Articulated Truck Market: Introduction
Articulated trucks or medium sized dump trucks are off road equipment used to carry heavy loads to and from a rough terrain. These trucks are articulated in a way that the front part of the truck is called the tractor while the dump body which is the rear part is pivoted to the tractor in a single point. This design offers greater stability and turning radius than the grid trucks which is a necessary requirement in uneven terrains. The axles of these articulated trucks are designed in such a way that all the rear wheels of the truck follow the same path trudged by the front wheels. These articulated trucks can also be modified in accordance to requirement to masquerade as a concrete mixer, liquid tanker among others in its rear section. With growths witnessed in both construction and mining industry where it is utilized the most, the market for articulated trucks is expected for ta steady growth across the globe in the upcoming years.
Articulated Truck Market: Dynamics
Several market drivers have churned the growth of articulated trucks with construction and mining industry being the most important factors increasing its demand. The trucks ability to navigate uneven and difficult terrains with high flexibility are some of the prime reasons for its improving demand in the market. While the manufacturers of such trucks are far and few, technical collaborations between major players has also increased in recent years in order to improve product specification and optimize operating efficiency. The high cost of off road vehicles may come across as a roadblock to the healthy growth of the market, schemes such as renting and leasing of such vehicles for a period of time has led to an increase in demand of articulated trucks owing to less cost involved. The articulated trucks are also continuously developed to cater the changing tastes of the end users with air conditioning, wider tires, drive assist among others being incorporated in the trucks to increase the number of buyers.
Articulated Truck Market: Segmentation
The Articulated Truck market can be segmented by payload capacity, power output and end use industry mainly.
By payload capacity, the Articulated Truck market can be segmented as:
By power output, the Articulated Truck market can be segmented as:
By end use industry, the Articulated Truck market can be segmented as:
Articulated Truck Market: Regional Outlook
The market for articulated trucks is ought to grow in the forecast period in the North American region owing to improvements witnessed in both infrastructure construction and mining industry. The European region is also anticipated to foresee a steady growth in the articulated truck market in response to its increased demand in the mining industry that has fostered in the upper European region and in the Russian economy. The construction industry in the Asia Pacific region with a major focus on China and India has seen growing strides from a couple of years. This increase in constructional activities has increased the demand for such trucks in order to facilitate easy and swift transportation of materials. Hence, the market in the Asia Pacific region is expected to grow on a positive note in the forecast period. Additionally, it must also be noted that the mining industry in Australia is one of the major contributors to its GDP and is one of the most important backbone to its economy, hence the demand for articulated trucks in the country is ought to improve in the near future. Last but not the least, the construction boom in the Middle East is also expected to aid the growth of articulated trucks market in the forecast period.
Articulated Truck Market: Key Participants
Examples of some of the participants involved in the manufacture of the Articulated Truck in the global market are:
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