PUNE, India, May 23, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Global Articulated Dump Truck Market by Type (Under 30 Ton, 30 to 40 Ton, Above 40 Ton), By Power Output (Less than 250 HP, 251 – 400 HP, More than 400 HP) By Application (Construction, Mining, Agriculture & Forestry, Others), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031″, the market size was valued at USD 5.12 Bn in 2022 and is projected to reach USD 12.11 Bn by 2031, expanding at a CAGR of 9.7% during the forecast period, 2023-2031.
Key Market Players Profiled in the Report
AB Volvo
BELL Equipment
Caterpillar
Deere & Company
Doosan Bobcat
HYDREMA
Komatsu Ltd.
Liebherr
SANY Group
XCMG Group
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, device, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
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Market Segment Highlights:
The market in Asia Pacific is expected to hold a major market share due to the demand for articulated dump trucks for increasing mining activities in the region. The rapid growth in construction activities in emerging economies such as India and China is creating new market opportunities for the market players.
The market in Europe is anticipated to register a considerable CAGR during the forecast period owing to the ongoing trend of electrification of construction equipment including articulated dump trucks and other equipment to reduce noise pollution.
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Key Takeaways from the Study:
Articulated dump trucks are heavy-duty vehicles used for mining, construction, and industrial transportation. It consists of main two components, a tractor unit, and an articulated dump body.
Articulated dump trucks are extensively used for construction purposes to transport large volumes of materials such as sand and rocks.
The construction and mining industries are rapidly growing in emerging economies which is creating new opportunities for the market players located in the region. This is expected to drive the global market.
The rising technological advancement in articulated dump trucks can create opportunities for the global market. New developments such as improved fuel efficiency, low operating cost, and improved fuel efficiency of the trucks.
Based on the type segment, the 30 to 40 tons segment is expected to hold a major market share as these are ideal for medium-sized mining and construction projects.
On the basis of power output, the 251-400 HP segment is projected to dominate the market owing to the increasing demand for this type of vehicle as these vehicles can carry larger payloads over longer distances.
In terms of application, the demand for articulated dump trucks is rapidly growing as these trucks are extensively used for hauling and material handling on construction sites.
Read 185 Pages Research Report with Detailed TOC on “Global Articulated Dump Truck Market by Type (Under 30 Ton, 30 to 40 Ton, above 40 Ton), By Power Output (Less than 250 HP, 251 – 400 HP, more than 400 HP) By Application (Construction, Mining, Agriculture & Forestry, Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031”
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Key Segments Covered
By Type
Under 30 Ton
30 to 40 Ton
Above 40 Ton
By Power Output
Less than 250 HP
251 – 400 HP
More than 400 HP
By Application
Construction
Mining
Agriculture & Forestry
Others
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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