Dump Trucks Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Dump Trucks Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $78.23 billion In 2028 At A CAGR Of 8.4% :

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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Dump Trucks Market Major Segments
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

Key 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.

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Prominent Trend - Introduction To Technological Advancements In The Dump Trucks Market

Technological development is a key trend gaining popularity in the dump trucks market. The companies operating in the dump truck sector are focusing on the development of electric dump trucks with AC control and other capabilities to improve efficiency and productivity while reducing the cost of ownership and environmental impact. For instance, in June 2021, Xiangtan Electric Manufacturing Co Ltd (XEMC), a China-based company that manufactures and distributes mechanical and electrical products, successfully rolled off the world's first 120-ton electric mining dump truck with AC drive and CATL batteries. This product will be utilized for transportation in open-pit mines, boosting the mining industry's progress toward low-carbon, energy-efficient goods, and environmental protection. CATL batteries are large-capacity, ultra-safe lithium iron phosphate traction batteries offering high-power charging with high-voltage, fast charging technology for this dump truck.

Dump Trucks Market Players
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, Tere*x Corporation, 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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the dump trucks market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the dump trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Dump Trucks Market Report Structure
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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