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Dump Trucks Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | BYD Company Limited, FAW Group Corporation, Caterpillar Inc., Daimler Group, Deere & Company
Dump Trucks Global Market Report 2024
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
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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