Global Rigid Dump Truck Market 2017-2021
About Rigid Dump Truck
A rigid dump truck has a rigid frame at the rear, which allows the open-box bed to move in only one direction. Like most commercial vehicles, rigid dump trucks have a heavy-duty like chassis. The essential components of rigid dump trucks are built around the rigid chassis, such as the open box bed, engine, operator’s cabin, axles, and steering components. Rigid dump trucks provide many advantages, such as enhanced maneuverability and job-site efficiency, especially while operating under extreme off-road conditions. Rigid dump trucks are not only comfortable to drive and operate on asphalt and concrete roadways, but their components also allow their operation on the most difficult road conditions, such as mining sites, where these trucks have to haul over uneven terrains.
Technavio’s analysts forecast the global rigid dump truck market to grow at a CAGR of 4.19% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global rigid dump truck market for 2017-2021. To calculate the market size, the report considers the PARC data of rigid dump trucks as on the base year. The forecast is based on the cumulative demand for rigid dump trucks.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Rigid Dump Truck Market 2017-2021
Technavio recognizes the following companies as the key players in the global rigid dump truck market: Caterpillar, Komatsu, Hitachi Construction Machinery, and XCMG Group
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.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Sustainable mining solutions. Mining companies around the world are working toward practices that are aimed at decarbonizing the global mining industry by adopting the use of renewable energy. Mining companies are dedicated toward facilitating the adoption of renewables for mines and increase the use of renewables in mining projects. Mining companies are working toward numerous methods that can be employed to reduce the use of carbon and the generation of emissions of the global mining industry. The global mining industry is highly carbon intensive, representing a significant amount of total world energy consumption. This can be changed by using renewable energy.”
According to the report, one of the major drivers for this market is Growth in demand for precious metals. The demand for precious metals, such as gold, silver, platinum, and diamond, is anticipated to grow during the forecast period. With the expected stabilization in crude oil prices by 2022, the global economy is anticipated to grow by 2022. This is expected to increase the employment rate across many countries, in turn increasing the disposable income of the population across various regions. The rise in disposable income will drive the demand for precious metals, especially among the growing middle-class urban population. Most of this demand is anticipated to stem fast-growing economies, such as India and China, where the middle-class population is expected to grow exponentially. Gold and silver have a dynamic pricing in the business world and are used as a bullion investment. Apart from being used in jewelry, these precious metals are also a great investment opportunity.
Further, the report states that one of the major factors hindering the growth of this market is Shortage of skilled operators. Rigid dump trucks are ultra-heavy vehicles that can haul mining and construction materials ranging from 100-500 tons. In addition, rigid dump trucks are used in extreme conditions that are not suitable for general truck driving. These vehicles are mostly used in hostile mining and construction sites that mostly lack proper pathways and roadways for maneuvering the vehicle. Also, the use of rigid dump trucks in extreme weather conditions, such as heavy rainfall and snowfall, makes it very difficult to operate the vehicle.
Caterpillar, Komatsu, Hitachi Construction Machinery, XCMG Group, 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.
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