The global dump truck market size is estimated to attain USD 72.4 billion, by 2025, and is projected to grow at the CAGR of 8.6% over the forecast period, 2019 to 2025, according to a new report by Million Insights. Rising activity in mining and construction sectors along with growing government investment on infrastructure is boosting the demand for dump trucks. Favorable government initiatives and investment on infrastructure development across the emerging countries is contributing to market growth. The increasing mining activities across countries such as Australia, China, and India are expected to spur market growth.
The demand for minerals and coal in industrial applications is projected to increase in the next few years. Autonomous haul type trucks improves performance and safety measures at mining places. Advanced dump trucks & electric dump trucks are growing in popularity due to various factors like enhanced technological features, and reduced carbon emission from vehicles. Moreover, governments across the globe have made compliance with emission standards for automotive companies. In addition, growing R&D activities in advanced battery technology is projected to positively impact on market growth.
Technological innovations are encouraging automotive companies to develop emission-free and cost-effective vehicles. For example, Komatsu America Corp has introduced a 400 ton haul truck using electric drive systems. This system offers high performance, enhanced productivity, and higher operating comfort features. It also eradicates the fuel consumption and help in sustainable environmental management.
In 2018, Asia Pacific contributed to the highest share in terms of revenue in the overall market. Rising mining activities across the region is mainly contributing to dump truck market growth. China is the world’s largest coal-producing country. In mining, dump trucks are used for transport, haul, and raw material delivery applications. North America is projected to expand at the fastest CAGR over the forecast period.
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Further key findings from the report suggest:
• The market is projected to expand at the CAGR of over 8.6% during the forecasted period. Growing construction infrastructure is boosting the need for dump trucks for transport, haul operations.
• Depending on type, real type dump trucks segment is projected to grow at CAGR of 7.9% from 2019 to 2025.
• In 2018, Asia Pacific led the market with highest revenue share of USD 28.2 billion in the overall market. Additionally, growing mining activities are expected to bolster market growth.
• Key manufacturers include Daimler AG, Caterpillar, Komatsu Ltd, and AB Volvo.
Million Insights has segmented the dump truck market based on type, engine type, end use, and region:
Dump Trucks Type Outlook (Revenue, USD Billion, 2015 - 2025)
Dump Trucks Engine Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Internal Combustion Engine
• Electric Engine
Dump Trucks End-use Outlook (Revenue, USD Billion, 2015 - 2025)
Dump Trucks Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• South Korea
• Rest of the World