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The Global Dump Trucks Market was worth US$ 6.32 Bn in the year 2018 and is expected to reach US$ 10.83 Bn by 2026. Fortune Business Insights in a new study, titled “DUMP TRUCKS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts that the introduction of new mining sites and coalfields for carrying out energy production activities across sectors drives the market. Dump trucks are adopted across several sectors which include military, agriculture, construction, cement, steel, mining, and power. An increasing number of mining and construction activities around the world is driving the dump trucks market share. Considering this, the global market is anticipated to rise at a healthy CAGR of 7.0% between 2018 and 2026.
Governments across the world are heavily investing in transportation and infrastructure activities. Increasing adoption of machinery eases human work in several sectors. This, coupled with rising automation, is expected to increase the utilization of dump trucks or tipper trucks. The demand for precious metals is increasing, which leads to rising mining activities. Driven by this, the demand for dump trucks is likely to increase during the forecast period.
Expansion of Mining Sector Propels Demand for Dump Trucks
Among sectors, mining is expected to witness high growth in the global market. This is mainly on account of the rising need for machines to transport heavy materials. Such activities can generate waste too and these machines help to dispose of this waste. This further creates a high demand for tipper trucks in the mining sector. This, in turn, is boosting the dump trucks market size. Manufacturers are developing mining trucks to resolve complex operations in mines. Another factor positively impacting the segment’s growth is the rising adoption of automated equipment and growing demand for dump trucks especially for underground mining. In addition to this, the introduction of smart mining is supplementing to the growth of the market. The supply of dumping trucks in increasing as companies are signing contracts with mining companies. Driven by these factors, the demand for dump trucks is the highest in the mining sector.
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AB Volvo, Komatsu, Liebherr are Among the Leading Players in the Market
The report profiles some of the leading players in the global market. Some of them include Komatsu Ltd., Terex Trucks, Catepillar Inc., OJSC BELAZ, Dheere & Company, Hitachi Construction Machinery Co Ltd, AB Volvo, The Liebherr Group, XCMG Group, KGHM Zanam SA, and DUX Machinery Corporation. Companies are planning to develop advanced technologies to stay ahead of the competition. Several companies are investing in research and development (R&D) activities to develop these technologies and incorporate them into new machines. Companies are further planning to expand their share by exploring untapped regions. This will further increase the dump trucks market revenue.
Manufacturers are also focusing on upgrading their existing dump trucks to ensure sustainability. They are introducing new dump trucks with refined engines to reduce carbon emissions. This is in accordance with the mining environmental standards and norms.
Presence of Leading Mining Companies in Asia Pacific Backs its Dominance Globally
In 2018, the market in Asia Pacific was valued at US$ 2.33 Bn and is anticipated to lead the global market over the projected horizon. The growth is primarily driven by an increasing number of exploration activities in the region, stoking demand for dump trucks. Furthermore, governments are increasingly supporting small and medium-sized mining companies to initiate exploration activities. This, together with the presence of well-known players in Asia Pacific, creates ample growth opportunities for the market.
Apart from North America, Asia Pacific is also expected to grow and drive the market in the forecast years. Moreover, the market was worth US$ 1.45 Bn in the year 2018. Increasing investments and favourable government policies are growth enablers for the market. Reduction in transportation cost encourages companies to lower unit costs. This, in turn, will enable growth in the market.
The global dump trucks market can be segmented into the following categories:
By End-Use Application