Dump Trucks Market to register extensive growth from construction sector over 2019-2025

Dump Trucks Market Size, Industry Analysis Report, Regional Outlook (Americas, Europe, APAC and EMEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019-2025.

High costs associated with the initial machinery purchase is a major challenge for the dump trucks market. These machines are highly expensive as compared to conventional trucks due to advanced technologies and heavy lifting abilities. Companies & contractors that have low financial capabilities and machine requirement for a shorter time period prefer rental equipment due to the availability of advanced trucks at low costs.

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Dump Trucks Market size is set to exceed USD 24 billion by 2025; according to a new research report by Global Market Insights, Inc. The rapid technological developments and the introduction of autonomous features to newly-developed machines are driving the dump trucks market growth. Self-driving trucks are beneficial for mining & construction companies to eliminate human errors occurring due to tiredness and increased productivity at sites. For instance, in September 2016, Komatsu announced the launch of its new driverless & autonomous rigid truck, which eliminated the cab for weight reduction and improved efficiency.

Dump Trucks Market, By Capacity

  • Below 25 metric ton
  • 25 to 50 metric ton
  • 51 to 150 metric ton
  • 151 to 300 metric ton
  • Above 300 metric ton

Tipper Trucks Market, By End-Use

  • Construction
  • Mining

The industry is also witnessing a development of less-polluting machines with engines based on Tier 4 emission regulations that are adopted across the globe. These machines are gaining a high demand from application industries to reduce pollution & emissions levels and control carbon levels. As a result, manufacturers, including Hitachi Construction Machinery, Komatsu, Caterpillar, etc., are developing environment-friendly vehicles, which also deliver low-fuel consumption as compared to conventional models, expanding the dump truck market.

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The rapid expansion of the building & construction industry in Asian countries, such as India, China, South Korea, Singapore, etc., due to the robust manufacturing sector and high population is a major driver for the dump trucks market. The demand for high-quality & efficient construction equipment is growing in order to complete projects on time and eliminate the harmful effects caused by emissions. Additionally, the electric-based operational capabilities in new trucks is a major factor for the demand from contractors and construction companies.

The prominent players in the dump trucks market include Volvo Trucks, Caterpillar, Komatsu Ltd., XCMG Group, Hitachi Construction Equipment, Doosan Group, Terex Trucks, Deere & Company, and Liebherr Group. Manufacturers are focused on providing technically-developed machines with automated hauling systems and new drivelines to increase the efficiency in complex operations. The companies are also strengthening their presence in the operational regions by partnering with local dealers & distributors to address the dump trucks market demand from local customers. The tipper trucks market players are continuously offering new products due to high demand from application industries.

Related News – https://www.oemoffhighway.com/market-analysis/news/21069612/global-dump-truck-market-to-reach-24-billion-by-2025