Dump Trucks Market Forecasts to 2028 – Global Analysis By Type (Rear, Side, Roll Off and Other Trucks), By Engine Type (Internal Combustion Engine and Electric Engine) By Engine Capacity (5L, 5L to 10L and More than 10L), By End User (Infrastructure, Mini

Dump Trucks Market Forecasts to 2028 – Global Analysis By Type (Rear, Side, Roll Off and Other Trucks), By Engine Type (Internal Combustion Engine and Electric Engine) By Engine Capacity (5L, 5L to 10L and More than 10L), By End User (Infrastructure, Mining, Construction and Other End Users) and Geography

According to Stratistics MRC, the Global Dump trucks Market is accounted for $8.85 billion in 2022 and is expected to reach $15.94 billion by 2028 growing at a CAGR of 10.3% during the forecast period. Dump trucks are dumpers that transport materials like gravel, sand, and iron ore from one location to another. Dump trucks are commonly used to dump material during construction projects. These trucks have an open box bed with a rim that lifts the open box bed, allowing the material to fall behind the truck at the desired location. Increased demand for metals, mining, and construction caused the dump truck market to expand. The use of an automated rim to lift the open box bed in these trucks has made it simple to drag the material down from the truck to the ground.

According to the World Mining Corporation, global mining production rose from 11.3 billion metric tonnes in 2000 to 16.9 billion metric tonnes in 2016. The increase in mining provides lucrative opportunities for the dump trucks market to grow.

Market Dynamics:

Driver:

Introduction of new coalfields and mining sites for energy production

Due to their widespread use in transporting extracted materials and wastes from one location to another, dump trucks are in high demand in the mining industry. Manufacturers have created specialised mining trucks for operations in rough terrain, open cast mines, and so on. Mining companies are focusing on the deployment of low-emission and low-fuel-consuming machines in order to reduce carbon emissions in the mining sector. Such initiatives, combined with the need to recycle hazardous wastes, are driving the dump truck industry demand.

Restraint:

High Maintenance costs

Dump trucks' high initial cost and maintenance costs are critical factors limiting market demand. The price is determined by the model's size, application, and weight. The cost of these trucks has risen due to technological advancements, higher fuel prices, and advanced systems. Because of high initial investments, rising costs of modernised equipment have posed a critical problem for mining and construction companies, resulting in lower productivity and yield.

Opportunity:

Increasing demand for minerals & natural resources

The demand for dump trucks has increased as the demand for minerals and natural resources has increased. Dump trucks aid in the transportation of minerals and natural resources. The dump truck market is completely based on the demand for material transfer, which directly leads to the dump truck market's growth.

Threat:

Inexperienced Drivers


Untrained and inexperienced drivers of heavy machinery, such as dump trucks, endanger themselves and others. Without training, best practises, safety regulations, and correct operating procedures will not be known or followed, which can frequently lead to accidents and injuries - which can be fatal with such large plant machinery hampering the market growth.

Covid-19 Impact

The global economic recession caused a decline in the dump truck market. The COVID-19 pandemic has caused unprecedented disruptions to global trade and the global economy, as production and consumption have decreased significantly around the world. The spread of COVID-19 had a negative impact on the logistics and supply chain sectors, as well as causing mining and construction projects to be delayed. The global construction sector output has fallen precipitously as a result of factors such as the grounding of major commercial construction projects, a shift in government authorities' focus toward healthcare, and a lack of raw materials and labour. However, the industry's demand-supply gap is expected to reduce the pandemic's fading impact.

The Rear segment is expected to be the largest during the forecast period

During the forecast period, the rear segment is expected to hold the largest share in the global dump truck market. In mining, they are frequently used in tandem with hydraulic excavators. They are ideal for heavy dirt hauling and off-road mining projects that require digging out roads and dragging massive amounts of dirt to other locations. Such factors contribute to the wide range of usage of rear type trucks, which fuels the market growth.

The Construction segment is expected to have the highest CAGR during the forecast period

The Construction segment is expected to witness the highest CAGR growth during the forecast period owing to increased construction activity and increased demand for high-speed trucks for loading and unloading. The construction industry held approximately 60% of the market and is expected to grow steadily during the forecast period. The need to transport loose materials like dirt, gravel, and sand during construction operations has aided segment growth. Furthermore, growing government efforts to accelerate smart city development, road development, and other infrastructure projects will create growth opportunities for the dump truck market.

Region with largest share:

During the forecast period, Asia Pacific is expected to be the largest region. Government investments in mining activities in China and India are boosting market growth. Furthermore, supportive initiatives by the Indian government such as Prime Minister Gram Sadak Yojana, Pradhan Mantri Awas Yojana, and smart city projects are boosting market growth.

Region with highest CAGR:

The North America region is expected to grow significantly and is anticipated to register the highest CAGR growth during the forecast period, due to sustaining investments and favourable government policies, a reduction in transportation costs to assist companies in lowering unit costs, the availability of essential mined commodities such as zinc, lead, and nickel, and sustaining investments in the region. Furthermore, several mines in Canada have been excavating and transporting oil sands for crude oil processing. As a result of such factors, the market is expected to witness a surge.

Key players in the market

Some of the key players profiled in the Dump trucks Market include Hitachi Construction Machinery C. Ltd, Komatsu Ltd, Volvo Group, SANY Heavy Industry Co., Ltd, CNH Industrial, Doosan Corporation, Caterpillar Inc, FAW Group Corporation, Xuzhou Construction Machinery Group Co. Ltd, Curry Supply, Liebherr, BYD Company Limited, Bell Trucks America Inc., Daimler AG and Deere & Company.

Key Developments:

In June 2018, Komatsu Construction launched two articulated dump trucks for hard mining and civil construction and quarrying. Both machines are powered by low-emission Tier 4 Final engines and feature Komatsu's advanced truck transmission system.

In April 2018, Komatsu Construction launched HD1500-8 mechanical drive dump truck, a 142 metric tonne capacity dump truck in order to reduce cost per tonne through such features as the highest payload in its class, faster cycle times, improved fuel efficiency, longer component life and enhanced maintainability.

Types Covered:
• Rear
• Side
• Roll Off
• On-road Dump Trucks
• Off-road Dump Trucks

Engine Types Covered:
• Internal Combustion Engine
• Electric Engine

Engine Capacities Covered:
• 5L
• 5L to 10L
• More than 10L

End Users Covered:
• Infrastructure
• Mining
• Construction
• Agriculture
• Military
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements