The dump truck market is expected to surpass USD $30 billion by 2030, according to a research study by Global Market Insights Inc., as the demand for dump trucks across the mining environment is expected to grow significantly.
The need for equipment to support the transportation of extracted wastes and materials is contributing to the consistent increase in demand for dump trucks, as several mining companies are focused on deploying machines with low fuel consumption and emission to curb carbon amounts and reduce the pollution from mining activities.
The COVID-19 pandemic adversely impacted the dump truck market growth due to strict lockdown in several countries in 2020. Manufacturing plants were shut down, resulting in lower production rates.
The impact of the COVID-19 pandemic has led construction and mining contractors to postpone their new equipment purchase decisions, thus hindering the construction equipment market growth in 2020.
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Rapid expansion of the building and construction industry is a major driver in the dump truck market. The growing demand for efficient and high-quality construction equipment is increasing to complete projects on time and reduce the harmful effects caused by carbon emissions. Electric-based operational capabilities in new dump trucks are important factors boosting demand from construction and contractor companies.
The government and private sectors are making huge investments in construction projects.
The Brazilian government is spending heavily to improve the transportation infrastructure. For instance, in 2021, the Brazilian government announced that it will be investing approximately USD $30 million to develop its road & rail infrastructure. Such huge ongoing investments in the development of infrastructures will drive the regional dump truck market growth.
Companies operating in the region are also integrating advanced technologies into dump trucks to enhance operational efficiency. For instance, in August 2021, SANY Group launched a new hydrogen fuel heavy-duty construction truck. This hydrogen truck is an ideal solution to the looming global energy and environmental crisis. Through this strategy, the company aimed to launch eco-friendly construction trucks to reduce pollution.
Some major findings in the dump truck market report include:
- Integration of advanced technologies, such as ADAS, smart battery, and telematics management system, into dump trucks. With the increasing competition in the mining and construction industries, the adoption of advanced machinery is expected to grow rapidly.
- In North America, new product developments from regional enterprises and extensive construction projects are fueling the demand for dump trucks. The North America dump truck market is supported by the regional government authorities’ continuous funding to promote the adoption of electric trucks in the construction sector.
- Articulated dump trucks are equipped with new technologies such as real-time productivity monitoring, payload meter, gaining traction, eco-mode, and pedestrian detection. The increasing adoption of autonomous driving systems in dump trucks to increase operational productivity is driving market growth.
- Rigid trucks with a capacity of 251 – 300 metric tons are used in jobs that require increased payloads, faster travel speed, less round-trip travel times, less fuel usage, and reduced operating costs. These trucks are ideal for quarry, mining, and road-building applications.
- Major market players in the social compaction equipment industry are Bell Trucks America, Inc., Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Corporation, Hitachi Construction Machinery, Komatsu Ltd., Liebherr Group, Sany Group, Terex Trucks, Volvo Group, and XCMG Group.
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