In such a scenario, dump trucks market size is gaining impetus as such materials have to carry bulk materials. Several mines in Canada have undergone to unearth and transport oil sands for crude oil processing. North America generated a dump trucks market revenue of US$ 1.45 Bn in 2018 and is forecasted to drive the global market owing to sustaining investments and favorable government policies, decrease in transportation costs in order to help the companies for lowering unit costs, availability of essential mined commodities including zinc, lead, and nickel along with sustaining investments. Moreover, governments are focusing on funding to small and medium-sized mining companies in order to encourage exploration activities. Growth witnessed in the region is likely to be driven by increase in exploration activities and the presence of leading mining companies mainly Rio Tinto, Fortescue Metals Group, and BHP Billiton., Furthermore, the government is introducing various programs and initiatives to boost the mining activities. "Increasing adoption of dump trucks is supplementing the revenue growth of Asia Pacific"Īsia Pacific generated a revenue of US$ 2.33 Bn in 2018 and is anticipated to emerge dominant in the global market during the forecast period.
To know how our report can help streamline your business, Speak to Analyst Additionally, the introduction of smart mining and adoption of automated equipment, increasing supply of dump trucks on short-term or long-term contracts with mining companies, and high demand for dump trucks for underground mining are also supplementing the growth of the global market. The mining segment held the highest dump trucks market share in 2018, due to increase in the domestic and global demand for precious metals mainly iron ore and gold. Additionally, an increase in government expenditure on infrastructure and transportation, stringent emission regulations imposed on manufacturers compelled manufacturing companies to introduce upgraded dump trucks with refined engines in order to reduce their carbon footprints and qualify the mining environmental norms and standards. The global market is anticipated to grow substantially during the forecast period, owing to introduction of new coalfields and mining sites for energy production activities in steel, cement, and power sector. Growth in the construction and mining industries has led to the higher acceptance of off-road vehicles such as dump trucks, which are used for transporting materials (gravel, sand, iron ore, etc.). We are in process of revamping Dump Trucks Market with respect to COVID-19 Impact.
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