The dump truck market outlook looks extremely promising, mainly due to the growing mining and construction industries worldwide. Besides, the rising integration of AI and machine learning technologies in dump trucks drive the growth of the market. Product standardization, enhanced research & innovation, and increased lab & field tests are significant dump truck market trends ensuring market growth.
Major industry players are substantially investing in the development of innovative dump trucks. Industry players are forming agreements with all financing partners involved in the refinancing and the shareholders. With the refinancing term until the end of 2024, most dump truck manufacturers have secured financing until the end of 2024. Therefore, the dump truck market share is projected to escalate further during the forecast period.
Market Research Future (MRFR), in its recent dump truck market analysis, asserts that the market valuation is poised to reach USD 6 billion by 2025, continually growing at 6% CAGR during the assessment period (2019 to 2025). Just like many industries, the dump truck industry was drastically impacted by the COVID-19 pandemic. Lockdowns initiated by governments worldwide disrupted the manufacturing of dump trucks, impacting the production and sales.
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Besides, disrupted supply chain on a global scale and halted exports of the raw materials required for the production also affected the market growth. Moreover, the change in consumers' purchasing behavior due to economic uncertainties affected the demand for dump trucks. However, as various construction and industrial activities are rapidly returning to normalcy and the demand for dump trucks is gradually picking up. The gradual reopening of manufacturing facilities is expected to drive the growth of the market slightly.
Overview
Dump trucks provide invaluable services for transporting debris and minerals worldwide. The dump truck market growth is largely driven by rising construction and mining activities. Product standardization, enhanced research, and innovation, increased lab & field tests have ensured large dump truck market shares over the years.
Every year, around 55 billion tons of earth removed for biomass, fossil energy, metals, and minerals assures significant dump truck market revenue growth. The spurring rise in the construction sectors across the world and the booming demand for removing rare earth elements drive the dump truck market size. Leveraging its ability to move large amounts of material and debris, most vehicle efficiency successes have revolved around significant numbers of dump truck uses.
Industry Trends
Dump truck market trends benefitting the market growth include favorable government policies driving the production of these vehicles. Besides, the increasing demand and production of automobiles boost the dump truck market size. Huge R&D investments made by manufacturers to develop efficient dump trucks drive the market growth.
Additionally, emerging markets worldwide are expected to present untapped opportunities for dump truck uses. Due to the growing government mandates & updated policies, emerging countries offer significant opportunities to international players. Manufacturers strive to increase production capacities with improved cost efficiency and a leaner organization.
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At the same time, they implement targeted projects in remote areas and lightweight solutions to expand the growth area. A lot of top mining players are shifting their operations to centralized operational hubs. These hubs are in metropolitan cities and have dedicated teams who look after the health of the equipment.
Despite significant growth prospects, the market witnesses major setbacks such as high initial investments required for the production and maintenance of dump trucks. Moreover, maintenance issues related to dump trucks act as a major challenge for market growth.
Segmentation
The dump truck market analysis is segmented into type, propulsion, capacity, application, and regions. The type segment is sub-segmented into rear, side, roll-off, and others. Rear is the largest dump truck type and projected to retain its dominance throughout the assessment period.
Due to their fast offload times, rear dump trucks have become crucial for construction and mining industries. Highly mobile, rear dump trucks are good for maneuvering, loading, and offloading in tight spaces such as road repair and urban construction.
The propulsion segment is sub-segmented into ICE and electric. ICE or internal combustion engine propulsion dominates the market share within this segment. A vast manufacturing base, the utility for heavy loads, the robustness of the engine, and enhanced torque generation are the major factors driving the segment growth. Since construction, mining, and agriculture industries operate in extreme environments, they need rugged propulsion systems just as an ICE.
The capacity segment is sub-segmented into below 25 MT, 25–50 MT, 50–150 MT, and above 150 MT. Among these, 50–150 MT accounts for the fastest-growing market within the capacity segment due to their larger load-bearing capabilities ease of driving, and maintenance.
At the same time, the segment - above 150 MT accounts for the largest market share. The segment's market growth is driven by their need in very large mining operations and their use in certain huge construction. Also, they offer unparalleled engine transmission and torque with very robust braking systems.
The application segment is sub-segmented into mining, construction, agriculture & forestry, and others. Among these, mining accounts for the largest segment primarily used to shift mined ore to the processing plant and to haul away waste material from the site. The demand for dump trucks from the mining industry is led by their ruggedness good load-bearing capacity.
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Regional Segmentation
It is observed that North America has been consistently dominating the global dump truck market and is estimated to maintain its market position in the coming years as well. The region's landscape features various remote locations with limited accessibility, especially for the mining industry. Besides, factors such as large construction and mining industries and the large farmlands in this region create substantial demand for dumping trucks for fast and efficient debris removal and earth removal or produce transportation.
The Asia Pacific region holds the second-best position in terms of the dump truck market value. Raw material advantage and the availability of cost-competitive workforces in the region are the major factors impacting the dump truck market growth.
Moreover, the presence of the largest construction industry and mining industry in the world increases the region's dump truck market share. Also, factors such as growing production capacities and dump truck manufacturers in the region positively impact the regional market growth.
Competitive Analysis
The dump truck market is predicted to witness several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Leading industry players are also making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Feb. 02, 2021, Mack Defense and Phillips & Temro Industries (PTI) announced their strategic partnership to prepare the US Army M917A3 Heavy Dump Trucks (HDT) for harsh cold temperatures with an engine heating solution that allows the trucks to start and operate more efficiently and effectively in extremely cold weather.
Mack Defense is a wholly-owned subsidiary of Mack Trucks, responsible for the sale of heavy-duty trucks to federal- and ministerial-level customers globally. PTI holds a rich 100-year experience as a global OEM and aftermarket provider of custom-engineered thermal and electrical solutions.
List of the Key Companies Profiled in the Dump Trucks Market Research Report are
AB Volvo (Sweden)
Daimler AG (Germany)
BYD Motors, Inc. (China)
Hitachi Construction Equipment (Japan)
Deere & Company (US)
Caterpillar (US)
The Liebherr Group (Switzerland)
Bell Trucks America, Inc. (US)
Komatsu Ltd (Japan)
CNH Industrial NV (UK)
Sany Group (China)
Doosan Corporation (South Korea)
XCMG Group (China) and
China FAW Group Co. Ltd (China), among others.
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