Major companies are investing considerably in research and development activities for introducing highly effective dump trucks. The swift development in the global construction field drives the market. The quick occurrence of smart mining technologies surges the productivity and efficacy of mining sites to support the dump trucks market growth. Urbanization led to the generation of demand for a better transportation system globally. Mounting transportation infrastructure with rising urbanization led to the generation of a demand for better transportation globally.
The capacity of dump trucks to transfer materials plays a major role in the market growth reducing human efforts and dumping the materials directly using hydraulic arms. Furthermore, the construction and mining companies give their contracts to the regional players driving the market.
However, the hammering of emission regulations challenges the dump truck market.
On July 21, 2022, Komatsu to exhibit a power-agnostic dump truck, Expo.
On March 31, 2022, Komatsu introduced its new 230t 830E haul truck in Australia. The truck has got a Cummins QSK60 diesel engine with the latest engine and drive system technology with the highest capacity and availability improvements.
On September 12, 2022, Caterpillar introduced a next-generation mining truck cab starting with the 785 and expanding to the 789 and 793. The mining cab includes countless automation features to develop the efficiency of the operator.
On January 28, 2022, Hitachi Construction Machinery Co Ltd launched Consite Mine to the global market- a service solution providing machine analytics to support the resolution of issues at mining sites.
On March 15, 2022, XCMG has built the "world's largest" 400t XDE 440 mining truck for Zijin Mining and China Minmetals. The XDE440 is the world's largest rear-drive rigid mining car that has rolled off the production line.
The rear type segment engaged the largest share in 2018. Due to its ease of motility and its design of the articulated framework, the rear dump truck is the most commonly used. Dump truck vehicles have hard tires making the vehicles appropriate to pull off different types of materials, particularly at the construction sites.
Side dump trucks have hydraulic rams used to incline the side body to dump and pour the material either left or right side of the truck.
Roll-off trucks have nobody only having a subframe or a hoist in this it is loaded on the ground and then pulled onto the back of the truck.
Internal Combustion Engine
The Internal Combustion Engine (ICE) segment accounts for more than 97% of the share in the market. The segment growth owes to the extended demand and less cost of the dump trucks supplied with combustion engines.
The electric engine is projected to showcase the highest CAGR during the foreseen period. Advantages like zero exhaust emissions, low initial cost, less maintenance cost, and lengthy lifespan are responsible for the segment to grow harder.
The mining end-user segment held the largest share in the dump trucks market. The increasing domestic demand for valuable metals mainly iron ore and gold fuels the segment growth. Further, introducing smart mining and adopting automated equipment with the growing supply of dump trucks with short-term and long-term contracts with mining companies burgeon the market growth. The demand for dump-trucks for underground mining is rising which stimulates the growth throughout the foreseen period.
North America - The U.S and Canada contribute a major share in the dump trucks market. The quickly rising mining sector drives the market.
The dump trucks market in Europe is experiencing the highest growth owing to growing government investments in public and transport infrastructure. The European Union (EU) invested 2.5 million USD across 140 major transportation projects for supporting Europe's economic recovery, in July 2022. The economic recovery in Europe is creating a huge demand for upgraded dump trucks over the forthcoming years.
Asia-Pacific spearheads the global dump trucks market
China is the largest producer of steel and half of the world's steel is produced in China.
India is the quickest-growing mining equipment market experiencing a huge rise over the mining industry.
The Phillippines, Malaysia, and India are experiencing a huge demand in the construction field.
Latin America and the Middle East and African regions are said to have profound growth in the dump trucks market. The demand for natural resources and minerals is rising with the growing adoption of dump trucks. Furthermore, the manufacturing companies are executing energy-efficient vehicles to decrease the dreadful effects of mining and drilling.
Top key players in Dump Trucks Market
1. AB Volvo, Caterpillar
3. Komatsu Ltd
4. Hitachi Construction Machinery Co., Ltd
COVID-19 Impact On Dump Trucks Market
The sudden eruption of the novel coronavirus (COVID-19) has negatively affected the dump trucks market. During the first two quarters of 2022, most of the mining sites and other construction projects have given a pause due to the severe lockdowns and restrictions on maintaining social distancing and gathering. In addition, restrictions on trading and other manufacturing activities have obstructed the dump trucks market.
Chapter 1. Global Dump Trucks Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Global Dump Trucks Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2022 - 2027
2.3.2. Impact on Supply – Demand
Chapter 3. Global Dump Trucks Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Global Dump Trucks Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Global Dump Trucks Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Global Dump Trucks Market – By Type
Chapter 7. Global Dump Trucks Market – By Engine Type
7.1. Internal Combustion Engine
7.2. Electric Engine
Chapter 8. Global Dump Trucks Market – By End-User
Chapter 9. Global Dump Trucks Market, By Geography - Market Size, Forecast, Trends & Insights
9.1. North America
9.2.7. Rest of Europe
9.3. Asia Pacific
9.3.2. South Korea
9.3.5. Australia & New Zealand
9.3.6. Rest of Asia-Pacific
9.4. Rest of the World
9.4.1. Middle East
9.4.3. South America
Chapter 10. Global Dump Trucks Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
10.1. Company 1
10.2. Company 2
10.3. Company 3
10.4. Company 4
10.5 Company 5
10.6. Company 6
10.7. Company 7
10.8. Company 8
10.9. Company 9
10.10. Company 10
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