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Global Dump Trucks Market was valued US$ 39.50 Bn in 2018 and is expected to reach US$ 70.80 Bn by 2026, at a CAGR of 8.69 % during a forecast period.
Global Dump Trucks Market
A dump truck is used to transport sand, gravel, or demolition waste from a construction site. The rapid expansion of the construction sector across the globe is expected to drive the growth in the global dump trucks market. Additionally, an increase in the expenditure on infrastructure and transportation, strict government regulations to reduce carbon emissions are expected to boost market growth.
On the other hand, the high cost and maintenance expenditure of trucks are expected to limit the market growth in the global dump trucks market. Additionally, a lack of skilled operators is a major problem, which is restraining the growth in the global dump truck market.The side drum truck segment is expected to grow at XX %a rate of CAGR during the forecast period. The demand for the side drum truck is increasing because of its safety features. These trucks have a large load capacity and provide better stability while dumping or unloading.
Stringent legal requirements for fuel economy and exhaust emissions and the current array of advanced technologies are increasing the adoption of electric engines. With the introduction of electric vehicles, IC engines are now being replaced by electric engines to control vehicular emissions at mining and construction sites. OEMs are focusing on the development of engines with high speed and high power to deliver optimum customer satisfaction. Additionally, government regulations to achieve industrial development goals, energy conservation targets, and climate change are expected to increase the demand for electric trucks.
The construction industry is expanding at a substantial pace because of the rapid industrialization, urbanization, and infrastructural growth across developing economies and housing projects, which is creating demand for material transportation. Huge investment and spending on infrastructural development and transportation are expected to propel the demand for dump trucks across the globe.
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