The global dump trucks and mining trucks market is envisioned to garner $92.1 billion by 2031, growing from $45.5 billion in 2021 at a CAGR of 7.4% from 2022 to 2031.
Dump trucks and mining trucks are used to transport coal and other materials for development, such as sand, rock, or demolition waste. The typical dump trucks and mining trucks have an open-box bed that pivots at the back and is lifted by hydraulic rams. This allows the material in the bed to be dumped on the ground at the site of conveyance at the back of the truck. These trucks are commonly used to move loose materials such as gravel, sand, and other associated materials and equipment. It comprises of an open bed box at the back of the truck with a hydraulic piston to lift the trailer or hauler and dump the material at the appropriate position. Several reasons, such as the expansion of infrastructure operations, the expansion of the rental equipment business, smart city infrastructure demands, and the changing regulatory landscape for emission requirements, are likely to drive industry growth over the projected timeframe.
The high costs involved with truck maintenance and rigorous rules on large autos are projected to stymie market expansion. Also, overturning, collisions in blind zones, and driver incompetence are a few of the reasons for dump and mining truck accidents. These factors are anticipated to hamper the growth of dump trucks and mining trucks market growth.
Electric haul trucks used in the mining industry are one of the most demanding applications for vehicle electronics. These vehicles are used for ore transportation under harsh environmental conditions, stringent safety concerns, and manufacturing needs, such as economies of scale that necessitate larger trucks.
The ability to draw electricity from dc overhead trolley lines and either replace or complement the diesel engine as the truck's source of power is one of the benefits of using electric drives in haul trucks as opposed to a conventional mechanical gearbox, torque converter, and differential. Overhead trolley lines are most typically placed in mines with a single route exiting a deep shaft or where fuel expenses far exceed the cost of electricity. The main advantage of using trolley assist is that the power available to the traction motors is substantially improved. This permits the truck to drive faster up the grade, reducing the time required to transport the mineral and, as a result, increasing production rates.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. The COVID-19 outbreak has hindered the dump trucks and mining trucks industry's growth. Due to the stringent lockdowns and social seclusion implemented to stop the virus's propagation, COVID-19 had a detrimental effect on the market for dump trucks and mining trucks. Demand for dump trucks and mining trucks was hampered by the market’s poor consumer confidence, and economic uncertainty. During the pandemic, the supply chain was impeded along with logistics operations.
The key players profiled in this report include SANY Group, Caterpillar, Hitachi Construction Machinery Co., Ltd., Liebherr, Volvo, Komatsu, Deere & Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, and Scania.
Dump trucks and mining trucks are used to transport coal and other materials for development, such as sand, rock, or demolition waste. The typical dump trucks and mining trucks have an open-box bed that pivots at the back and is lifted by hydraulic rams. This allows the material in the bed to be dumped on the ground at the site of conveyance at the back of the truck. These trucks are commonly used to move loose materials such as gravel, sand, and other associated materials and equipment. It comprises of an open bed box at the back of the truck with a hydraulic piston to lift the trailer or hauler and dump the material at the appropriate position. Several reasons, such as the expansion of infrastructure operations, the expansion of the rental equipment business, smart city infrastructure demands, and the changing regulatory landscape for emission requirements, are likely to drive industry growth over the projected timeframe.
The high costs involved with truck maintenance and rigorous rules on large autos are projected to stymie market expansion. Also, overturning, collisions in blind zones, and driver incompetence are a few of the reasons for dump and mining truck accidents. These factors are anticipated to hamper the growth of dump trucks and mining trucks market growth.
Electric haul trucks used in the mining industry are one of the most demanding applications for vehicle electronics. These vehicles are used for ore transportation under harsh environmental conditions, stringent safety concerns, and manufacturing needs, such as economies of scale that necessitate larger trucks.
The ability to draw electricity from dc overhead trolley lines and either replace or complement the diesel engine as the truck's source of power is one of the benefits of using electric drives in haul trucks as opposed to a conventional mechanical gearbox, torque converter, and differential. Overhead trolley lines are most typically placed in mines with a single route exiting a deep shaft or where fuel expenses far exceed the cost of electricity. The main advantage of using trolley assist is that the power available to the traction motors is substantially improved. This permits the truck to drive faster up the grade, reducing the time required to transport the mineral and, as a result, increasing production rates.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. The COVID-19 outbreak has hindered the dump trucks and mining trucks industry's growth. Due to the stringent lockdowns and social seclusion implemented to stop the virus's propagation, COVID-19 had a detrimental effect on the market for dump trucks and mining trucks. Demand for dump trucks and mining trucks was hampered by the market’s poor consumer confidence, and economic uncertainty. During the pandemic, the supply chain was impeded along with logistics operations.
The key players profiled in this report include SANY Group, Caterpillar, Hitachi Construction Machinery Co., Ltd., Liebherr, Volvo, Komatsu, Deere & Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, and Scania.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dump trucks and mining trucks market analysis from 2021 to 2031 to identify the prevailing dump trucks and mining trucks market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the dump trucks and mining trucks market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global dump trucks and mining trucks market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Rigid
- Articulated
By Engine Type
- Internal Combustion
- Electric
By End-use Industry
- Construction
- Mining
- Others
By Payload Class
- Less than 100 tonnes
- More than 100 tonnes
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- SANY Group
- Caterpillar
- Hitachi Construction Machinery Co., Ltd.
- Liebherr
- AB Volvo
- Komatsu
- Deere & Company
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Group
- Scania
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: DUMP TRUCKS AND MINING TRUCKS MARKET, BY TYPE
CHAPTER 5: DUMP TRUCKS AND MINING TRUCKS MARKET, BY PAYLOAD CLASS
CHAPTER 6: DUMP TRUCKS AND MINING TRUCKS MARKET, BY ENGINE TYPE
CHAPTER 7: DUMP TRUCKS AND MINING TRUCKS MARKET, BY END-USE INDUSTRY
CHAPTER 8: DUMP TRUCKS AND MINING TRUCKS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Dump Trucks And Mining Trucks Market," the dump trucks and mining trucks market was valued at $45.5 billion in 2021, and is estimated to reach $92.1 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.Dump trucks and mining trucks are used to transport loose materials such as sand, soil, and gravel for building purposes. The conventional dump truck and mining trucks are outfitted with a hydraulically driven open box bed hinged at the rear, with the front to be able to be raised, allowing the contents to spill out onto the ground at the delivery locations. Dump trucks and mining trucks exist in a variety of configurations, each one designed to perform a specific role in the construction process.
Dump trucks and mining trucks are widely used mostly in the power industry for the construction of hydroelectric dams and mining; theses factor drive dump trucks and mining trucks market. The Large iron ore mines, limestone quarries, and construction projects requiring a significant amount of earthwork all make use of dump trucks and mining trucks. The rapid modernization of the construction industry is one of the primary reasons driving the growth of the dump trucks and mining trucks market . These trucks are popular because they are powerful, user-friendly, cost-effective, and simple to maintain. Because of their distinct characteristics, they are frequently used in a variety of industrial operations.
The market also offers growth opportunities to the key players in the market. Dump trucks and mining trucks are rapidly becoming digitalized, which is accelerating market expansion. The market benefits from the need to increase productivity, profitability at lower costs, and operational efficiency. The market is also driven by the increase in government spending on technology improvements for dump trucks and mining trucks and significant infrastructure. Dump trucks and mining trucks use advanced technology like GPS effectively, which monitors driver behavior and tracks the dump truck's exact routes while also saving time and money. Consequently, it is projected that the growing use of dump trucks in transportation and construction will have an effect on the market's expansion. Numerous technological developments in the present day contribute to the expansion of the dump truck business. Super-tough suspension systems are required for the dump truck. To handle difficult terrain without going flat, some of the trucks use tires without air. All these factors are anticipated to boost the dump trucks and mining trucks market share.
The dump trucks and mining trucks market is segmented into type, payload class, engine type, end-use industry, and region. On the basis of type, the market is categorized into rigid and articulated. On the basis of payload class, it is categorized into less than 100 tons and more than 100 tons. On the basis of engine type, it is categorized into internal combustion and electric. On the basis of end-use industry, it is categorized into construction, mining, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, UAE, South Africa, and rest of LAMEA).
The key players profiled in the study include SANY Group, Caterpillar, Hitachi Construction Machinery Co., Ltd., Liebherr, Volvo, Komatsu, Deere & Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, and Scania. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, in July 2022, Cummins, a global powertrain company, and Komatsu, a Japanese equipment manufacturer, struck an agreement to work on the development of zero-emissions haulage equipment. The firms initially concentrate on zero-emission power technology, such as hydrogen fuel cell systems for huge mining haul trucks.
Key Market Insights
- Based on type, the rigid sub-segment emerged as the global leader in 2021 and articulated sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on payload class, less than 100 tons sub-segment emerged as the global leader in 2021 and is anticipated to be fastest growing sub-segment during the forecast period.
- Based on engine type, the internal combustion engine sub-segment emerged as the global leader in 2021 and electric sub-segment is anticipated to be fastest growing sub-segment during the forecast period.
- Based on end-use industry, the construction sub-segment emerged as the global leader in 2021 and mining sub-segment is anticipated to be fastest growing sub-segment during the forecast period.
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
Companies Mentioned
- SANY Group
- Caterpillar
- Hitachi Construction Machinery Co., Ltd.
- Liebherr
- AB Volvo
- Komatsu
- Deere & Company
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Group
- Scania
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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