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Dump Trucks Market is expected to witness significant growth over the forecast timespan

Author : Rahul Varpe | Published Date : 2019-07-12 

Dump trucks, owing to their capabilities in hauling vast amounts of cargo around, have deeply entrenched themselves as essential tools of the trade across a number of lucrative industrial sectors such as construction, mining and waste collection & management. In fact, dumper trucks have become so synonymous with hauling massive loads in these industries that today they are often used as an informal unit of measurement throughout the world.

The global dump trucks market is on the verge of cropping up as a highly profitable avenue of investment. One of the most prominent factors impacting the commercialization landscape of the dump trucks industry is the introduction of new carbon emission standards for heavy-duty vehicles at a time when industries such as mining and waste management & recycling are experiencing a massive expansion of sorts.

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The level of penetration tipper trucks have achieved across several industries has effectively given the dump trucks market the flexibility and the presence it requires to continue to thrive in a constantly evolving industrial landscape. The introduction of new carbon emission standards for heavy-duty vehicles have dealt a blow to most heavy goods carrying vehicles but the use of dump trucks is so ingrained with goods transportation that industry leaders have quickly found ways to counter such regulations that could potential hinder market growth.

 Major players operating in the dump trucks market include:

  • Caterpillar Inc.
  • Komatsu Ltd.
  • Hitachi Construction Machinery
  • Liebherr Group
  • Volvo Trucks
  • Sany Group
  • Terex Trucks

These companies are involved in launching new machines and accessories for specific application & capacity requirements. Additionally, the companies are developing relations with rental providers due to the increasing demand for rental machines across the global tipper trucks market.

Ironically, the proliferation of plastic waste has created a massive opportunity for the dump trucks industry, as enterprises & governments are expected to undertake several efforts to collect the plastic waste and through effective methods of recycling, establish a circular economy. Currently, only 14% of the world’s plastic is collected for recycling with only 2% reused as packaging, totaling in $80-$120 billion in losses annually. A report by Global Market Insights projects the global solid waste management market to surpass USD 340 billion by 2024.

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According to the European Commission, heavy-duty vehicles, including dumper trucks, account for approximately a quarter of the carbon emissions from road transport across the European Union and approximately 6% of the continent’s CO2 emissions. Meanwhile, the Environmental & Energy Study Institute estimated that in the U.S, medium to heavy-duty vehicles, while accounting for only 5% of the traffic on the road, are responsible for 20% of the nation’s transportation emissions.

The global dump trucks market is expected to witness significant growth in the face of the aforementioned regulations. A chunk of the estimated growth is expected to come from engine & exhaust system modifications of current dump trucks to make them capable of operating on the less polluting form of fuels while also being more efficient & less polluting themselves.

Another factor that would contribute to the expansion of dump trucks market is the manufacturing & sales of new dump trucks that adhere to the standards by being less polluting. In fact, many dump truck manufacturers are increasingly turning towards the idea of electric dump trucks, which boast of an almost zero carbon footprint, in anticipation of further tightening of the regulations in the future. Say for example, earthmoving equipment manufacturer BELAZ made it to the headlines last year for unveiling plans to work with a Canadian firm and design an electric dump truck.

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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