Haul Trucks Market: Introduction
In fast-growing economies and developing markets, the construction industry is expected to gain momentum in the coming years. Advancements in the construction and mining industries have led to the higher acceptance of off-road vehicles such as haul trucks, which are used for transporting loose materials (gravel, sand, etc.). Different types of haul trucks are available based on payload capacity. The highest payload capacity haul truck is generally known as ultra class trucks. Ultra class trucks can carry a payload capacity of above 300 tons.
The haul trucks market is currently in between the growth and mature stages, and the production of haul trucks is directly related to the expansion in the construction sector. Moreover, strong outlook of construction and mining industry in the coming years will create considerable opportunities for haul truck manufacturers.
Haul Trucks Market: Market Dynamics
The growth of end use industries such as the construction and mining industries, both, in developed and developing regions, is expected to be a major factor responsible for the growth of the global haul trucks market over the forecast period. Moreover, the increasing need for bigger off-road vehicles with high horsepower and greater capacity will also give traction to the growth of the haul trucks market in the near future. That apart, advancements in technology and the better fuel efficiency of haul trucks encourage construction firms to purchase new off-road vehicles, which will further add to the growth of the haul trucks market.
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Haul trucks require high capital investment as well as incur high maintenance costs, which is anticipated to be a prime factor hampering the growth of the haul trucks market in the near future. Moreover, haul trucks need qualified drivers to manage the vehicles, which will further act as a restraining factor for the growth of the haul trucks market over the forecast period.
A major trend projected five years down the line includes market leaders focusing on strategic expansion to expand their presence across the globe. This is anticipated to act as a catalyst to maintain leadership. Moreover, the manufacturer of haul trucks are focused on maintaining long term partnership with customers for maintenance and services.
Haul Trucks Market: Segmentation
The global haul trucks market can be segmented on the basis of type, capacity, and sales channel.
Based on type, the global haul trucks market is segmented into:
- Articulated Haul Trucks
- Mechanical Haul Trucks
- Electric Haul Trucks
Based on capacity, the global haul trucks market is segmented into:
- Less than 200 Tons
- 200 – 300 Tons
- Above 300 Tons
Based on sales channel, the global haul trucks market is segmented into:
- OEMs (Original Equipment Manufacturers)
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Haul Trucks Market: Regional Outlook
Over the forecast period, Asia Pacific is expected to be closely followed by North America. Both these markets are foreseen to witness massive growth in the haul trucks market, owing to the anticipated growth in the construction sector in emerging economies such as the China and India Western Europe is estimated to grow at a considerable CAGR during the forecast period, owing to increasing construction spending in the region. Germany is estimated to be the leading automobile and automotive market in Western Europe. Owing to the growing demand for haul trucks from the mining and construction industries in the region, North America is estimated to grow at a considerable CAGR during the forecast period. Latin America is anticipated to witness growth in the haul trucks market over the forecast period. The Middle East and Africa (MEA) is projected to grow at a significant rate over the forecast period, owing to growing construction activities in countries such as Saudi Arabia, UAE, etc.
Haul Trucks Market: Market Participants
Examples of some of the key participants identified across the value chain of the global haul trucks market include:
- Komatsu Limited
- Liebherr Group
- OJSC BELAZ
- Hitachi Construction Machinery Co, Ltd
- Deere & Company
- XCMG Group
- Volvo AB
- Brown Inc.
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