Dump Trucks Market Size, Share, Growth Analysis, By Type (Rear, Side), By Engine (Internal Combustion Engine, Electric Engine), By Application, By Capacity, By Region - Industry Forecast 2024-2031

Global Dump Trucks Market size was valued at USD 59.3 billion in 2022 and is poised to grow from USD 63.1 billion in 2023 to USD 107.91 billion by 2031, growing at a CAGR of 7.1% during the forecast period (2024-2031).

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. 'bota-Gear (U.S.) ', 'J C Bamford Excavators Ltd. (U.K.) ', 'Deere & Company. (U.S.) ', 'AB Volvo (Sweden) ', 'Rogers Dump Bodies (U.S.) ', 'Caterpillar (U.S.) ', 'BAS Mining Trucks (Netherlands) ', 'OJSC BELAZ (Belarus) ', 'Cummins Inc. (U.S.) ', 'Liebherr Group (Germany) ', 'Komatsu Europe International N.V. (Belgium) ', 'Terex Equipment P.Ltd. (India) ', 'Volkswagen (Germany) ', 'DUX MACHINERY CORPORATION (Canada), ', 'AdvanceQuip (New Zealand) ', 'NAVISTAR, INC. (U.S.) ', 'Mack Trucks (U.S.) ', 'KrAZ (Ukraine) ', 'Peterbilt (U.S.)'

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.

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.

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.