![]() However, the demand-supply gap in the industry is expected to reduce the fading impact of the pandemic. The global construction sector output has witnessed a steep decline due to factors such as the grounding of major commercial construction projects, a shift in focus of government authorities toward healthcare, and the unavailability of raw materials & labor. The spread of COVID-19 negatively impacted the logistics and supply chain sectors and delayed mining & construction projects. The COVID-19 pandemic has resulted in an unprecedented disruption to world trade and the global economy as production & consumption significantly decreased across the globe. The dump trucks market observed a decline in 2020 because of the global economic recession. Increasing costs of modernized equipment have posed a critical problem for mining & construction companies on account of high initial investments, leading to lower productivity and yield. Advancements in technology, higher fuel prices, and advanced systems have elevated the cost of these trucks. The cost depends on the model size, application, and weight. The high initial price and maintenance cost of dump trucks are critical factors limiting the market demand. High initial price and maintenance costs.Growing mining activities in Asia and Latin America.Replacement of aging truck fleet in the MEA.Rising urbanization in India and South Africa.Integration of new technologies into dump trucks.Increased recycling activities and government initiatives in North America and Europe.Increased funding activities for infrastructure development globally.Growing development in the construction sector is driving the market revenue.ĭump Trucks Market Report Coverage Report Coverage Such initiatives combined with the need for recycling hazardous wastes are driving the dump truck industry demand. Mining companies are focusing on the deployment of low-emission & low fuel-consuming machines to reduce carbon amounts in the mining sector. Manufacturers have developed specialized mining trucks for operations in rough terrains, open cast mines, etc. The market for dump truck is witnessing high demand in the mining industry due to the high utilization of these machines in transporting extracted materials and wastes from one site to another. Get more details on this report - Request Free Sample PDF The growing population base has led to a rise in the demand for industrial, commercial, and residential buildings, resulting in an upward trend in construction activities in several developed & developing economies. ![]() Dump Trucks Market size surpassed USD 15 billion in 2021 and is anticipated to observe more than 7% gains from 2022 to 2030.
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