Dump Truck Market Observes Extensive Demand in the Mining and Construction Sectors
Dump Truck Market Scope
The dump truck market 2023 can achieve a valuation of more than USD 15.1 Billion by 2030. The projected market growth rate can be 7.23% from 2023 to 2032 (assessment period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Key Boosters and Main Deterrents
The COVID-19 impact on the global economy has been significant, with every commercial activity ceased due to the lockdown imposed by governments. While some industries are unwittingly benefitting from the pandemic, the mining and construction industries have been caught on the wrong side of the curve. The COVID-19 outbreak has led to disruption of supply chains, reverse migration, and more.
However, the high adoption of advanced technologies such as AI, IoT and the emergence of the 5G technology can give a respite to the dump truck market post the SARS-CoV-2 outbreak and its induced lockdown policy. These technologies prevent the need for human intervention, which is an important aspect during the novel coronavirus era and the increasing need to contain the virus spread. For instance, in July 2020, a 5G pilot zone was used at the SUEK coal company mine located in Russia for analyzing the potential of the 5G technology. This project had been tried on close to 130 tons of BELAZ-7513R autonomous mining dump trucks that extensively deploy safe, unmanned and efficient mining technologies that are backed by AI/artificial intelligence, IoT/and internet of things as well as robotics.
The increasing need to shift massive amounts of debris and materials in the mining and construction industries is one of the top growth inducers in the dump truck market. The increasing excavation of precious metals has been observed in the mining sector, which has led to higher deployment of dump trucks. The automation trend, rising use of machinery and the introduction of battery-powered dump trucks for fuel efficiency in infrastructure and agriculture have also boosted the uptake of dump trucks in recent years. To cite a reference, in June 2020, BelAZ developed a battery powered diesel-electric dump trucks, catering to those economies where the price of diesel is quite high.
Type, propulsion, capacity and application are the top segments based on which the dump truck market has been extensively covered in the MRFR study.
The key types discussed in the report include roll-off, side and rear. The market for rear dump trucks is quite lucrative, as these dump trucks facilitate quick offload times and are majorly deployed in the construction as well as mining industries.
Propulsion-wise market segments can be electric and ICE. The market for internal combustion engine propulsion dump trucks has gained the leading position, as a result of the expansive manufacturing base, ability to carry heavy load, engine robustness and better torque generation are some of the factors boosting the industry growth across the globe.
Capacity ranges covered are Below 25 MT, 25–50 MT, 50–150 MT and Above 150 MT. The highest demand is noted by the dump trucks with capacity of below 25 MT, on account of the high ruggedness that makes them ideal for extreme terrain, and the ability to facilitate lower operating costs, better fuel efficiency, and longer life of the tire.
The primary applications of dump trucks include agriculture and forestry, mining, construction and more. The deployment rate of dump trucks is the highest in the mining sector, used for hauling the waste material from the site to another location or moving the mined ore to the processing plant. However, the largest market belongs to the construction industry, as dump trucks are extensively used for unloading waste material and bringing raw materials and debris to the construction site.
APAC/Asia Pacific along with Europe, North America and RoW/ Rest of the world are the regional segments in the dump truck industry.
At present, the world leader in the dump trucks market is APAC, a region with a thriving construction and mining industry. The presence of off-road project sites as well as irregular terrains benefits the dump truck market here. The remarkable growth of the automotive industry in India and China has also led to higher production of dump trucks in the region.
The North American market for dump trucks is a strong one, driven primarily by the huge construction and mining sectors in the United States and Canada. The region’s landscape features a number of remote areas that are not easily accessible, particularly for the mining industry, which necessitates the use of dump trucks. Also, given the major farmlands present in the region, dump trucks have become essential for produce transportation or earth removal, which can be another important growth promoter in the regional market.
Prominent Industry Firms
Some of the prominent industry firms include Terex Trucks (UK), Hitachi Construction Equipment (Japan), Caterpillar (US), AB Volvo (Sweden), CNH Industrial NV (UK), The Liebherr Group (Switzerland), Daimler AG (Germany), China FAW Group Co. Ltd (China), Doosan Corporation (South Korea), XCMG Group (China), Bell Trucks America, Inc. (US), Sany Group (China), Komatsu Ltd (Japan), BYD Motors, Inc. (China), Deere & Company (US), to name a few.