Dump Truck Market Size was valued at USD 8.68 Billion in 2023. The dump truck market industry is projected to grow from USD 9.31 Billion in 2024 to USD 16.279 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.23% during the forecast period (2024 - 2032). Expansion of the construction industry and vehicle digitalization is the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Lower prices of dump trucks are driving the dump truck market's CAGR. Dumped trucks are more affordable than new trucks of the same brand, as is the case with all dump vehicles. Used trucks frequently sell for half their original cost because of depreciation, which prevents them from travelling the full distance. Trucks commonly come with insurance, which is typically less expensive than purchasing a new one because the value of an older truck declines as it ages. Trucks also tend to depreciate more quickly than other vehicle types because of their widespread use in industrial areas.
Additionally, truck owners in developed nations like the U.S. and Europe are seen buying new trucks because major truck brands release new models every year, which hastens the depreciation of older models. For instance, Xiangtan Electric Manufacturing Co Ltd (XEMC), a China-based manufacturer and distributor of mechanical and electrical equipment, successfully rolled off the world's first 120-ton electric mining dump truck with AC drive and CATL batteries in June 2021. This device will be used for open-pit mine haulage, accelerating the mining industry's transition to low-carbon, energy-efficient goods and environmental protection. For this dump truck, CATL batteries are large-capacity, ultra-safe lithium iron phosphate traction batteries that provide high-power charging with high-voltage, quick charging technology.
The Dump Truck Market segmentation, based on type includes rear, side, and roll-off. The rear category accounted for the largest market share. Rear dump trucks are vehicles with the ability to lift the front of the vehicle and let its contents to fall to the ground. Side dump trucks employ hydraulic rams to tilt the side body to dump and spill material on either the left or right side of the truck. Roll-off trucks have simply a subframe or a hoist and are loaded on the ground before being lifted onto the back of the truck.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Dump Truck Market segmentation, based on propulsion, includes ICE, electric. The ICE segment is predicted to hold more than 97.0% of the market. This is owing to an increase in demand and a decrease in the price of dump trucks powered by internal combustion engines. The ICE engine segment, on the other hand, has had difficulty due to finite fossil fuel reserves and the demand for higher pollution requirements. Electric engines are gaining popularity as a result of rigors regulatory regulations limiting fuel efficiency and exhaust emissions, as well as a recent influx of innovative technologies.
The Dump Truck Market segmentation, based on capacity, includes below 25 MT, 251-50 MT, 50-150 MT, and Above 150 MT. The below 25 MT segment is projected to dominate the market. The dump trucks with a capacity of 25 MT are the smaller dump trucks. These smaller dump trucks typically hold 13,000 to 15,000 pounds, or 6.5 to 7.5 tonnes. One of the top dump truck manufacturers, Hydrema, specialises in smaller trucks. The company offers three versions ranging in weight from 7 to 20 tonnes. These dump trucks provide exceptional performance, increased safety, comfort, optimal traction, and reduced ground pressure.
The Dump Truck Market segmentation, based on application, includes construction, mining, agriculture & forestry, and others. In 2022, the construction segment held a dominant market share. Rising infrastructure projects that address the expanding demands of rural and urban people worldwide are also boosting the sector. increased government infrastructure expenditure, increased real estate spending, and an emphasis on public infrastructure will drive product demand. Construction is important in both emerging and industrialised economies. All of these reasons are expected to raise the market share of dump trucks and mining trucks in the construction industry.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American dump truck market area will dominate this market, due to ongoing investments, supportive government policies, a decline in transportation costs to assist businesses in reducing unit costs, and accessibility to vital minerals like zinc, lead, and nickel in addition to ongoing investments.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe dump truck market accounts for the second-largest market because of the fast urbanization and rise in infrastructural development and refurbishment of buildings in the region. Further, the German dump truck market held the largest market share, and the UK dump truck market was the fastest-growing market in the European region
The Asia-Pacific Dump Truck Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to rising copper mining activity as a result of the construction of domestic smelters and refineries have also increased demand for dump trucks. Moreover, China’s dump truck market held the largest market share, and the Indian dump truck market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in R&D to expand their product lines, which will help the dump truck market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, dump truck industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global dump truck industry to benefit clients and increase the market sector. In recent years, the dump truck industry has offered some of the most significant advantages to medicine. Major players in the dump truck market, including Daimler AG (Germany), Hitachi Construction Machinery Co. Ltd (Japan), Caterpillar Inc. (US). Xuzhou Construction Machinery Group Co. Ltd (China), and others, are attempting to increase market demand by investing in R&D operations.
Rio Tinto Group is a multinational Anglo-Australian firm that is the world's second-largest metals and mining conglomerate (behind BHP). The company was created in 1873 when a group of investors purchased from the Spanish government a mine complex on the Rio Tinto in Huelva, Spain. It has grown as a result of numerous mergers and acquisitions. Rio Tinto, while primarily focused on mineral extraction, also has significant activities in refining, particularly the refining of bauxite and iron ore. Rio Tinto has headquarters in both London and Melbourne. In March 2021, Rio Tinto Company announced the start of Tellurium production at its Kennecott mine in the United States. The company announced a USD 2.9 million investment in the metal recovery process, with a production capacity of 20 tonnes per year.
Volvo Group is a multinational industrial company based in Gothenburg, Sweden. While its primary business is the manufacture, distribution, and sale of trucks, buses, and construction equipment, Volvo also offers marine and industrial drive systems, as well as financial services. With its subsidiary Volvo Trucks, it was the world's second-largest maker of heavy-duty trucks in 2016. Volvo Cars, situated in Gothenburg, was a subsidiary of AB Volvo until 1999, when it was sold to Ford Motor Company. Volvo Cars has been owned by the automotive firm Geely Holding Group since 2010. AB Volvo and Volvo Cars both use the Volvo logo and work together to run the Volvo Museum in Sweden. In April 2021, Volvo announced a new collaboration with steel maker SSAB to develop fossil-free steel for future usage in Volvo vehicles. The collaboration stems from SSAB's own green steel initiative, HYBRIT.
In January 2022, CEO Ola Källenius indicated that Daimler will be rebranded as Mercedes-Benz in order to chase a greater valuation for the company as it moves deeper into high-tech electric vehicles.
In December 2019, Volvo and Isuzu have announced their intention to develop a commercial vehicle strategic collaboration. Volvo agreed to sell UD Trucks to Isuzu as part of the deal.
In January 2022, Deere & Company introduced a self-driving tractor at the annual Consumer Electronics Show, designed for large-scale farming as opposed to existing comparable tractors designed for small-scale agriculture.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 8.68 Billion |
| Market Size 2024 | USD 9.31 Billion |
| Market Size 2032 | USD 16.27 Billion |
| Compound Annual Growth Rate (CAGR) | 7.23% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Propulsion, Capacity, Application and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 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), |
| Key Market Opportunities | An increase in foreign direct investment, particularly in developing countries, will help the market grow even more. |
| Key Market Dynamics | Infrastructure Improvements. |
Dump Truck Market Highlights:
Frequently Asked Questions (FAQ) :
The Dump Truck Market size was valued at USD 8.1 Billion in 2022.
The global market is projected to grow at a CAGR of 7.23% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Daimler AG (Germany), Hitachi Construction Machinery Co. Ltd (Japan), Caterpillar Inc. (US). Xuzhou Construction Machinery Group Co. Ltd (China).
The construction category dominated the market in 2022.
The rear category had the largest share of the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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