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.
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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.
Market Segmentation
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.
Regional Outlook
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.
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