The data experts at Market Research Future Reports (MRFR), the global dump truck market is projected to grow at a CAGR of 6% and valuing more than USD 6 billion by the end of the assessment period. According to the study, the global dump truck market 2020 is majorly driven by the increasing construction and mining industry. The growing initiatives to innovate the global dump trucks sector 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 regulations imposed by the government to develop industries and achieve various objectives is likely to propel the market. In addition, targets such as conservation of energy are likely to be a pivotal factor leading to market growth. On the flip side, the high expenses and maintenance expenditure is likely to control market expansion. Also, the dearth of skilled operators is another factor leading to market growth.
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Due to the pandemic, various companies in the market have temporarily shut their daily operations. The halt caused in business operations is estimated to bring a considerable impact on market revenue. It is estimated that it will take some time to recover from the losses incurred during the observation of lockdown. We will provide an impact analysis report on COVID-19.
The worldwide dump truck market can be distinguished on the basis of propulsion, type, application, capacity, and region.
On the basis of propulsion, the worldwide dump truck market can be distinguished into Electric and ICE.
On the basis of type, the worldwide dump truck market can be distinguished into rear, roll-off, and side.
On the basis of application, the worldwide dump truck market can be distinguished into agriculture & forestry, mining, and construction.
On the basis of capacity, the worldwide 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, the worldwide dump truck market can be distinguished into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
The evaluation of North America, Asia-Pacific, Europe, and the Rest of the World (RoW) has been performed. As per the study, the worldwide market is likely to expand the market significantly during the review period. The North American region market is prospering due to the expansion of the construction industry in the region. The farmlands in the regions are massive and demand the usage of dump trucks for transportation and earth removal. Europe has attained the second position. The mining and construction industry is expanding, which is driving the market in Europe.
On the other hand, the APAC region is projected to grow at the fastest speed. APAC is the largest and most potent region for market expansion. With the irregular terrain and the off-road project, sites are driving the regional market. The RoW region is primarily driven by the mining and the limited construction industry. The RoW forms a relatively smaller market.
The established players of the global 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), CNH Industrial NV (UK), Bell Trucks America, Inc. (US), Komatsu Ltd (Japan), The Liebherr Group (Switzerland), Deere & Company (US), Caterpillar (US), Hitachi Construction Equipment (Japan), Daimler AG (Germany), and a few more.
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