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

Q: What is the global market size of Dump Truck?

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).

Report ID: SQMIG20G2048 | Region: Global | Published Date: March, 2024
Pages: 162 | Tables: 89 | Figures: 71

Dump Truck Market News

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 Market Report Snapshots

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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 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. '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.'

Growth in Infrastructure Development Activities

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.

The Asia Pacific region is slated to hold a dominant position in the 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.

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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

Dump Truck Market News

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