The Dump Trucks Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Dump Trucks Global Market Report 2024, 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 growth in the historic period can be attributed to market expansion and globalization, material innovation in manufacturing, economic growth and demand, safety and efficiency standards, urbanization and development.
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%. The growth in the forecast period can be attributed to adoption of advanced telematics, rise in infrastructure development, demand for efficient hauling solutions, shift towards electric and hybrid models, focus on safety and automation. Major trends in the forecast period include regulatory compliance and emission standards, efforts for ergonomic and comfort features, increased payload capacity, rise in mining and construction activities, modular and versatile designs.
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.
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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
Major companies operating in the dump truck market are developing innovative products with advanced technologies such as self-driving capabilities, companies are working on developing autonomous dump trucks equipped with advanced technological systems to perform tasks without human intervention, improving safety, reducing labor costs, and increasing operational efficiency. For instance, in June 2021, Tata Hitachi Construction Machinery Company. Launched engineless, full battery rigid dump truck, developed in collaboration with ABB. The dump truck features a customized on-board energy storage system and can be transformed from diesel to fully electric battery operation, reducing greenhouse gas emissions and offering a solution towards a net-zero emission pathway.
The dump trucks market report table of contents includes:
1. Executive Summary
2. Dump Trucks Market Characteristics
3. Dump Trucks Market Trends And Strategies
4. Dump Trucks Market – Macro Economic Scenario
5. Global Dump Trucks Market Size and Growth
….
31. Global Dump Trucks Market Competitive Benchmarking
32. Global Dump Trucks Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Dump Trucks Market
34. Dump Trucks Market Future Outlook and Potential Analysis
35. Appendix
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