The qualitative research study introduced by Global Market Insights on Dump Truck Market Report provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Dump Truck market.
The rapid technological developments and the introduction of autonomous features to newly-developed machines are driving the dump truck 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. 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.
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Rigid models are gaining a high demand from application industries due to their ability to move at high speeds in both loaded & unloaded conditions, developing the dump trucks market. These vehicles are ideal for well-balanced haul roads and can be hauled across long distances as compared to articulated models. These rigid machines have huge bodies for quarry applications with large shock-absorbing abilities, attributing to the dump truck market growth.
The frame designs are resistant to bending & torsional loads and supports high payload, providing better operations in mining operations. These trucks are designed to handle ore, shale, and large rocks and offer high-cost efficiency over articulated machines. For instance, in May 2018, Hitachi Construction Machinery announced the launch of its new rigid dump truck, EH5000AC-3, which includes a trolley system, promoting the usage in large-scale & complex mining operations.
The growing construction of new structures globally, such as skyscrapers, business complexes, and smart cities, to serve the increasing population needs is driving the dump truck market growth. The major applications of these machines include transportation of loose materials, such as dirt, gravel, and sand, for construction operations, eliminating the need for several small trucks.
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 truck 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.
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The increasing recycling & waste management activities across all industry verticals in North America are adding up to the tipper truck market growth. These machines are increasingly used in recycling projects to transfer waste materials from dumping grounds to factories. Moreover, the availability of trained & skilled drivers in the U.S. is also a major factor supporting the dump trucks market development. Due to high demand from both construction & mining applications in the U.S., manufacturers from other regions are entering the North America tipper trucks market. For instance, in May 2017, BELAZ announced its entry to the North American market by setting up an office in Ontario. The company intends to sell its trucks in the North & South American countries and compete with the existing players.
The prominent players in the dump truck 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.
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