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Big Rig Trucks Market Projected to Garner Significant Revenues by 2031 investigated in the latest research
Big Rig Trucks Market Forecast and CAGRThe demand for big rig trucks expected a temporary decline in 2020 owing to the COVID-19 outbreak globally. Several challenges faced by OEMs in the industry such as suspension of the manufacturing process and shortage of raw materials.
Decreasing consumer disposable income and rising financial insecurities circumscribed the automobile industry growth and hampered the overall market size in 2020.
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Who are the Key Manufacturers and Suppliers of Big Rig Trucks?
Some of the leading manufacturers and suppliers of big rig trucks include Navistar International Transportation Corporation, Ford Motor, Daimler Trucks, Isuzu, PACCAR, Mack, Trucks Inc., Volvo, First Auto Works (FAW), Sinotruk and BAIC Foton
The big rig trucks manufacturers are involved in developing effective relations with suppliers for ensuring timely delivery of the products to meet the demand of the consumer and expand their geographical presence.
For instance, in 2020, Uuebec committed to serving trucks for emergency assistance, Kenworth announced the parts and service facility opening in Saint-Augustin, USA. Peterbilt also announced their new full-service dealership opening in Ggray, Louisiana, US.
A company named Navister launched a Diamond Partnership Program in 2019 to connect international dealers in the big rig trucks market with truck manufacturers and provide them benefits of streamlining installation efforts. This helps the manufacturer to strengthen its relationship with truck dealer.
Mining Sector Witnessing for High Volume Requirement of Big Rig Trucks
Automotive sales across the globe got badly affected by the impact of COVID-19, which led to a ripple effect on big rig trucks sales. Rapid growth in the mining sector witnessing the demand for big-rig truck globally. The demand for heavy loader has been growing with the increase in new coalfield exploration. These trucks designed in such a way that they can withstand heavy load, high shocks and can be used even on off roads.
Mining work can be two types, Open-pit mining and underground mining. Based on the mining work big rig trucks (bottom dump trucks, rear dump trucks, lube trucks, water trucks, tow trucks etc.) are chosen.
Mining companies across the globe asking for high payload capacity trucks with low fuel consumption and higher efficiency to achieve daily mining activity with ease. Worldwide most of the developing economies are focusing on rapid mining recovery which leads to the requirement of mining trucks.
Governments are also allotting several new mining sites with higher capacity. For instance, the Chinese government approved two coal mines with approx. capacity of 3.6 million tons affecting the country’s production to reach 1.48 billion tonnes during the same time frame.
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