Another factor that would contribute to the expansion of dump trucks market is the manufacturing & sales of new dump trucks that adhere to the standards by being less polluting. In fact, many dump truck manufacturers are increasingly turning towards the idea of electric dump trucks, which boast of an almost zero carbon footprint, in anticipation of further tightening of the regulations in the future. Say for example, earthmoving equipment manufacturer BELAZ made it to the headlines last year for unveiling plans to work with a Canadian firm and design an electric dump truck.
The global dump trucks market is on the verge of cropping up as a highly profitable avenue of investment. One of the most prominent factors impacting the commercialization landscape of the dump trucks industry is the introduction of new carbon emission standards for heavy-duty vehicles at a time when industries such as mining and waste management & recycling are experiencing a massive expansion of sorts.
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Dump trucks, owing to their capabilities in hauling vast amounts of cargo around, have deeply entrenched themselves as essential tools of the trade across a number of lucrative industrial sectors such as construction, mining and waste collection & management. In fact, dumper trucks have become so synonymous with hauling massive loads in these industries that today they are often used as an informal unit of measurement throughout the world.
The level of penetration tipper trucks have achieved across several industries has effectively given the dump trucks market the flexibility and the presence it requires to continue to thrive in a constantly evolving industrial landscape. The introduction of new carbon emission standards for heavy-duty vehicles have dealt a blow to most heavy goods carrying vehicles but the use of dump trucks is so ingrained with goods transportation that industry leaders have quickly found ways to counter such regulations that could potential hinder dump trucks market growth.
Impact of changing emission standards on the global dump trucks market
The Impetus: According to the European Commission, heavy-duty vehicles, including dumper trucks, account for approximately a quarter of the carbon emissions from road transport across the European Union and approximately 6% of the continent’s CO2 emissions. Meanwhile, the Environmental & Energy Study Institute estimated that in the U.S, medium to heavy-duty vehicles, while accounting for only 5% of the traffic on the road, are responsible for 20% of the nation’s transportation emissions.
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The Solution: Acknowledging their contribution to global carbon emissions, many nations have passed environmental regulations that specifically aim to lower the impact of heavy-duty vehicles on the environment. The National Highway Transportation Safety Administration (NHTSA) & the Environmental Protection Agency (EPA) in 2015 introduced new emission standards for heavy-duty vehicles with the aim of eliminating more than 7.3 billion metric tons of greenhouse gas pollution by 2027.
Meanwhile, the European Commission in 2018 unveiled a legislative proposal that established the EU’s first ever carbon emission standards for heavy-duty vehicles with a proposed emission target for new heavy-duty vehicles that is 30% lower than the 2019 levels.
The Impact: The global dump trucks market is expected to witness significant growth in the face of the aforementioned regulations. A chunk of the estimated growth is expected to come from engine & exhaust system modifications of current dump trucks to make them capable of operating on the less polluting form of fuels while also being more efficient & less polluting themselves.
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However, as the issue gains mainstream attention and recycling becomes more efficient, it would be opening up a new growth avenue for the dump trucks market. Core industry players are then expected to capitalize on the increasing plastic waste transportation demands, as dump trucks would come to be deployed for hauling waste to and from recycling centers.
As the application graph of these trucks continues to increase, the global dump trucks industry share is expected to massively surge in the forthcoming years. A research report from Global Market Insights. Inc., estimates that dump trucks market size would be surpassing the remuneration mark of $24 billion by 2025.
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