Global Dump Trucks Market Size, Share, Growth Analysis, By Type(Articulated, Rigid), By End-User(Mining, Construction) - Industry Forecast 2022-2028

Global Dump Trucks Market size was valued at USD 36.83 billion in 2021 and is poised to grow from USD 40.43 billion in 2022 to USD 48 billion by 2030, growing at a CAGR of 9.8% in the forecast period (2023-2030).

Dump trucks are enormous vehicles that transport massive loads of loose materials such as soil, sand, gravel, ore, and demolition debris between mining, civil, and large building sites. If you need to carry loose waste for your next mining or construction project, you'll most likely need a dump truck. Dump trucks are in high demand in the mining industry due to their widespread use in transporting garbage and mined products between locations. Mine operations in mountainous terrain, open cast mines, and so on necessitate the use of specialised mining vehicles designed by manufacturers. Mining companies are focusing on the deployment of low-emission and low-fuel-consuming machinery in order to reduce the amount of carbon in the mining industry.

Hitachi ConstructionMachinery Co., Ltd., for example, stated that it has developed a technology that aids in obstacle recognition whether operators are running mine dump trucks or stopping or starting them. Customers participating in mining operations around the world are seeking to improve the efficiency of the whole mining supply chain-from exploratory mining to excavation, production, processing, transport, and shipment. It is becoming increasingly crucial for mining machinery manufacturers to integrate ICT technology into their mining machinery and management systems, as well as to provide solutions that do so.

Top-down and bottom-up approaches were used to estimate and validate the size of global Dump Trucks Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

Global dump trucks market is segmented based on the type, end-user, and region. Based on the type, the global dump trucks market is segmented as articulated, and rigid. Based on end-user, the global dump trucks market is segmented as mining, construction, waste management, and others. Based on region, Dump Trucks Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The building industry's expansion and faster industrialization are two significant reasons driving the dump truck market. These vehicles are well-known for their dependability, low cost, and ease of maintenance. Because of their distinct features, they are commonly found in a variety of industrial operations. Over the preceding two decades, worker productivity growth in the construction business has averaged 1% per year, compared to 2.8% and 3.6% for the global economy and manufacturing, respectively. In a sample of investigated nations, less than 25% of construction firms were able to match the productivity gains shown in the national economies where they operate over the previous ten years.

The rapid digitisation of automobiles is hastening market development. The requirement to improve operational effectiveness, profitability at lower costs, and productivity drives market expansion. The increase in government investment in massive infrastructure upgrades and technology advances for these vehicles encourages market expansion even more.

Restraint

Sales growth is expected to be limited by heavy vehicle rules and costly truck maintenance expenses. Furthermore, safety concerns related with mining and construction operations are expected to pose a barrier to the dump truck market during the forecast period.

Advances in technology, increasing fuel prices, and advanced systems have increased the cost of these trucks, resulting in an increase in maintenance costs.

The higher cost of modernised equipment, which accounts for substantial initial expenditures, poses a critical concern for mining and construction, resulting in poorer productivity and output.

Market Trends

Dump trucks are in high demand in the mining industry due to their widespread use in transporting garbage and mined products between locations. Mine operations in mountainous terrain, open cast mines, and so on necessitate the use of specialised mining vehicles designed by manufacturers. Mining companies are focusing on the deployment of low-emission and low-fuel-consuming machinery in order to reduce the amount of carbon in the mining industry. Such programmes, as well as the obligation to recycle hazardous waste, are driving demand for dump trucks. The rapid expansion of the construction industry is driving the market's revenue.