SEATTLE, June 25, 2018 (GLOBE NEWSWIRE) -- The global load haul and dump truck market was valued at US$ 4.6 billion in 2017 and is projected to exhibit a CAGR of 6.5% over the forecast period (2018–2026).
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Key Trends and Analysis of the Load Haul and Dump Truck Market:
Increasing mining production is one of the major driving factors for growth of the load haul and dump truck market. According to World Mining Congress, world mining production was pegged at 16.9 billion metric tons in 2016, up from 15.8 billion metric tons in 2010. According to Coherent Market Insights’ analysis, it is estimated that by 2021, the world mining production will reach 19.3 billion metric tons. Furthermore, increasing demand for electric engines due to various advantages such as low initial cost, extensive operation lifespan, low maintenance cost, higher efficiency, and low carbon emissions have accelerated demand of electric engine load haul and dump trucks, thus aiding in growth of the market.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 6.5% during the forecast period (2018–2026), and this is attributed to increasing mining production, globally.
- Asia Pacific held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. High mining production in the region is a major factor driving growth of the load haul and dump trucks market in this region. According to World Mining Congress, in 2016, the Asia Pacific region accounted for 65.1% share in the world mining production. According to the same source, Asia Pacific mining production was pegged at 9.8 billion metric tons in 2016 up from 8.9 billion metric tons in 2010. India and China are the major countries, which are driving the market growth in this region.
- Some of the major players operating in global Load haul and dump truck market are Anchises Technologies Co. Ltd, Atlas Copco, Caterpillar Inc., DUX Machinery Corporation, Eimco Elecon (India) Ltd., GHH Fahrzeuge, Hensley Industries, Inc., Joy Global Inc., KGHM ZANAM S.A, and Mining Technologies International Inc.
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