Technavio analysts forecast the global rigid dump truck marketto grow at a CAGR of over 4% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global rigid dump truckmarketfor 2017-2021.
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Technavio has published a new report on the global rigid dump truck market from 2017-2021. (Graphic: Business Wire)
Rigid dump truck: market overview
A rigid dump truck is used for transporting loose material, such as sand, gravel, and demolition waste, for construction and mining purposes. They are an essential part of various construction and mining projects, especially infrastructure development projects where the efficient transportation of materials, such as loose aggregate and large boulders, are of paramount importance. Rigid dump trucks used in the mining sector witnessed a decline in demand during 2012-2015, owing to the slow growth of global mining activities. This can be attributed to stringent government and environmental policies on mining activities in various countries. During the same period, crude oil prices witnessed a declining trend, and the world economy witnessed a slowdown.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global rigid dump truck market:
- Growth in demand for precious metals
- Next generation dump truck technologies
- Increased government spending on infrastructure
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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.
Gaurav Mohindru, a lead construction research analyst at Technavio, says, "Analytics solutions, when integrated with SDS solution for big data management, reduce costs, and boost business agility. The integration of big data with network file systems, a containerized approach, and rapid provisioning for analytics applications, streamlines the management of unstructured data for business intelligence."
Next generation dump truck technologies
With increasing changes in technologies, mining truck manufacturers are engaged in redesigning rigid dump trucks from time to time. Manufacturers are focused on enhancing existing features and the addition of innovative technologies to their existing product line. This is done to attract end-users to upgrade their truck and encourage new users to buy their trucks.
"The main challenge for drivers is the visibility aspect for maneuvering. Rigid dump trucks have structural pillars to support the heavy load that they bear while hauling large mined materials. These structural pillars cause hindrance in the visibility for drivers," adds Gaurav.
Increased government spending on infrastructure
Many countries around the world have announced multiple government infrastructure projects during the forecast period. Such projects require high investments. In addition, infrastructure development holds significant importance in positively affecting the economy of countries. Fast economic growth increases job opportunities and improves services, such as housing, energy, and clean water supply.
A country's strong infrastructure attracts investments from MNCs. In addition to the overall development of the country's economy, it also positively affects the living standard of citizens and human development index of a country. Furthermore, it helps in meeting rising demands created by the expansion of population and growing spending power of citizens.
Top vendors:
- Caterpillar
- Komatsu
- Hitachi Construction Machinery
- XCMG Group
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