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.
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FACTS AT A GLANCE
Companies:Komatsu Limited,Liebherr Group,Caterpillar,OJSC BELAZ,Hitachi Construction Machinery Co, Ltd,Deere & Company,XCMG Group,Volvo AB,Brown Inc.
Coverage: All major geographies and key segments
Segments: Haul Trucks Market Segmented By type such as Articulated Haul Trucks, Mechanical Haul Trucks, Electric Haul Trucks with capacity such as Less than 200 Tons, 200
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
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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Restraints:
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.
Trends:
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.
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