Global Haul Trucks Market: Overview
Haul trucks refer to those rigid dump trucks that are found off-highway and are specifically engineered for utilization in heavy-duty construction and high-production mining environments. Haul trucks also find use in the transportation of construction equipment from one job site to another. Some of them are multi-axle in a bid to support the equipment that is being transported. With the flourishing business of construction sector, the global haul trucks market is likely to observe considerable growth over the tenure of assessment, from 2020 to 2030.
In many of the countries, rapid economic growth is being experienced and construction industry plays an extremely important role in those countries. Advancements made in the mining and construction industries have resulted in the wider acceptance of various off-road vehicles, such as haul trucks. Such off-road vehicles are utilized for the purpose of transportation of various loose materials, such as stone chips, sand, gravel, and so on. Depending on the payload capacity, different types of haul trucks are found in the market. The haul trucks with the highest payload capacity are known as ultra class and these trucks are capable of carrying round 300 tons. Rising demand for these trucks from the construction sector is expected to fuel growth of the global haul trucks market in the years to come.
The global haul trucks market has been classified based on four significant parameters, which are type, capacity, sales channel, and region. Such segmentation offers better insight into the market.
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Global Haul Trucks Market: Notable Developments
The global haul trucks market has come across some futuristic and important developments in the last few years. The market is considered as a fragmented one with the presence of several prominent manufacturers worldwide. To attain competitive edge over other competitors, the major players in the global haul trucks market are engaged with relentless research and development activities to come up with better and advanced products.
Some of the prominent companies in the global haul trucks market are mentioned below:
- Hitachi Construction Machinery Co, Ltd
- Komatsu Limited
- Deere & Company
- Liebherr Group
- XCMG Group
- Caterpillar Inc.
Global Haul Trucks Market: Key Trends
The global haul trucks market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
High Demand from the Mining and Construction Industries to Support Growth of the Market
The growth of the global haul trucks market is likely to be driven by the booming business of mining and construction industries, both in developing and developed parts of the region.. In addition to that, the rising need for larger off-road vehicles with greater capacity and much higher horsepower are expected to generate augmented demand for haul trucks over the period of analysis, from 2020 to 2030. In addition to that, technological progress made in the field bring in improved fuel efficiency for the haul trucks, which makes it ideal for use in various construction and mining activities.
This report makes an offer of valuable and in-depth understanding and analysis of the important growth opportunities as well as key prospects that are available in the said market during the period of estimation. A team of well-experienced and highly trained analysts has made meticulous efforts to take into all the available factors for consideration to explain factors at play in the said market. The study on the global haul trucks market also provides lucid and vivid analysis of the market dynamics that could either augur well or adversely impact the growth of the said market during the period of forecast, from 2020 to 2030.