Dump Trucks Brief Introduction
Based on type, the global market has been segmented into rear, side, and roll-off variants. The rear type occupied the largest market share in 2018, valuing USD 25.7 billion. It is one of the most commonly used dump trucks in the market owing to its design of articulated chassis and ease of maneuverability. These vehicles have rigid tires that make them suitable for use in hauling of different types of materials, especially at construction sites.
The side segment, on the other hand, is the fastest-growing segment over the forecast period due to its safety features. These vehicle variants have a large load capacity and provide better stability while dumping or unloading. The center of gravity of the box and the load is in the middle of the frame rails, which prevents the trucks from tipping. These vehicles can dump the load either on the right or on left by utilizing hydraulic rams. Increasing demand for these variants can also be attributed to speed of unloading. This segment is expected to witness a CAGR of 11.4% from 2019 to 2025.
The market has been studied on the basis of end-use into construction, mining, and others. The construction sector held a revenue share of over 63.0% in 2018 and is expected to dominate the global market throughout the forecast period. Rising infrastructure transformation projects to address the increasing needs of urban and rural population across the globe is further driving the segment. Growing investments in the real-estate sector, coupled with focus on public infrastructure, is predicted to boost product demand during the forecast period.
The construction industry plays a key role for governments across both developed and emerging economies. Well-developed infrastructure is a cornerstone for growth in every economy that determines the growth in GDP, during different stages in the process of moving from developing to developed economic status. Hence, regions such as Southeast Asia, Africa, and Middle East have already made significant investments for continued improvement in infrastructure.
Mining is expected to witness substantial growth over the forecast period owing to infrastructure-driven growth in Asian countries, which has resulted in demand for commodities like coal, iron ore, and copper. Power and cement industries, together with growth in automotive production, is also aiding growth in the mining sector, which ultimately drives the market for dump trucks. Furthermore, increasing need for mineral fertilizers to improve agricultural yield is expected to augment mining activity.
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