Dump Trucks Market Opportunities, Demand and Forecasts (2020-2026)

The overall dump trucks market is expected to grow from USD 6.32 Billion in 2018 to USD 10.83 Billion by 2026 at a CAGR of 7% during the forecast period. Fortune Business Insights in a new report, titled "Dump Trucks Market: Global Market Analysis, Insights and Forecast, 2019-2026" predicts that the market is gaining traction from the expansion of mining industry across the world.

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"As mining activities are increasing, customers around the world shift their focus to technologically-upgraded dump trucks," stated a lead analyst at Fortune Business Insights. "Governments in several countries are spending on transportation, driving the dump trucks market share," he added. Therefore, growing demand for different types of trucks such as rigid dump trucks, articulated dump trucks is propelling growth in the market.

List of Top Key Players Mentioned:

Caterpillar Inc
Komatsu Ltd
OJSC BELAZ
Dheere & Company
AB Volvo
Hitachi Construction Machinery Co Ltd
Terex Trucks
The Liebherr Group
KGHM Zanam SA
DUX Machinery Corporation
XCMG Group

"Companies Investing in Product Innovations to Gain Market Share"

Liebherr launched a mining truck called T282C for mining applications. This truck has a high load capacity as compared to other trucks. Companies are planning to invest in research and development (R&D) activities to develop technology-enabled dump trucks. Some of the technologies include sensor-based features, low-carbon emitting systems, and automated systems. Not only this, companies are planning to explore untapped regions to expand and gain market share.

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"Asia Pacific Leads Owing to Increasing Exploration Activates"

The market in Asia Pacific is expected to emerge dominant in the forecast years. In 2018, the market was valued at USD 2.33 Bn. The market in the region is primarily driven by the presence of well-established mining companies. Also, countries in this region are increasingly involved in exploration activities, creating growth opportunities for the market. Various government initiatives such as funding grants to small-scale and medium-scale firms are contributing to the dump trucks market growth in Asia Pacific. Furthermore, governments are encouraging these companies to initiate exploration activities. The expanding construction sector in this region acts as a potential growth trigger in surging the dump trucks market size.

The market in North America is anticipated to grow substantially over the projected horizon. Consequent to this, the market was worth USD 1.45 Bn in the year 2018. The market is driven by increasing investments in the region. In addition to this, governments in this region are conducting favorable policies which further gives significant impetus to the market.

"Introduction of 'Sustainable' Dump Trucks Enables Growth in the Market"

The rapid developments in the construction sector and upcoming building projects are fueling demand for dump trucks for construction. The demand for underground mining trucks is increasing owing to their rising demand from the mining industry. Dump trucks for mining are used to transport heavy waste materials from one place to another. These dump trucks are high in demand from contractors, as they help to perform dirt-hauling operations in the mining and construction sector. However, there are chances that the increasing usage of these trucks may prove harmful to the environment. Nevertheless, manufacturers are now upgrading their dump trucks with refined engines. These modifications are made keeping in mind the environmental norms and standards and can help in the reduction of carbon footprint. Therefore, the step towards 'sustainability' is likely to increase the dump trucks market revenue by 2026.

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