ID: MRFR/AM/6842-CR | 100 Pages | Published By Swapnil Palwe on September 2022
According to the latest research report, the global dump truck market size is predicted to cross USD 13762.20 million by the end of 2030 at an expected CAGR of 7.23% during the forecast period.
The Global Dump Truck Market size is projected to be worth USD 13762.2 million by 2030, registering a CAGR of 7.23% during the forecast period (2022–2030).
Dump Truck are heavy machinery deployed for the transportation of bulk volumes of loose materials, including sand, soil, ores, rocks, waste material & debris from mining, civil, or large construction sites. They provide an invaluable service for transporting debris and minerals from one place to another. The ability to move large amounts of material and debris is one of the USPs of dump trucks.
Global key companies in the dump truck market are facing a slowdown due to COVID-19 and are unable to initiate projects and execute product developments. Moreover, to minimize the slowdown in production processes, many companies depend on their respective governments to create special tax schemes and incentives that could help the companies minimize and mitigate the losses that occurred in this pandemic.
The construction sector primarily involves the construction of hospitals, residential buildings, industrial facilities, roads, and railways. The governments of the US, the UK, China, India, and other countries have announced their intention to invest in infrastructure projects. As construction activity increases, the need for transporting construction materials such as gravel, iron ore, and sand also increase. This growing requirement of transportation services across the world for every commercial and residential construction boosts the dump truck market. Furthermore, the growing mining activities across China, India, and Indonesia has formed a huge demand for dump truck. The mining activities involve the extraction process of minerals such as copper, stone, coal, lead, zinc, and others. There are multiple industries that depend on the supply of these minerals across the globe. The commonly required minerals are coal, copper, iron ore, and potash. China and India are the largest producers of coal and aluminum, whereas Australia and Brazil are majorly known for iron ore production. This growing requirement of different minerals for multiple production processes has resulted in expanding the mining activities. Henceforth, the growing construction and mining activities are expected to result in the high growth of the dump truck market during the forecast period.
The dump truck is mainly used in mining, construction, and other agricultural & forestry activities. The dump truck check up and servicing is essential for maintaining the condition and smooth functioning of the vehicle. Dump trucks require a high maintenance cost as these are checked on a regular basis, mainly the tire pressure and suspension system. These trucks are also not fuel-efficient. They mostly get between 5 and 7 gallons/mile. This makes the maintenance cost high for the dump trucks owing to the high fuel consumption. Furthermore, the batteries, tires, and hydraulics are the three key parts that require maintenance and can be responsible for generating high costs. The tires of the dump trucks are under serious strain. It is important for the owner or driver to check the air pressure and make sure if it is the same as per the given owner manual. The tire maintenance also involves the checking of alignment and tread to confirm if it is too damaged. The owner also needs to check the cracks or gouges in the sidewalls of the tires and understand the condition of the vehicle. The dumping mechanism works on its own batteries to ensure it runs smoothly. These parts are costly and involve regular maintenance, thereby hampering the growth of the market. However, advancements in technology and features are anticipated to lower the high maintenance cost, thereby generating a moderate rate during the review period.
Advanced technologies such as GPS on these vehicles result in efficient use of time and money and monitor driver behavior and track exact routes of the dump truck. Thus, the increasing adoption of dump trucks in construction and transportation is anticipated to impact the growth of the dump truck market. Nowadays, several technological advancements have taken place, which boost the dump truck market growth. The dump truck needs super-tough suspension systems. Some of the trucks have tires without air to battle rugged terrain without going flat.
Trail Crawl Control is another technology that uses some of the same electric gubbins as downhill descent control. It is far more complicated. While the downhill wizardry uses the brakes to keep things in check, this tech holds a preset speed by braking individual wheels and redistributing power when a slip is detected. Moreover, different cameras fitted in new trucks and dump trucks have focused rigs, which offer a front camera, permitting the driver to see what's ahead even when the machine's nose is pointed squarely at the International Space Station. Another technology is wade sensing. For instance, Land Rover designed sensors to live on the underside of the vehicle's side mirrors. Those sensors are essentially Park Distance Control sensors, slightly tweaked for off-road duty.
In the design and development stage, the dimensions of the dump truck products are calculated and designed according to industry and government standards. While designing these vehicles, factors such as the capacity of the engines, height and weight, comfort, current demand, and recommended applications are considered. After finalizing the design, the raw materials and components are selected according to the design requirements. Dump trucks require various raw materials such as cast iron, aluminum, steel, rubber, plastic, and resin, which are the inputs for manufacturing personal protective equipment. Furthermore, they require various components such as engines and transmission assembly, rods, lighting assembly, tires, brake assemblies, steering assemblies, vehicle frames, and fuel tanks. Variation in the supply of these components could negatively impact the manufacturing process.
After the necessary components are procured in the manufacturing stage, the dump truck manufacturers manufacture the equipment according to the finalized design and the requirements of the end users. After the manufacturing process is completed, the finished product undergoes certain quality checks to ensure that they comply with the required performance standards, efficiency, and precision in critical work conditions before being sent to the end users.
The distribution of dump truck products is mainly carried out through authorized and local distributors, dealers, and exporters worldwide. The leading dump truck product manufacturers also enter strategic alliances with the local dealers and components manufacturers to compensate for rules and regulations pertaining to operations in different countries, such as China, Japan, Germany, the US, and the UK.
Rear, side, and roll-off are the segments based on the type of the Global Dump Truck Market. The rear segment is expected to have the highest CAGR and dominate the market share during the forecast period. The rear dump trucks or the rigid rear dump trucks are mainly used in tandem with hydraulic excavators in mining. These dump trucks are perfect for heavy dirt hauling and off-road mining projects where there is a need to dig out roads and requires a truck to drag the huge quantity of dirt to other locations.
ICE and electric are the segments based on the propulsion of the Global Dump Truck Market. The ICE segments lead the market during the forecast period. The Internal Combustion Engine (ICE) is mainly used in normal petrol and diesel vehicles. These vehicles mainly cause air pollution and global warming and are replaced by electric vehicles. The dump truck services are offered by a wide range of diesel vehicles.
Below 25 MT, 25-50 MT, 50- 150 MT, above 150 MT are the segments based on the capacity of the Global Dump Truck Market. The market is expected to be dominated by the below 25 MT segment. The dump trucks of 25 MT capacity are the smaller dump trucks. These smaller dump trucks mostly carry around 13,000 pounds to 15,000 pounds or 6.5-7.5 tons. Hydrema, one of the leading dump truck manufacturers, specializes in smaller trucks. The company offers three models ranging from 7 tons to 20 tons. These dump trucks offer supreme performance, enhanced safety, comfort with maximum traction, and low ground pressure.
Construction, mining, agriculture & forestry and others are the segments based on the application of the Global Dump Truck Market. The market is expected to be dominated by the construction segment. The most reliable dump trucks applicable for construction are the off-road dump trucks, transfer dump trucks, standard dump trucks, side dump trucks, and others (super dump, semi-trailer bottom dump, semi-trailer end dump, and double and triple trailer bottom dump truck).
The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa and South America. The Asia-Pacific is expected to be the leading region in the dump truck market. Due to its unique geographical characteristics, Asia is rich in mineral resources. Petroleum, coal, iron, manganese, tin, tungsten, antimony, copper, lead, zinc, aluminum, gold, silver, mica, and precious stones are the most common minerals. Oil and natural gas resources rank first in most deposits across all continents and can be separated into three oil storage zones. The first oil storage zone stretches from Mesopotamia Plain, Persian Gulf, and Iranian Plateau to northwest China, Myanmar, and Sumatra. The second oil storage zone extends from Sakhalin Island in the north to Hokkaido and Taiwan Island in the east. Western Siberia is home to the third oil storage zone. As a result, many countries, particularly Saudi Arabia, China, and Iran, see mining as their primary source of revenue. All these mining activities make mining equipment and dump trucks one of the main equipment used to transport various materials from and to mining sites. Furthermore, government initiatives towards infrastructure development act as the factors in the developing countries of Asia-Pacific.
Natural resources abound in Europe, and mineral extraction and supply continue to play a vital role in the European economy and society, as they have for thousands of years. Minerals are used in everyday life as construction materials (crushed rock, sand, and gravel) for infrastructure, buildings, and roads, as well as for industrial purposes (metals, lime, kaolin, silica sand, talc) in the manufacture of steel, cars, computers, medicines, human and animal foodstuffs, and fertilizers, to name a few key applications.
The global dump truck market has witnessed significant growth over the forecast period due to growing government initiatives for infrastructure development and rising construction and mining activities. There are several domestic, regional, and global players operating in the dump truck market who continuously strive to gain a significant share of the overall market.
The Global Dump Truck Market is segmented based on type, capacity, propulsion, and application in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views and predict the emerging and fast-growing segments, regions, and countries with potential of development in the Global Dump Truck Market.
|Market Size||2030: USD 13762.2 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Propulsion and Capacity|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa and South America|
|Key Vendors||Bell Trucks America Inc. (South Africa), Deere & Company (US), Doosan Corporation (South Korea), FAW Group Corporation (China), Curry Supply (US), Volvo Group (Sweden), BYD Company Limited (China), Daimler AG (Germany), Hitachi Construction Machinery Co. Ltd (Japan), Caterpillar Inc. (US), Xuzhou Construction Machinery Group Co. Ltd (China), Komatsu Ltd (Japan), SANY Heavy Industry Co., Ltd (China), Liebherr (Germany), CNH Industrial (UK)|
|Key Market Opportunities||Technology advancement in dump truck|
|Key Market Drivers||Growing government initiative for infrastructure development Rising construction and mining activities|
The Global Dump Truck Market would register a growth of ~7.23% during the forecast period.
High maintenance cost is a key restraining factor for the Global Dump Truck Market
Asia-Pacific would enjoy the upper hand in the Global Dump Truck Market