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Dump Trucks Market Report 2024: Strategies And Recent Developments| By The Business Research Company
Dump Trucks
The Business Research Company offers in-depth market insights through Dump Trucks Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The dump trucks market size has grown strongly in recent years. It will grow from $52.21 billion in 2023 to $56.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to market expansion and globalization, material innovation in manufacturing, economic growth and demand, safety and efficiency standards, urbanization and development.
The dump trucks market size is expected to see strong growth in the next few years. It will grow to $78.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to adoption of advanced telematics, rise in infrastructure development, demand for efficient hauling solutions, shift towards electric and hybrid models, focus on safety and automation. Major trends in the forecast period include regulatory compliance and emission standards, efforts for ergonomic and comfort features, increased payload capacity, rise in mining and construction activities, modular and versatile designs.
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Market Segmentation:
The dump trucks market covered in this report is segmented -
1) By Type: Rear Dump Trucks, Side Dump Trucks, Roll-Off Dump Trucks
2) By Engine: Internal Combustion Engine (ICE), Electric Engine
3) By End User: Mining, Construction, Infrastructure, Military, Agriculture, Other End Users
Major Driver - Government Infrastructure Boost Drives Growth In Dump Trucks Market
The increase in government funding for substantial infrastructure is expected to drive the growth of the dump trucks market. There is an increase in government spending on roads, transport, defense, healthcare, and other infrastructures to foster economic growth. The infrastructure activities such as construction require dump trucks for loading and unloading the construction materials and wastes. In turn, it created a huge demand created for dump trucks in response to the increasing government funding for substantial infrastructure as they are widely employed in infrastructure construction. For instance, according to the Infrastructure Sector in India Industry Report by the Indian government export promotion agency, India Brand Equity Foundation (IBEF), the Indian government announced road projects worth $13.48 billion in September 2021 to improve road infrastructure in Jammu and Kashmir. The number of national highways in the region increased from 7 in 2014 to 11 in 2021. In addition, in Union Budget 2021, the Indian government allocated $1.89 billion to support the initiatives such as 'Housing for All' and 'Smart Cities Mission. Therefore, increased government funding for infrastructure is expected to boost demand for dump trucks market during the forecast period.
Competitive Landscape:
Major companies operating in the dump trucks market report are BYD Company Limited, FAW Group Corporation, Caterpillar Inc., Daimler Group, Deere & Company, Volvo Group, TATA Motors Limited, Sany Heavy Industry Co. Ltd., PACCAR Inc., Komatsu Limited, CNH Industrial NV, Scania AB, Iveco S.p.A., Mahindra & Mahindra Ltd., Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Doosan Corporation, Hino Motors Ltd., MAN Truck & Bus AG, Hitachi Construction Machinery Co. Ltd., Sinotruk Limited, Hyundai Heavy Industries Co. Ltd., Ashok Leyland Ltd., BAS Mining Trucks, XCMG Group, Kenworth Truck Company, OJSC BELAZ, Mack Trucks lnc., Bell Equipment Company SA, Curry Supply Company, Bell Trucks America Inc.
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Top Trend - Revolutionizing The Dump Truck Industry With Autonomous And Electric Dump Truck
Major companies operating in the dump truck market are developing innovative products with advanced technologies such as self-driving capabilities, companies are working on developing autonomous dump trucks equipped with advanced technological systems to perform tasks without human intervention, improving safety, reducing labor costs, and increasing operational efficiency. For instance, in June 2021, Tata Hitachi Construction Machinery Company. Launched engineless, full battery rigid dump truck, developed in collaboration with ABB. The dump truck features a customized on-board energy storage system and can be transformed from diesel to fully electric battery operation, reducing greenhouse gas emissions and offering a solution towards a net-zero emission pathway.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Dump Trucks Market Characteristics
3. Dump Trucks Market Trends And Strategies
4. Dump Trucks Market - Macro Economic Scenario
5. Dump Trucks Market Size And Growth
…..
27. Dump Trucks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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