Dump Trucks and Mining Trucks Market, by Type (Rigid and Articulated), Payload Class (Less than 100 tons and more than 100 tons), Engine Type (Internal Combustion and Electric), End-use Industry (Construction, Mining, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast 2022–2031

Global Dump Trucks and Mining Trucks Market Analysis

The Global Dump Trucks and Mining Trucks Market Size was $45.5 billion in 2021 and is predicted to grow with a CAGR of 7.4%, by generating a revenue of $92.1 billion by 2031.

Global Dump Trucks and Mining Trucks Market Synopsis

In quarries and mines where continuous heavy-duty operations and all-weather usage are critical, operators seek high pulling power, improved grade ability, higher performance, better manoeuvrability, and robustness. These applications are well managed by dump trucks and mining trucks which are supported by a variety of service arrangements, depending on the site location and the number of vehicles and equipment deployed. Dump trucks and mining trucks family is popular for mining, quarries, road building projects, infrastructure, earthwork, tunnelling, and material movement applications. These factors are anticipated to boost the dump trucks and mining trucks industry growth in the upcoming years.  

High maintenance costs and rigorous rules on big vehicles are projected to hinder market expansion. Also, safety issues related to mining and construction operations are expected to pose a barrier to the dump trucks and mining trucks market during the forecast period.

Trucks are necessary for mining, construction, infrastructure development, and energy plants, resulting in a favourable market climate. Several countries, including China, India, the United Kingdom, and the United States, are passing regulations to cut emissions and increase truck productivity, thus expanding the market. The criteria are in place to minimize carbon emissions and incorporate complex technology such as electric-operated mining trucks, resulting in huge dump trucks and mining trucks market opportunities.

According to regional analysis, the Asia-Pacific dump trucks and mining trucks market accounted for $20.2 billion in 2021 and is predicted to grow with a CAGR of 7.5% in the projected timeframe.

Dump Trucks and Mining Trucks Overview

Dump trucks and mining trucks are used to move materials for construction, such as sand, gravel, or dirt. The open-box bed of a conventional dump truck is hydraulically controlled and hinged at the back. The front of the bed can be raised to allow the contents to be dropped on the ground behind the truck at the delivery site.

COVID-19 Impact on Global Dump Trucks and Mining Trucks Market

The COVID-19 pandemic created multiple uncertainties, resulting in significant economic losses as various enterprises around the world came to a halt. This has ultimately reduced demand for the dump and mining trucks due to interruptions in the supply chain, the closure of manufacturing units, and an economic slump in various nations. Also, import-export restrictions were imposed on the key dump and mining trucks-producing countries such as the United States and China. The global COVID-19 epidemic has had an influence on heavy truck manufacture and demand, and this is expected to restrain the dump trucks and mining trucks market over the forecast period. The pandemic has resulted in stringent containment measures such as social separation, remote working, and the shutdown of some manufacturing units to handle the disease. These initiatives are predicted to drive the dump trucks and mining trucks market size during the analysis timeframe.

Growing Demand for Dump Trucks and Mining Trucks from the Mining and Construction Industry To Drive The Market Growth

Globally, increased industrialization and urbanization are increasing the demand for natural resources such as oil and minerals. As a result, the worldwide mining sector is expanding, which is driving demand possibilities in the dump trucks and mining trucks market. The growing number of infrastructure-related developments has a further impact on the market. Dump truck and mining trucks demand is increasing as a result of the expansion of infrastructure-related projects and increasing government investments in infrastructure development. The expansion of the market is aided by the increase in mining production activities brought on by the rising demand for minerals and natural resources. In addition, the market for dump trucks is positively impacted by rising urbanization, changing lifestyle, an increase in expenditures, and higher consumer spending.

To know more about global dump trucks and mining trucks market drivers, get in touch with our analysts here.

High Maintenance Cost of Dump Trucks and Mining Trucks to Restrain The Market Growth

The dump truck and mining trucks are mostly utilized for agricultural and forestry tasks as well as mining and construction. The dump truck inspection and servicing are critical for preserving the vehicle's condition and smooth operation. Dump trucks have a high maintenance cost since they are checked on a regular basis, particularly the tire pressure and suspension system. These trucks are also not fuel-efficient. The high fuel consumption raises the maintenance costs for dump truck and mining trucks.

Use of Modern Technology in Dump Trucks and Mining Trucks to Drive Excellent Opportunities

The adoption of robots and autonomous technology is creating opportunities for market participants. With rising complexities in mining operations, robotic technology is gaining traction in the industry. The demand for several resources, including iron, gold, silver, and aluminium, is rising, which is accelerating the extraction process. Robotics enable extraction processes to be completed in a fraction of the time and effort previously required. Mining businesses are using driverless trucks, which allow operators to control mining activities from afar. The increased emphasis of automobile manufacturers on vehicle electrification is driving up demand for dump trucks and mining trucks.

To know more about global dump trucks and mining trucks market opportunities, get in touch with our analysts here.

Global Dump Trucks and Mining Trucks Market, By Type

Based on type, the market has been divided into rigid and articulated. Among these, the rigid sub-segment accounted for the highest market share in 2021 whereas the articulated sub-segment is estimated to show the fastest growth during the forecast period.

Global Dump Trucks and Mining Trucks Market Size, By Type, 2021

Source: Research Dive Analysis

The rigid sub-type accounted a dominant market share in 2021. A rigid dump truck is a vehicle chassis with a dump body attached to the frame. The bed is elevated by a hydraulic ram positioned under the front of the dumper body between the frames, and the back of the bed is attached to the truck. The tailgate can be hinged or designed in the high raise tailgate type, in which pneumatic rams lift the gate open and up over the dump body. Because of their inexpensive price and appropriateness for a wide range of mining sites and building sites, these machines continue to be popular among some contractors.

Global Dump Trucks and Mining Trucks Market, By Payload Class

Based on payload class, the market has been divided into less than 100 tons and more than 100 tons. Among these, the less than 100 tons sub-segment accounted for highest revenue share in 2021.

Global Dump Trucks and Mining Trucks Market Share, By Payload Class, 2021

Source: Research Dive Analysis

The less than 100 tonnes sub-segment accounted a dominant market share in 2021. The machine category for less than 100 tonnes is now the most active and expanding. The government's desire to push ultra-mega power projects near collieries is guaranteed to maintain demand for this equipment robustly. The anticipated privatization of coal mines where this kind of machine is wanted is another factor supporting this industry.

Global Dump Trucks and Mining Trucks Market, By Engine Type

Based on engine type, the market has been divided into internal combustion and electric. Among these, the internal combustion sub-segment accounted for the highest revenue share in 2021.

Global Dump Trucks and Mining Trucks Market Analysis, By Engine Type, 2021

Source: Research Dive Analysis

The internal combustion sub-segment accounted a dominant market share in 2021. Internal combustion engines are the most popular choice for dump trucks and mining truck applications, because it is a safer fuel choice for commercial vehicles with larger fuel tanks. Also, the internal combustion engine as a transportation fuel has a number of performance, efficiency, and safety advantages. Furthermore, due to its higher energy density, this engine provides more usable energy per unit of volume than others.

Global Dump Trucks and Mining Trucks Market, By End-use Industry

Based on end-use industry, the market has been divided into construction, mining, and others. Among these, the construction sub-segment accounted for the highest revenue share in 2021.

Global Dump Trucks and Mining Trucks Market Forecast, By End-use Industry, 2021

Source: Research Dive Analysis

The construction sub-segment accounted a dominant market share in 2021. Rising infrastructural projects that meet the growing demands of rural and urban people worldwide are also propelling the sector. The rising government investment in infrastructure and rising real estate spending and a focus on public infrastructure will drive product demand. Construction is significant in both emerging and developed economies. All these factors are anticipated to boost the dump trucks and mining trucks market share in the construction industry.

Global Dump Trucks And Mining Trucks Market, Regional Insights

The dump trucks and mining trucks market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Global Dump Trucks and Mining Trucks Market Size & Forecast, by region, 2022-2031 (USD Billion)

Source: Research Dive Analysis

The Market for Dump Trucks and Mining Trucks in Asia-Pacific was the Most Dominant

The Asia-Pacific dump trucks and mining trucks market accounted for the highest market share in 2021 and is anticipated to show the fastest growth during the forecast period. The Asia-Pacific region is predicted to have the biggest growth potential for mining equipment, including material handling equipment such as dump and mining trucks. The region has enormous potential in terms of mining production and mineral mines, which is increasing the demand for dump trucks and mining trucks. The region has seen a rise in mining equipment manufacture due to increased production in surface mining and the predictable nature of the equipment maintenance and replacement cycle in surface mining.

Competitive Scenario in the Global Dump Trucks and Mining Trucks Market

Investment and agreement are common strategies followed by major market players. For instance, in January 2021, Bell Trucks America collaborated with Bell Engineering and Pronto AI to launch North America’s first self-driving articulated dump truck. The Pronto system observes the road and job site environment using cameras mounted on the truck.

Source: Research Dive Analysis

Some of the leading dump trucks and mining trucks market players are SANY Group, Caterpillar, Hitachi Construction Machinery Co., Ltd., Liebherr, Volvo, Komatsu, Deere & Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, Scania.