Dump Trucks Market Size (2023 - 2030)

The global dump trucks market size is estimated to be valued at USD 40.43 billion in 2022, registering a CAGR of 9.8%, and is projected to reach USD 48.0 billion by 2030 during the foreseen period.

A dump truck is an unloader truck or tipper truck used for taking dumps like sand, rock, and destruction squander, for development like coal. A dump truck is not only used for development and still can use for some other reasons. A dump truck is served with an open-box bed, turned at the rear, and used with a hydraulic ram to lift the front of the open-box bed that enables the material in the bed to be deposited on the ground behind the truck at the desired site.

MARKET DRIVERS

Factors like growing demand for dump trucks fuel the market across the period. The burgeoning investments in infrastructure with the rising construction industry and introducing Artificial Intelligence and Machine Learning over the dump trucks market. Technological developments of vehicles fuel the market and accelerate government funds on infrastructure escalate the dump trucks market.

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.

MARKET RESTRAINTS

However, the hammering of emission regulations challenges the dump truck market.

Recent Happenings

• 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.

Segment Analysis

Dump Trucks Market - By Type:

• Rear

• Side

• Roll-off

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.

Dump Trucks Market - By Engine Type:

• Internal Combustion Engine

• Electric 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.

Dump Trucks Market - By End-User:

• Construction

• Mining

• Others

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. 

Regional Analysis

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

2. XCMG

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.