Technavio’s research analysis on the global rigid dump truck market has identified the rising demand for precious metals as one of the major factors that will have a positive impact on this market’s growth in the coming years. There is a high demand for precious metals such as gold, silver, platinum, and diamond is mainly due to the rise in the disposable incomes among the middle-class urban population from developing countries such as India and China. In addition to the usage of these metals for jewelry, these metals are also great investment options. These metals also have great importance in other industries due to their properties, such as corrosion resistant, good electrical conductors and are the least reactive metals. This will raise the demand for precious metals that in turn will lead to increased mining activities driving the global rigid dump truck market. Our market research analysts predict that this market will register a revenue of more than USD 4.2 billion by 2021.
The integration of IoT in mining trucks for remote monitoring is one of the key trends that will contribute to the market’s growth in the forthcoming years. The implementation of remote monitoring systems with global positioning systems (GPS) will lead to high accuracy and improved efficiency with lesser human intervention. This in turn, will enhance the performance of rigid dump trucks. Moreover, with the availability of real time data, companies can also monitor idle time and history of work and also identify malfunctioning in these trucks.
Competitive landscape and key vendors
The rigid dump truck market consists of large-scale international vendors. The manufacture of rigid dump truck requires high initial investments, especially in R&D activities. This poses as the major challenge for low-scale vendors. The demand from mining, construction, and infrastructure sectors will offer significant growth opportunities of vendors in this marketspace.
The leading vendors in the market are –
Hitachi Construction Machinery
The other prominent vendors in the market are AB Volvo, Ashok Leyland, BEML, CHINA SINOTRUK INTERNATIONAL, Daimler Trucks North America, Everstar, Iveco, LIEBHERR, OJSC BELAZ, Perlini Equipment, POWERPLUS GROUP, Rimpull, SANY GROUP, Sinoway, TATRA TRUCKS, Terex Trucks, and XIANGTAN ELECTRIC MANUFACTURING GROUP.
Segmentation by engine type and analysis of the rigid dump truck market
Less than 1000 hp
More than 1000 hp
During 2016, trucks with engines of more than 1000 HP accounted for the major shares of the rigid dump truck market. The increased preferance for large and heavy-duty rigid dump trucks owing to its ability to carry heavy rocks and materials up to 500 tons, will contribute to the growth of this industry segment in the coming years.
Geographical segmentation and analysis of the rigid dump truck market
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the rigid dump truck market throughout the forecast period. The increasing number of construction and mining activities in the developing countries such as China and India, will be the major factor driving the market’s growth prospects in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global rigid dump truck market?
What are the key market trends impacting the growth of the global rigid dump truck market?
What are the challenges to market growth?
Who are the key vendors in the global rigid dump truck market?
What are the market opportunities and threats faced by the vendors in the global rigid dump truck market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global rigid dump truck market?
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