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

Construction Materials

CM23028641

Pages: 237

Feb 2023

Reports Overview

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.