USD 36.83 billion
Dump Trucks Market Size, Share, Growth Analysis, By Type(Articulated, Rigid), By End-User(Mining, Construction, Waste Management, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQSG20G2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Dump Trucks Market Insights
Global Dump Trucks Market size was valued at USD 36.83 billion in 2019 and is poised to grow from USD 40.43 billion in 2023 to USD 48 billion by 2031, growing at a CAGR of 9.8% in the forecast period (2024-2031).
Dump trucks are big pieces of equipment used to move heavy loads of loose materials including soil, sand, gravel, ore, and demolition rubbish between mining, civil, and large construction sites. You'll probably need a dump truck if the transporting of loose debris is necessary for your next mining or construction operation. Due to the extensive use of these vehicles in moving trash and mined materials between sites, the market for dump trucks is seeing significant demand in the mining industry. Mine operations in rocky terrain, open cast mines, etc. need the use of specialist mining vehicles, which manufacturers have created. In order to minimize the quantity of carbon in the mining industry, mining firms are concentrating on the deployment of low-emission and low-fuel-consuming machinery.
For example, Hitachi Construction Machinery Co., Ltd. said that it has created a technology that aids in obstacle identification whether operators are operating mine dump trucks or stopping or starting them. The efficiency of the whole mining supply chain—from exploratory mining through excavation, production, processing, transport, and shipment—is something that customers involved in mining operations around the world are working to increase along with safety. It is becoming more and more important for machinery manufacturers to integrate ICT technology into mining machinery and management systems as well as to offer solutions that do so.
US Dump Trucks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Articulated
Fastest Growth
Articulated
Growth Rate
9.8% CAGR
Global Dump Trucks Market 2021-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
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Dump Trucks Market Segmental Analysis
Global dump trucks market is segmented based on the type, end-user, and region. Based on the type, the global dump trucks market is segmented as articulated, and rigid. Based on end-user, the global dump trucks market is segmented as mining, construction, waste management, and others. Based on region, Dump Trucks Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Dump Trucks Market Analysis by Type
In 2021, the articulated segment held the largest share in the global dump trucks market. The industry statistics are driven by expanding construction activity and rising demand for high-speed vehicles for loading and unloading. Due to its benefits including more flexibility, increased safety, and increased operator comfort, the market sector for articulated dump trucks is expected to develop at a pace of around 10% through 2028. To improve their overall effectiveness, producers of articulated trucks are always concentrating on developing transmission and autonomous driving technology.
For example, two new articulated dump truck models were introduced by Hyundai Construction Equipment at the Hillhead exhibition in the UK as part of its quickly increasing line-up of heavy construction and earthmoving machinery. Hyundai's bigger crawler excavators and wheeled loaders are the perfect complements for the HA30A and HA45A haul trucks because of their respective rated payloads of 28 and 41 tonnes.
Dump Trucks Market Analysis by End User
During the forecast period, the construction industry is anticipated to dominate the global dump trucks market, with a revenue share of over 65% in 2021. In order to address the expanding requirements of urban and rural populations globally, there has been a surge in infrastructure transformation programs. During the projected period, there is likely to be a rise in product demand due to rising real estate costs and a focus on public infrastructure. The major market players are continually doing R&D operations to please the clients as a result of this increase in demand.
For example, at Excon 2022, Volvo Trucks India displayed two of its newest trucks. The Volvo FM and FMX line of trucks, which will be utilized for removal projects and other mining applications as well as transport solutions for road construction, irrigation, and quarry operations, includes the Volvo FMX 500 8x4 off-road dump truck and Volvo FM 420 8x4 23 Cu.M construction tipper. Both of these items are completely integrated with Volvo Connect and provide pertinent information in real-time to boost productivity.
Following this, the mining sector is also expected to observe a significant boost during the forecast period. This is attributed to the rise in mining activities and the constant R&D done by the prominent players in the market to meet the demand. For example, A recent delivery from BAS Mining Trucks to KB Handel was an 8x4 widespread pusher with single-mounted tires. The third BAS Mining truck that KB uses at the OBA in Amsterdam, the Netherlands, is already in use. The 40-ton payload 8x4 widespread pusher with single-mounted tires will be used to move asphalt granules across a short distance of up to 400 meters.
Global Dump Trucks Market by Type, 2021 (%)
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Dump Trucks Market Regional Insights
The global dump trucks market is expected to be dominated by the Asia Pacific, which is also expected to rise at a CAGR of more than 10% during 2022–2028. The introduction of several building and landscaping projects in Southeast Asian nations is credited with growth. In order to combat the economic crisis, nations like India, China, Singapore, Taiwan, Indonesia, New Zealand, etc. are focused on boosting their infrastructure development operations. Government investment in infrastructure projects is still quite high. For example, as of May 2022, India had the most infrastructure projects under construction or in use, each at over US$ 25 million. Compared to China's 1,175 building projects and India's 1,944. The largest ongoing building project in the world is The Al Maktoum International Airport in Dubai, United Arab Emirates. The $32 billion mega-project, which spans more than 21 kilometers, has entered an extension phase.
Following this, due to ongoing investments, supportive government regulations, decreased transportation costs that would enable businesses to drop unit prices, availability of vital mined materials like zinc, lead, and nickel, and ongoing investments, North America is expected to dominate the global dump truck market. For example, according to the federal highway administration, the axle spacing specifications outlined by the State bridge formula do not apply to dump trucks, dump trailers, concrete mixing trucks, fuel oil trucks, gasoline trucks, or trucks designed and built for certain sorts of labor or use. Given that the maximum gross weight does not exceed State restrictions and all axles are fitted with brakes, these vehicles are restricted to a weight of 20,000 lbs. per axle plus scale tolerances. State size and weight restrictions often do not apply to trucks, semitrailer trucks, or trailers owned by the federal, state, or municipal governments. If a vehicle is licensed by a city or incorporated town, it is free from state size and weight restrictions as long as it stays within the municipality's or the police force's jurisdictional boundaries.
Global Dump Trucks Market By Geography, 2021 - 2028
- Largest
- Fastest
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Dump Trucks Market Dynamics
Dump Trucks Market Driver
- The expansion of the building industry and accelerated industrialization are two major factors driving the dump trucks market. These vehicles are known for their durability, affordability, and ease of maintenance. They typically appear in several industrial processes because of their unique properties. Over the previous two decades, worker productivity growth in the construction industry has increased by an average of 1% annually, versus 2.8 % and 3.6 % for the global economy as a whole and manufacturing, respectively. Less than 25% of construction businesses in a sample of examined nations were able to match the productivity gains shown in the national economies where they operate during the previous ten years.
- The fast digitization of cars is accelerating market development. The need to boost operational effectiveness, profitability at reduced costs, and productivity bolsters the market growth. The growth in government investment on large infrastructure upgrades and technological breakthroughs for these vehicles further stimulates the market growth.
Dump Trucks Market Restraint
- Sales growth is anticipated to be constrained by regulations governing heavy vehicles and high maintenance costs for trucks. Furthermore, during the forecast period, safety concerns associated with mining and construction activities are anticipated to present a challenge to the dump trucks market.
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Advancements in technology, higher fuel prices, and advanced systems have elevated the cost of these trucks which led to rise of maintenance cost.
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The critical problem for mining and construction is posed by increased cost of modernized equipment which accounts to high initial investments, leading to lower productivity and yield.
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Dump Trucks Market Competitive Landscape
The global dump trucks market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, REKO Recycling has received a new BAS Mining 10x6 pusher with single-mounted tires. Between 500 and 1000 meters will be covered by the vehicle as it transports coal tar asphalt from the port to the disposal site. Due to its enormous 50-ton capacity, which translates to excellent production and efficiency, REKO picked this truck.
Top Players in the Dump Trucks Market
- Caterpillar Inc.
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd
- Volvo Group
- Terex Corporation
- Liebherr Group
- CNH Industrial N.V.
- SANY Group Co., Ltd.
- XCMG Group
- Doosan Infracore Co., Ltd.
- JCB Ltd.
- Deere & Company
- TATA Motors Ltd.
- Ashok Leyland Ltd.
- Daimler AG
- Iveco S.p.A.
- Scania AB
- MAN Truck & Bus AG
- Hino Motors, Ltd.
- Isuzu Motors Limited
Dump Trucks Market Recent Developments
- In June 2022, Volvo Vehicles currently provides battery-operated trucks and trucks that run on alternative fuels, such biogas, to decarbonize transportation. A third CO2-neutral option—fuel cell electric trucks fueled by hydrogen—will be introduced to its product lineup in the second part of this decade. A vehicle with a range of up to 1000 km that only releases water vapour, generates its own power on board. With hydrogen fuel cells, it is feasible, and Volvo Trucks has begun testing cars with this innovative technology.
- In May 2022, the first battery assembly facility for Volvo Trucks is going to be established. The company, which is based in Ghent, Belgium, will provide fully electric heavy-duty vehicles from Volvo Trucks with ready-to-install batteries. Samsung SDI's cells and modules will be combined at the new battery factory to create battery packs specifically designed for Volvo Trucks' heavy-duty electric lineup, including the Volvo FH, Volvo FM, and Volvo FMX. In the third quarter of this year, series production will begin.
Dump Trucks Key Market Trends
- Due to the extensive use of these vehicles in moving trash and mined materials between sites, the market for dump trucks is seeing significant demand in the mining industry. Mine operations in rocky terrain, open cast mines, etc. need the use of specialist mining vehicles, which manufacturers have created. In order to minimize the quantity of carbon in the mining industry, mining firms are concentrating on the deployment of low-emission and low-fuel-consuming machinery. Demand for dump trucks is being driven by such programs as well as the requirement to recycle hazardous trash. The market's revenue is being driven by the construction industry's rapid expansion.
Dump Trucks 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Dump Trucks Market Analysis, by type, the articulated segment held the largest share in 2021, driven by expanding construction activity and rising demand for high-speed vehicles for loading and unloading. Its benefits include more flexibility, increased safety, and increased operator comfort. By end-user, the construction segment held the largest share in the global dump trucks market owing to addressing the expanding requirements of urban and rural populations globally, there has been a surge in infrastructure transformation programs. And by region, the Asia-Pacific region held the largest share in the market in 2021 due to the introduction of several building and landscaping projects in Southeast Asian nations.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 36.83 billion |
| Market size value in 2031 | USD 48 billion |
| Growth Rate | 9.8% |
| 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:-
|
| Historical Year | 2019 |
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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 Trucks 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 Trucks 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 Trucks 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 Trucks 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 Trucks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Dump Trucks 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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