Dump Trucks and Mining Trucks Market Size Projected to Generate a Revenue of $92.1 Bn by 2031Download Sample Reports Overview
The Global Dump Trucks and Mining Trucks Market Size is predicted to be valued at $92.1 billion by 2031, surging from $45.5 billion in 2021, at a noteworthy CAGR of 7.4%.
Impact Analysis Of COVID-19 on the Dump Trucks and Mining Trucks Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand and availability of applications and mining trucks across residential and commercial applications. The COVID-19 pandemic impacted major industries negatively such as the automobile, construction, and mining sector. Factory closures, travel restrictions, trade bans, and border closures to battle and control the outbreak have all had an impact on automobile manufacturing. COVID-19 had a negative influence on the dump trucks and mining trucks business due to severe lockdowns and social distancing to contain the virus's transmission. The dump trucks and mining trucks industry was damaged by economic uncertainty, a partial corporate shutdown, and poor consumer confidence. During the outbreak, the supply chain was hampered along with logistics operations. But, due to the relaxation of regulations, the dump trucks and mining trucks market is likely to pick up speed in the post-pandemic scenario.
Global Dump Trucks and Mining Trucks Market Analysis
Dump trucks and mining trucks with low greenhouse gas emissions are becoming popular. An electric mining truck loses less power at high altitudes than a diesel engine and is much easier to start in cold weather. Alternative fuel vehicles (AFV) offer considerable energy-sustainable transportation and have emerged as a viable innovation to address the issue in the context of zero-carbon emission technologies. The most prevalent types of alternative fuel vehicles are hybrid electric vehicles (HEV), plug-in electric vehicles (PHEV), and battery electric vehicles (BEV). These are the major factors anticipated to boost the dump trucks and mining trucks market share during the analysis timeframe.
The high cost of dump trucks and mining trucks is the main factor impeding the growth of the dump trucks and mining trucks industry. The price of various pieces of equipment has increased as a result of technological developments, and rising fuel cost. As developing countries cannot afford such expensive initial investments, the rising costs of modernized mining trucks have created a significant problem and theses factor restrain the market growth.
The increasing usage of fully automated mining equipment, which helps to prevent fatalities, represents a continual attempt to end the industry's dependency on human-vehicle contact. In recent years, some mining equipment manufacturers have taken advantage of this potential by introducing autonomous mining trucks and loaders. These vehicles and technologies have only lately begun to gain popularity. For instance, in 2021, the Sandviks introduced The AutoMine system as a unique automation solution. Instead of manually operating a heavy-duty truck or loader below, it allows mining operators to sit in the luxury and safety of an above-ground, air-conditioned command center and track the movements of autonomous trucks hundreds of meters below the surface. Sandvik's loaders and trucks would travel independently between load and discharge stations, guided by a supervisory system that oversees equipment traffic and monitoring. AutoMine provides intelligent capabilities and smart features.
Global Dump Trucks and Mining Trucks Market, Segmentation
The global dump trucks and mining trucks market is segmented based on type, payload class, engine type, end-use industry, and region.
The type segment is further classified into rigid and articulated. Among these, the rigid sub-segment accounted a dominating market share in 2021. Rigid dump and mining trucks are built to handle massive amounts of rock, ore, shale, or a combination of free-flowing heavy material. Furthermore, the key advantage of rigid haulers versus articulated haulers is their carrying capacity for heavier loads over larger areas and higher speeds. If there is a need to transfer a huge amount of goods over a long period of time, a rigid dump and mining may be a better suited and more cost-effective option.
The payload class segment is further classified into less than 100 tons and more than 100 tons. Among these, the less than 100 tons sub-segment accounted a dominant market share in 2021. Small mining sites frequently use less than 100 tons of trucks. Mining businesses have invested in low-cost operations as a response to the recent downturn in the mining sector. As a result, mining trucks weighing less than 100 tons were widely used.
The engine type segment is further classified into internal combustion and electric. Among these, the internal combustion sub-segment is anticipated to show a dominant market share in 2021. During the forecast period, the internal combustion segments lead the market. Internal combustion is commonly found in gasoline and diesel trucks. These vehicles primarily contribute to air pollution and global warming and are being phased out in favor of electric vehicles. A diverse range of diesel vehicles provides dump truck services.
The end-use industry segment is further classified into construction, mining, and others. Among these, the construction sub-segment showed a dominant market share in 2021. The market for dump trucks and mining trucks in the construction segment is positively impacted by the rise in infrastructure-related construction projects, growing urbanization, change in lifestyle, a spike in government investments, and rising consumer expenditure in the construction segment.
The dump trucks and mining trucks market in the Asia-Pacific region is projected to show the fastest growth in 2031. Asia Pacific is seeing a rise in residential building as well as government measures that are beneficial to the dump trucks and mining trucks industry. To expand dump trucks and mining trucks market, market leaders are producing new high-performance vehicles that are suitable for all weather situations. The simple availability of labor at cheaper rates, as well as access to copious raw materials at reduced costs, may boost the construction and automobile sectors, resulting in significant product penetration in Asia-Pacific.
Key Players in the Global Dump Trucks and Mining Trucks Market
Some of the leading dump trucks and mining trucks market players are
- SANY Group
- Hitachi Construction Machinery Co. Ltd.
- Deere & Company
- Zoomlion Heavy Industry Science
- Technology Co. Ltd.
- XCMG Group