USD 10.2 billion
Report ID: SQSG20G2001 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 63 | Figures: 75
Global Dump Trucks Market was valued at USD 10.2 billion in 2021, and it is expected to reach a value of USD 17.59 billion by 2028, at a CAGR of more than 8.1% over the forecast period (2022- 2028).
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.
Global Market Size
USD 10.2 billion
more than 8.1% CAGR
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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, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
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.
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.
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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.
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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.
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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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 Global Dump Trucks Market
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.
|Market size value in 2021||USD 10.2 billion|
|Market size value in 2028||USD 17.59 billion|
|Growth Rate||more than 8.1%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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