Market Synopsis
The data experts at MarketResearch Future Reports (MRFR), the global dump truck market is projected togrow at a CAGR of 6% and valuing more than USD 6 billion by the end of theassessment period. According to the study, the global dumptruck market 2020 is majorly driven by the increasing construction andmining industry. The growing initiatives to innovate the global dump truckssector is estimated to make the global dump market more efficient. In addition,the dump trucks offer an essential service in transporting minerals and debris,which is likely to augment the global dump truck market. Also, the regulationsimposed by the government to develop industries and achieve various objectivesis likely to propel the market. In addition, targets such as conservation ofenergy are likely to be a pivotal factor leading to market growth. On the flipside, the high expenses and maintenance expenditure is likely to control marketexpansion. Also, the dearth of skilled operators is another factor leading tomarket growth.
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Due to the pandemic, variouscompanies in the market have temporarily shut their daily operations. The haltcaused in business operations is estimated to bring a considerable impact onmarket revenue. It is estimated that it will take some time to recover from thelosses incurred during the observation of lockdown. We will provide an impact analysisreport on COVID-19.
Market Segmentation
The worldwide dump truck marketcan be distinguished on the basis of propulsion, type, application, capacity,and region.
On the basis of propulsion, theworldwide dump truck market can be distinguished into Electric and ICE.
On the basis of type, theworldwide dump truck market can be distinguished into rear, roll-off, andside.
On the basis of application, theworldwide dump truck market can be distinguished into agriculture &forestry, mining, and construction.
On the basis of capacity, theworldwide dump truck market can be distinguished into Below 25 MT, 25–50 MT,50–150 MT, and above 150 MT.
On the basis of geography, theworldwide dump truck market can be distinguished into North America, Asia-Pacific,Europe, and the Rest of the World (RoW).
Regional Analysis
The evaluation of North America,Asia-Pacific, Europe, and the Rest of the World (RoW) has been performed. Asper the study, the worldwide market is likely to expand the market significantlyduring the review period. The North American region market is prospering due tothe expansion of the construction industry in the region. The farmlands in theregions are massive and demand the usage of dump trucks for transportation andearth removal. Europe has attained the second position. The mining andconstruction industry is expanding, which is driving the market in Europe.
On the other hand, the APACregion is projected to grow at the fastest speed. APAC is the largest and mostpotent region for market expansion. With the irregular terrain and the off-roadproject, sites are driving the regional market. The RoW region is primarilydriven by the mining and the limited construction industry. The RoW forms arelatively smaller market.
Key Players
The established players of theglobal dump truck market are AB Volvo (Sweden), China FAW Group Co. Ltd(China), BYD Motors, Inc. (China), XCMG Group (China), Daimler AG (Germany),Terex Trucks (UK), Sany Group (China), Doosan Corporation (South Korea), CNHIndustrial NV (UK), Bell Trucks America, Inc. (US), Komatsu Ltd (Japan), TheLiebherr Group (Switzerland), Deere & Company (US), Caterpillar (US),Hitachi Construction Equipment (Japan), Daimler AG (Germany), and a few more.
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