are some of the electric load haul dump trucks manufacturing companies. Furthermore, stringent regulations by governments of various countries for reduction of vehicle gas emission have also accelerated demand for electric engines in the global load haul dump truck market.

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The major players operating in the global load haul and dump trucks market are Anchises Technologies Co. Ltd., Atlas Copco, Caterpillar Inc., DUX Machinery Corporation, Eimco Elecon (India) Ltd., GHH Fahrzeuge, Hensley Industries, Inc., Joy Global Inc., KGHM ZANAM S.A, and Mining Technologies International Inc.

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.