A new study by Grand View Research Inc. suggests that the global dump trucks market size will grow to USD 72.4 billion by the year 2025, at a compound annual growth rate (CAGR) of 8.6 percent. The anticipated growth is associated with increasing population, urbanization and infrastructure development. Additional factors include more construction and mining projects, increased government spending on infrastructure, and advancements in technology.
India, China and Australia, as well as the Asia Pacific generally, are expected to propel the market forward during the forecast period. This region of the world has the largest share in the global dump truck market, mostly owing to its widespread mining activity, which is expected to further increase over the next decade.
The industry’s major players are currently Volvo, Komatsu, Daimler and Cat. Together they made up the majority share in the market in 2018.
Stricter environmental regulations around the world are increasing demand for advanced energy-efficient vehicles. Electric and advanced dump truck are thus expected to play a significant role in market growth. Recently, Komatsu America Corp. launched a 400-tonne haul truck powered by an electric drive system. Such vehicles are designed to improve productivity, performance, comfort and safety while also reducing carbon emissions by cutting out fuel consumption.
See the full Grand View Research report here.