USD 8.1 billion
Dump Truck Market Size, Share, Growth Analysis, By Type(Articulated, Rigid), By Application(Mining, Construction, Waste Management, Others), By Propulsion(ICE, Electric), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20G2048 |
Region:
Global |
Published Date: March, 2024
Pages:
162
|Tables:
89
|Figures:
71
Dump Truck Market Insights
Global Dump Truck Market size was valued at USD 8.1 billion in 2022 and is poised to grow from USD 8.68 billion in 2023 to USD 15.14 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).
Dump trucks are huge trucks that are used to move large volumes of material from one place to another. This type of trucks are usually used in the construction industry for different types of construction materials. Dump trucks are also being extensively used to carry waste and dump it onto dumping grounds. Growing infrastructure development activity and the rising number of construction projects around the world are slated to bolster the demand for dump trucks over the coming years. Rapidly expanding mining industry is also estimated to create new opportunities for dump truck companies in the future.
Growing world population has led to an increase in waste generated, which in turn, is slated to benefit sales of dump trucks as they are being utilized by municipalities for waste management efforts. On the contrary, high availability of different types of other trucks that can perform similar tasks could hurt dump truck market growth across the forecast period. Electrification of the automotive industry is a key trend that dump truck manufacturers should capitalize on going forward.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
ICE
Fastest Growth
Electric
Growth Rate
7.2% CAGR
Global Dump Truck Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Dump Truck Market Segmental Analysis
The global dump truck market is segmented based on type, propulsion, application, and region. In terms of type, the market is segmented into articulated and rigid. Based on propulsion, the market is bifurcated into ICE and electric. In terms of application, the market is segmented into mining, construction, waste management, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Propulsion
The ICE (internal combustion engine) segment is projected to account for a major share of the global dump truck market. ICE-powered trucks have been around for decades and they have proven their mettle in these years, which is why the reliance on these machines has increased exponentially. Imposition of stringent emission mandates and rising prices of fossil fuels are projected to be key threats for growth of this segment.
On the other hand, sales of electric dump trucks is predicted to soar high across the forecast period and beyond. Imposition of stringent emission mandates and ban on certain type of fuels are all expected to push the popularity of electric dump truck over the coming years. Advancements in battery technology and development of an adequate EV charging infrastructure are both slated to facilitate growth of the dump truck market via this segment going forward.
Analysis by Application
The construction segment is projected to bolster the demand for dump truck across the forecast period. High investments in infrastructure development around the world are contributing to the robust growth of the dump truck market via this application segment. Advancements in the construction industry are also predicted to augment the sales of dump trucks in the future. Developing countries will be crucial for dump truck sales in the construction application going forward.
The demand for dump truck in the mining application segment is slated to soar high over the coming years. Growing demand for novel minerals and materials coupled with increasing advancements in mining technology are also slated to benefit the dump truck market growth prospects in the future. African region is slated to highly remunerative in terms of mining application in the long run.
Global Dump Truck Market By Propulsion
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Dump Truck Market Regional Insights
The Asia Pacific region is slated to hold a dominant position in the global dump truck marketplace across the forecast period. This can be attributed to the high investments in infrastructure development and a growing number of new construction projects in countries such as India and China. Dump truck companies are also expected to set up their manufacturing facilities in this region to take advantage of the availability of cheap labor and raw materials.
The demand for dump trucks is slated to increase at a notable pace in the North American region over the coming years. Favorable government initiatives promoting construction and mining activity in this region are slated to bolster dump truck sales over the coming years. Moreover, the increasing availability of advanced dump trucks and established network of truck rental services also contributes to market growth in North America. The United States is projected to lead the demand outlook for dump trucks across the forecast period followed by Canada.
Global Dump Truck Market By Region
- Largest
- Fastest
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Dump Truck Market Dynamics
Drivers
- Growth in Infrastructure Development Activities
High investments in infrastructure development have pushed construction activity around the world. Since construction is a prominent application for dump trucks, this trend is automatically driving the market growth.
- Rising Mining and Quarrying Operations
The demand for precious minerals and materials has increased exponentially in recent years and this has resulted in a robust hike in mining activities around the world. Dump trucks are vital in the mining industry to carry loads of excavated material, which is slated to benefit market development.
Restraints
- Emission Mandates
Dump trucks are a huge source of vehicle emissions and increasing emphasis on reducing emissions to promote sustainability is projected to slow down market development in the future. Imposition of strict vehicle emission mandates and regulatory norms for trucks could hurt dump truck sales.
- Total Cost of Ownership
Owning and maintaining dump trucks can be a capital-intensive task and this why most companies are refraining from purchasing these trucks and choose to rent to them. This is expected to hurt dump truck sales to a certain extent in the long run.
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Dump Truck Market Competitive Landscape
Dump truck manufacturers are focusing on adding more functionality to their products and creating products that are more affordable. Dump truck market players partner and collaborate with truck rental providers, construction companies, and mining contractors to expand their sales potential going forward. Dump truck companies can also focus on incorporating sustainability in their manufacturing process. Dump truck suppliers need to provide electric dump trucks to stay relevant in the future as the focus on sustainability and emission reduction bolsters around the world.
Top Player’s Company Profiles
- Caterpillar Inc.
- Komatsu Ltd.
- TATA Motors Ltd.
- Liebherr Group
- Deere & Company
- BYD Company
- Doosan Infracore Co., Ltd.
- Volvo Group
- Terex Corporation
- CNH Industrial N.V.
- Hitachi Construction Machinery Co. Ltd.
- SANY Group Co., Ltd.
- FAW Group Corporation
- XCMG Group
- JCB Ltd.
Recent Developments
- Propel Industries Pvt. Ltd., an Indian manufacturer of crushing and screening equipment announced the launch of two new electric dump trucks in December 2023. Both these trucks were designed and manufactured in India.
- In March 2024, a fully autonomous articulated dump truck was launched in the United Kingdom. Four companies namely Chepstow Plant International, Bell Equipment UK, Xtonomy and Sibelco Equipment collaborated to develop this truck that was launched at a China clay quarry in Devon.
- Sany, a Chinese supplier of heavy industrial equipment, announced the launch of a new range of dump trucks with better efficiency and power output along with other features back in August 2023.
Dump Truck Key Market Trends
- Electrification of Dump Trucks: Dump truck manufacturers can focus on powering their trucks with electric power as the trend of EVs picks up pace around the world. Companies can create novel electric trucks that have better range and cost to profit ratio as compared to ICE-powered dump trucks. Automation is also a key trend that dump truck companies could target along with electrification.
Dump Truck Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, surging investments in infrastructure development and growing construction activity are slated to augment the demand for dump trucks over the coming years. Growing mining activity around the world is also slated to be a key driver for dump truck market development. The imposition of stringent emission mandates by governments and regulatory bodies around the world is projected to hamper the sales of dump trucks across the forecast period and beyond. The Asia Pacific region accounts for highest sales of dump trucks in the world owing to rapidly increasing construction activity in countries such as India and China. Dump truck companies are focusing on the electrification trend to stay relevant in the future and comply with changing emission mandates.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.1 billion |
| Market size value in 2031 | USD 15.14 billion |
| Growth Rate | 7.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Dump Truck Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Dump Truck Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Dump Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Dump Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Dump Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Dump Truck Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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