The global dump truck market size is poised to reach around USD 41,259.8 million by 2026 and growing at a CAGR 9.1% during the forecast period, 2019-2026
LOS ANGELES, July 22, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Dump Truck Market (By Type: Rear dump trucks, Bottom dump trucks, Lube trucks, Tow trucks, Water trucks, Others; By Engine Capacity: 5 Liter, 5L to 10L, More than 10 Liter; By End Use: Military, Construction, Infrastructure, Mining, Agriculture) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026.”
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The global dump truck market is primarily driven by increasing demand for the dump trucks owing to the tremendous growth in construction industry, which is offering the scope for the utilization of dump trucks. The construction industry is expanding at significant pace due to rising industrialization, growing urbanization, and infrastructural growth across developing economies and increasing housing projects, which is creating demand for material transportation. The continuously developing construction industry coupled with the increasing demand for the trucks for transportation of the waste have driven the growth of the market. Rapidly increasing investment and spending on infrastructural development and transportation is likely to propel demand for dump trucks across the globe. On the other hand, the high cost of the trucks is the major hurdle for the growth of the dump truck market.
The global dump truck market is segmented by type, engine capacity, end use, and region.
On the basis of type, the global dump truck market is segmented into rear dump trucks, bottom dump trucks, lube trucks, tow trucks, water trucks, and others. The bottom dump truck segment acquired the largest market share as compared to others.
Based on engine capacity, the global dump truck market is segment into 5L, 5L to 10L, and more than 10L. The more than 10 liters segment by engine capacity is the largest segment. This is due to larger volume capacity associated with the dump trucks, which are mainly used in the heavy duty applications.
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On the basis of end use, the global dump truck market is segmented into military, construction, infrastructure, mining, and agriculture. The construction industry emerged as the global leader with largest market share in 2018. Expansion in the construction industry and heavy investment in the infrastructure development are the key factors contributing to the overall market growth. The mining industry is expected to exhibit the highest CAGR during the forecast period.
Geographically, the dump truck market is segmented into Asia Pacific, North America, Europe, and Latin America & Middle East Africa (LAMEA).
The North America dump truck market holds the largest share in the global dump truck market owing to well-developed construction sectors, increasing demand for the trucks, and presence of major players in the market. During the last few years, there has been a significant increase in the investment in the infrastructure; coupled with the presence of huge spending, these have driven the growth of the North America dump truck market. Development in the Mexico will boost the market in North America during the forecasted period.
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Europe holds the second leading share in the dump truck market owing to increasing import and export of raw material in the Europe region. Asia Pacific is the fastest growing market for dump trucks owing to technological advancements taking place in China regarding automation in the electronics sector. The continuous development in the infrastructure and rapidly developing economy in China has driven the China dump truck market. Moreover, the rise in demand from countries like India and Australia owing to increase in disposable income is another factor that is expected to fuel the dump truck market. LAMEA holds the least market share owing to the limited spending power and presence of poor economy in the African region. However, in the near future the region possesses a huge opportunity for market growth.
Some of the key players analyzed and profiles in this market are Caterpillar Inc., BAS Mining Trucks, OJSC Belaz, Cummins Inc., Liebherr Group, European Truck Factory GmbH, Hitachi Construction Machinery Co., Ltd., Deutz AG, Kubota Corporation, J. C. Bamford Excavators Ltd., Deere and Company, and Volvo Construction.
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