Dump Trucks And Mining Trucks Market Research, 2031
The global dump trucks and mining trucks market was valued at $45.5 billion in 2021, and is projected to reach $92.1 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Dump Trucks and mining trucks are enormous pieces of equipment used to move significant amounts of loose materials such as rocks, ores, soil, sand, waste material, and debris from large construction, civil, or mining projects. They provide a crucial service that moves minerals and waste from one location to another. One of dump trucks' USPs is its ability to transport large amounts of waste. Dump trucks and mining trucks sales have increased significantly on a global scale in recent years.
The construction industry largely involves the construction of hospitals, residential structures, industrial facilities, highways, and railways. The governments of the United States, China, India, and other countries have indicated their intention to invest in infrastructure projects. As construction activity grows, so does the demand for construction materials such as gravel, iron ore, and sand. The market for dump trucks and mining trucks is boosted by the expanding need for transportation services in all commercial and residential projects around the globe. Also, due to the expanding mining activity in China, India, and Brazil, there is a considerable demand for dump trucks and mining trucks.
Dump trucks and mining trucks are mostly utilized for mining and construction. The maintenance of the dump trucks and mining trucks condition and efficient operation depends on regular inspection and servicing. Dump trucks have a high maintenance cost because their suspension system and tire pressure are often inspected and repaired. Additionally, these trucks are not fuel-efficient. All these factors are anticipated to hamper the growth of the dump trucks and mining trucks market size.
Hydraulic lifting methods are mostly used by conventional dump trucks and mining trucks. The cargo box is elevated to a precise angle for unloading by utilizing its own engine to operate a hydraulic lifting system, and the cargo box is reset by its own gravity. The lifting mechanism, which is an important component of the dump truck, is a combination of a four-bar mechanism and a triangular arm. Because the position of the cylinder fulcrum must be adjusted repeatedly in order to measure the cylinder for torque computation, the design and operating methods are frequently complicated. When moving loose materials like pasture or household rubbish, the dead weight of such gently flung objects during the transportation is extremely limited, and unloading is frequently difficult. The push-unloading mechanism has started to take off in recent years. It converts the front wall of the dump truck body into a movable push-plate type and travels toward the rear of the carriage under the horizontal thrust of the front cylinder to finish the unloading of the items in the carriage.
The industry players are investing a lot of effort in research and development of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. In October 2022, Scania and Rio Tinto agreed to a long-term research and development collaboration agreement for the continuing advancement of technology, with Rio Tinto's Channar mine becoming the first active partner site for Scania's autonomous mining solution. The cooperation also offers alternatives for the potential switchover to electric vehicles in the future.
The key players profiled in this report include SANY Group, Caterpillar, Hitachi Construction Machinery Co., Ltd., Liebherr, Volvo, Komatsu, Deere & Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, and Scania.
The global dump trucks and mining trucks market is segmented on the basis of type, payload class, engine type, end-use industry, and region. By type, market is divided into rigid and articulated. By Payload class market is divided into less than 100 tons and more than 100 tons. By engine type market is divided into internal combustion and electric. By end-use industry, market is divided into construction, mining, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The dump trucks and mining trucks market is segmented into Type, Engine Type, End-use Industry and Payload Class.
By type, the rigid sub-segment dominated the market in 2021. Rigid dump trucks and mining trucks, also known as rigid haulers or tipper trucks, can transport enormous volumes of abrasive materials and rocks. This enormous capacity is suitable for long hauls through flat terrain, notably in quarries and mines. They have a permanent chassis on which the cab and dump body are mounted. As a result, the steering is based on a classic mechanism known as rack-and-pinion steering, which indicates that they are rear-wheel-drive. A rigid dump trucks and mining truck is best suited to inclines of 15% or less.
By engine type, the internal combustion sub-segment dominated the global dump trucks and mining trucks market share in 2021. Dump trucks and mining trucks are widely used as internal combustion engines owing to the high-octane content that boosts vehicle efficiency and improves power and acceleration. Dump trucks and mining trucks are often used for longer routes and heavier loads so internal combustion engines can produce a lot more power. These factors are predicted to expand the dump trucks and mining trucks market forecast period.
By end-use industry, the construction sub-segment dominated the global dump trucks and mining trucks market share in 2021. Rising infrastructure initiatives that satisfy the expanding demands of rural and urban people around the world are also driving the industry. Product demand will be fueled by increased real estate expenditures and a focus on public infrastructure during the projected period. Construction is important in both emerging and industrialized economies.
By payload class, the less than 100 tons sub-segment dominated the global dump trucks and mining trucks market share in 2021. The less than 100 ton class machine segment is now the most active and quickest expanding. Demand in this size class is mostly driven by massive coal mines, and the government's intention to push ultra-mega power projects near collieries is guaranteed to keep demand for these machines strong. Another aspect favoring this market is the projected privatization of coal mines where this type of machine is desired.
By region, Asia-Pacific dominated the global market in 2021. The dump trucks and mining trucks market is anticipated to be dominated by the Asia-Pacific region. Asia has a wealth of mineral resources because of its distinct geographic features. The most widespread minerals include coal, petroleum, iron, manganese, copper, lead, zinc, aluminum, gold, and precious stones. All of these mining activities necessitate the use of mining equipment, with dump trucks and mining trucks being the primary equipment used to move various commodities from and to mining sites. Also, government measures for infrastructure development serve as elements in Asia-Pacific developing countries.
Impact of COVID-19 on the Global Dump Trucks and Mining Trucks Industry
ü The COVID-19 pandemic had negatively impacted the dump trucks and mining trucks industry. The COVID-19 pandemic has brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. This has ultimately lowered the demand for dump trucks and mining trucks due to disruptions in the supply chain, closure of manufacturing plants, as well as economic slowdown across several countries.
ü The pandemic has had a significant impact on the oil and gas industry. Petroleum consumption has slowed as a result of reduced transportation and lockdowns. Furthermore, the oil price war between Saudi Arabia and Russia, which began in March 2020, has resulted in a global market crash. Various oil and gas industries are facing bankruptcy as a result of the unfavorable price of oil and gas. These effects have had a direct impact on the dump trucks and mining trucks market growth.
ü Sales of dump trucks and mining trucks are directly proportional to the demand from end-use industries namely mining, construction and others. However, the demand for dump trucks and mining trucks was greatly affected owing to import-export restrictions, closed borders, and supply chain disruptions due to the outbreak of the COVID-19 pandemic.
ü Due to COVID-19, major global dump truck manufacturers are experiencing a bottleneck and are unable to launch projects and carry out new advancements.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dump trucks and mining trucks market analysis from 2021 to 2031 to identify the prevailing dump trucks and mining trucks market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the dump trucks and mining trucks market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global dump trucks and mining trucks market trends, key players, market segments, application areas, and market growth strategies.
Dump Trucks And Mining Trucks Market Report Highlights
Market Size By 2031
USD 92.1 billion
CAGR of 7.4%
2021 - 2031
By Engine Type
By End-use Industry
By Payload Class
Key Market Players
AB Volvo, Scania, Komatsu, Zoomlion Heavy Industry Science and Technology Co., Ltd., Hitachi Construction Machinery Co., Ltd., Caterpillar, Deere & Company, XCMG Group, Liebherr, SANY Group
The need for dump trucks and mining trucks for construction is being fueled by the construction sector's rapid development and planned construction projects. Underground mining vehicles are in high demand due to the mining industry's increased need. Dump trucks and mining trucks for mining are used to move soil, iron ore, and many other items from one location to another. These dump trucks are in high demand among contractors since they aid in the transportation of dirt in the mining and construction industries. Manufacturers are increasingly modernizing their dump trucks with refined engines. These changes are implemented with environmental rules and standards in mind, and they can assist to reduce the carbon impact. These factors are anticipated to provide remunerative opportunities for key players to maintain the dump trucks and mining trucks in the upcoming years.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market by the end of 2031, followed by North America, Europe, and LAMEA. Rising industrial investments in Asia pacific region and the recent discovery of several oil and gas resources, it is expected that demand for backup rings will rise during the forecast periods.