Dump Trucks Global Market Report 2022| MENAFN.COM

Friday, 30 September 2022 01:26 GMT

Dump Trucks Global Market Report 2022

(MENAFN- GlobeNewsWire - Nasdaq)

New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Dump Trucks Global Market Report 2022' -
The global dump trucks market is expected to grow from $44.28 billion in 2021 to $48.71 billion in 2022 at a compound annual growth rate (CAGR) of 9.99%. The dump trucks market is expected to reach $66.63 billion in 2026 at a CAGR of 8.15%.
The dump trucks market consists of sales of dump trucks by entities (organizations, sole traders, and partnerships) that refer to large machinery which carries huge quantities of loose materials including soil, sand, ores, gravel, and construction wastes.The dump trucks are equipped with special tillage opening that allows the dumping of materials.
They are used for earthmoving, construction, and mining operations.
The main types of dump trucks include rear dump trucks, side dump trucks, and roll-off dump trucks.The rear dump trucks refer to a truck designed for carrying and dumping particle materials with a dumping door on the rear end of the vehicle.
They are differentiated based on the engine into internal combustion engines and electric engines, and they are widely used in daily operations of mining, construction, infrastructure, military, agriculture, and other industries.
Asia Pacific was the largest region in the dump trucks market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the dump trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The dump trucks market research report is one of a series of new reports that provides dump trucks market statistics, including dump trucks industry global market size, regional shares, competitors with a dump trucks market share, detailed dump trucks market segments, market trends and opportunities, and any further data you may need to thrive in the dump trucks industry. This dump trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing 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, defence, 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 during the forecast period.
Technological development is a key trend gaining popularity in the dump trucks market.The companies operating in the dump truck sector are focusing on the development of electric dump trucks with AC control and other capabilities to improve efficiency and productivity while reducing the cost of ownership and environmental impact.
For instance, in June 2021, Xiangtan Electric Manufacturing Co Ltd (XEMC), a China-based company that manufactures and distributes mechanical and electrical products, successfully rolled off the world's first 120-ton electric mining dump truck with AC drive and CATL batteries.This product will be utilized for transportation in open-pit mines, boosting the mining industry's progress toward low-carbon, energy-efficient goods, and environmental protection.
CATL batteries are large-capacity, ultra-safe lithium iron phosphate traction batteries offering high-power charging with high-voltage, fast charging technology for this dump truck.
In July 2021, Traton SE, a subsidiary of the Volkswagen Group and German manufacturer of commercial vehicles acquired Navistar International Corporation for an amount of around $3.7 billion and merged with Traton. The acquisition followed by a subsequent merger places Traton in a leading position with a global reach and complimentary vehicle manufacturing capabilities. Navistar International Corporation is an American company involved in offering trucks & buses, parts, and financial services.
The countries covered in the dump trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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