Dump Trucks Global Market Report 2024

The dump trucks market size has grown strongly in recent years. It will grow from $52.21 billion in 2023 to $56.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be attributed to market expansion and globalization, material innovation in manufacturing, economic growth and demand, safety and efficiency standards, and urbanization and development.

The dump trucks market size is expected to see strong growth in the next few years. It will grow to $78.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be attributed to the adoption of advanced telematics, an increase in infrastructure development, a demand for efficient hauling solutions, a shift towards electric and hybrid models, and a focus on safety and automation. Major trends in the forecast period include regulatory compliance and emission standards, efforts for ergonomic and comfort features, increased payload capacity, a rise in mining and construction activities, and modular and versatile designs.

The growth of the dump trucks market is anticipated to be propelled by the increase in government funding for substantial infrastructure. Governments are allocating more funds for various sectors, including roads, transport, defense, and healthcare, to stimulate economic development. As construction activities are a vital component of infrastructure projects, the demand for dump trucks has surged, given their essential role in loading and unloading construction materials and waste. This increased demand is a direct response to the augmented government funding for significant infrastructure developments. For example, in September 2021, the Indian government, as reported by the India Brand Equity Foundation (IBEF), allocated $13.48 billion for road projects in Jammu and Kashmir to enhance the region's road infrastructure, leading to an expansion in the number of national highways from 7 in 2014 to 11 in 2021. Furthermore, in the Union Budget 2021, the Indian government earmarked $1.89 billion to support initiatives such as 'Housing for All' and the 'smart Cities Mission.' Consequently, the upsurge in government funding for infrastructure is expected to drive the demand for dump trucks in the market throughout the forecast period.

The growth of the dump trucks market is expected to be driven by the rise in the construction industry. The construction industry encompasses a wide array of activities related to the construction, modification, and repair of buildings, as well as engineering projects such as highways and utility systems. Dump trucks play a crucial role in the construction sector, as their hydraulic dumping mechanisms make them well-suited for hauling and delivering a diverse range of materials essential for building and infrastructure development. For instance, as of June 2023, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, both U.S.-based government administrations, indicates that privately owned home starts were occurring at a seasonally adjusted annual pace of 1,631,000 in May 2023. This figure represents a substantial increase of 21.7% from the revised April 2023 prediction of 1,340,000 and a 5.7% growth compared to the May 2022 rate of 1,543,000. Additionally, the number of privately owned home completions in May 2023 reached 1,518,000 on a seasonally adjusted yearly basis, marking a 5.0% increase over the May 2022 rate of 1,446,000 and a 9.5% rise above the revised April 2023 estimate of 1,386,000. Consequently, the upswing in the construction industry is a key driver behind the growth of the dump trucks market.

The dump trucks market is experiencing a notable trend of technological development. Companies within the dump truck sector are prioritizing the advancement of electric dump trucks equipped with AC control and other capabilities. This strategic focus aims to enhance overall efficiency and productivity, concurrently reducing the cost of ownership and minimizing environmental impact. As an illustration, in June 2021, Xiangtan Electric Manufacturing Co Ltd (XEMC), a China-based company specializing in the manufacturing and distribution of mechanical and electrical products, achieved a significant milestone by unveiling the world's first 120-ton electric mining dump truck featuring AC drive and CATL batteries. This groundbreaking product is designed for transportation purposes in open-pit mines, contributing to the mining industry's transition toward low-carbon, energy-efficient solutions and environmental conservation. The CATL batteries utilized in this dump truck are characterized by their large capacity, ultra-safe lithium iron phosphate composition, providing high-power charging capabilities with advanced high-voltage, fast charging technology.

Key players in the dump truck market are at the forefront of innovation, focusing on the development of cutting-edge products featuring advanced technologies, including self-driving capabilities. These companies are actively engaged in creating autonomous dump trucks equipped with sophisticated technological systems that can execute tasks without human intervention. The integration of autonomous features is aimed at enhancing safety, cutting down on labor costs, and boosting overall operational efficiency. As an illustrative example, in June 2021, Tata Hitachi Construction Machinery Company introduced an engineless, fully battery-powered rigid dump truck, developed through collaboration with ABB. This innovative dump truck incorporates a customized on-board energy storage system and is capable of transitioning from diesel to complete electric battery operation. This transition not only reduces greenhouse gas emissions but also aligns with a net-zero emission pathway, providing a sustainable solution to environmental concerns.

In July 2021, Traton SE, a subsidiary of the Volkswagen Group and a renowned German manufacturer of commercial vehicles, completed the acquisition of Navistar International Corporation for $3.7 billion. This strategic acquisition, followed by a subsequent merger, positions Traton as a prominent player with a global presence and complementary capabilities in the manufacturing of commercial vehicles. Navistar International Corporation, an American company, specializes in providing trucks, buses, parts, and financial services.

Major companies operating in the dump trucks market report are BYD Company Limited, FAW Group Corporation, Caterpillar Inc., Daimler Group, Deere & Company, Volvo Group, TATA Motors Limited, Sany Heavy Industry Co. Ltd., PACCAR Inc., Komatsu Limited, CNH Industrial NV, Scania AB, Iveco S.p.A., Mahindra & Mahindra Ltd., Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Doosan Corporation, Hino Motors Ltd., MAN Truck & Bus AG, Hitachi Construction Machinery Co. Ltd., Sinotruk Limited, Hyundai Heavy Industries Co. Ltd., Ashok Leyland Ltd., BAS Mining Trucks, Terex Corporation, XCMG Group, Kenworth Truck Company, OJSC BELAZ, Mack Trucks lnc., Bell Equipment Company SA, Curry Supply Company, Bell Trucks America Inc.

Asia-Pacific was the largest region in the dump trucks market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the dump trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dump trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Dump trucks come in various types, including rear dump trucks, side dump trucks, and roll-off dump trucks. Rear dump trucks are specifically designed for carrying and dumping particle materials, featuring a dumping door at the rear end of the vehicle. These trucks are further categorized based on the type of engine, distinguishing between internal combustion engines and electric engines. They play a crucial role in daily operations across industries such as mining, construction, infrastructure, military, agriculture, and more.

The dump trucks market research report is one of a series of new reports that provides dump trucks market statistics, including dump trucks industry global market size, regional shares, competitors with a dump trucks market share, detailed dump trucks market segments, market trends and opportunities, and any further data you may need to thrive in the dump trucks industry. This dump trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The dump trucks market consists of sales of standard dump truck, semi-trailer end dump truck, transfer dump truck, truck and pup, and super dump truck. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.