The latest study conducted by Global Market Insights Inc. claims that the global dump trucks market size  could exceed USD 30 billion by 2030. Governments across several economies have been taking several initiatives to promote recycling activities of hazardous wastes. Such initiatives and efforts, combined with the ongoing replacement of older dump trucks with new ones, will further strengthen the industry forecast.

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Highlighting some of the major trends streamlining dump trucks industry growth through 2030

Increasing government support for recycling activities

Inadequate disposal of natural resources poses several threats to the environment as well as vulnerable communities by significantly increasing GHG emissions. Driven by these vulnerabilities, in November 2021, the US Environmental Protection Agency presented the National Recycling strategy, which determines actions to handle challenges faced by the US municipal solid waste recycling system. The agency has been seeking associates to implement these efforts to create a more robust, resilient, and cost-effective domestic recycling system.

As recycling activities require waste and harmful disposals to be taken from one place to another, the execution of such strategies may increase the dump trucks industry share.

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Surging rate of urbanization

The Asia Pacific region witnessed appreciable growth in urban population over the last few years in countries like India and China. In 2021, China's urbanization rate hit 64.72%, as stated by the National Development and Reform Commission. On the other hand, the urban population in India was predicted to reach as much as 550 million during 2001-21.

The migration of people from rural to urban areas has substantially triggered the requirement for residential and commercial spaces, which has pushed the growth of the construction sector in the last few years.

In addition, the setting up of new factories and manufacturing facilities due to increasing industrial development has further boosted the expansion of the construction industry.

These construction projects naturally require heavy materials like bricks, mortar, sand, etc., to be transported in bulk quantities. As the number of such projects rises, Asia Pacific dump trucks market outlook may observe a major transformation.

Rising coal and mining activities

As per the Eurostat facts and figures, in 2021, the EU recorded 57 million tons of coal production. In addition, the estimated number of mines in India stood at 1245 as of 2022. The rising automotive production and infrastructure development are driving the growth of coal and mining industries globally.

Besides, the increasing growth expectations of the commercial and residential building industry will push the requirement for cement, power, iron, and steel. These optimistic scenarios are likely to transform the dump trucks industry dynamics in the foreseeable future.

The growth of the manufacturing sector will also create positive growth prospects for dump trucks with respect to several loading and unloading activities. Governments worldwide are likely to make further investments in developing infrastructure in the years ahead, which may further strengthen the dump trucks market.

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