Market Research Report
Mining Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945311|
|Published||Content info||108 Pages
Delivery time: 2-3 business days
|Mining Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 108 Pages||
The global mining truck market grew at a CAGR of around 5% during 2014-2019. Mining trucks constitute heavy-duty dump trucks that are utilized for the transportation of rocks and other material in the post-mining process. They are engineered to be used in off-road and off-highway conditions and are also equipped to work on slippery roads. Currently, different types of mining trucks such as rear dump trucks, bottom dump trucks, water trucks and lube trucks are used in multiple industries across the globe. The most commonly used type is the large bottom dump truck, utilized to haul and transport large quantities of mined material.
The constant growth of the mining industry is one of the key factors driving the growth of the market. The need for smooth and efficient transportation of mined materials is expected to contribute to the sales of mining trucks. In addition to this, the use of driverless electric vehicles is also gaining traction. Organizations are automating mining operations to enhance their productivity and reduce the damage caused by on-site accidents. As electric trucks also assist in reducing emissions of greenhouse gases during mining, it is resulting in increased product demand. Additionally, constant exploration of new coalfields and extraction of precious metals have increased the requirement for larger off-road vehicles that have higher horsepower and greater capacity. This is further supported by the rapid growth in the construction industry, in both developed and emerging nations. Moreover, various vehicle advancements, such as haul trucks with improved fuel efficiency, have encouraged construction firms to purchase new off-road vehicles, thereby enhancing the market growth. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.