The global dump trucks market size is expected to reach USD 72.4 billion by 2025 at an 8.6% CAGR during the forecast period, according to a study conducted by Grand View Research, Inc. Growing construction and mining activities, increased government spending on sustainable infrastructure, and technological advancements propelling demand for advanced dump trucks are anticipated to drive the market. The demand for these vehicles is linked to rising population, urbanization, and infrastructure developments. Increasing construction and mining activities in Asia Pacific, especially in India, China, and Australia, will drive the market over the forecast period.
The
use of coal and other minerals for industrial applications is likely to
increase over the next decade, thereby complementing the growth of the mining
industry, which is further expected to drive the market. Autonomous haul trucks
have the potential to improve performance, reduce cost, and improve safety to
overcome challenges at mining sites. Also, electric and advanced dump trucks
are in great demand owing to global concerns over reduction of carbon emission
from passenger and commercial vehicles. Therefore, governments of various
countries have made it mandatory for automotive manufacturers to comply with
emission standards to reduce their carbon footprint. This, along with numerous
R&D activities for integration of advanced battery technologies, is likely
to augment demand of electric dump trucks over the forecast period.
Such
factors are pushing automotive OEMs and technology companies to develop
vehicles that are cost-effective and aid in emission reduction. For instance,
Komatsu America Corp. announced the launch of a 400-ton haul truck with an
electric drive system. The product has significant features like enhanced
productivity, high power performance, superior operating comfort, and improved
safety. Additionally, it eliminates fuel consumption and hence contributes to
reduction in carbon emission.
Asia
Pacific accounted for the largest revenue share in 2018 owing to large-scale
mining activities in the region. China being one of the largest producers of
coal in the world, accounted for the majority share in the global dump truck
market. Mining dump trucks are used to haul, transport, and deliver raw
material from one site to the other. North America will register the highest
CAGR owing to construction activities that make use of these vehicles for
hauling of heavy materials, land moving, and carrying construction and
demolition waste.
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Dump Truck Market
Report Highlights
- The global market is
expected to develop at a CAGR of 8.6% from 2019 to 2025 and reach USD 72.4
billion by 2025. Rising construction activities due to increased
investments in infrastructure will drive the market over the forecast
period
- Based on type, rear dump
trucks dominated the market and the segment is expected to continue the
trend over the forecast period, registering a CAGR of 7.9%
- Asia Pacific held the
largest share in the overall dump truck market and accounted for USD 28.2
billion in 2018. Increasing construction and mining activities in the
region, especially in India, China, and Australia, is anticipated to drive
the market through 2025
- Key players include AB
Volvo, Komatsu Ltd., Daimler AG, and Caterpillar. These companies
accounted for the majority share in the overall market in 2018.
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Dump Truck Market
Segmentation
Grand View Research has segmented
the global dump truck market on the basis of type, engine type, end use, and
region:
Dump Trucks Type
Outlook (Revenue, USD Million, 2015 - 2025)
- Rear
- Side
- Roll-off
Dump Trucks Engine
Type Outlook (Revenue, USD Million, 2015 - 2025)
- Internal Combustion Engine
- Electric Engine
Dump Trucks End-use
Outlook (Revenue, USD Million, 2015 - 2025)
- Construction
- Mining
- Others
Dump Trucks
Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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