What is Dump Trucks Market Size?

08 Sep 2024

Table of Content

1. Dump Trucks Market Revenue and Trends 2. Market Overview 3. Dump Trucks Market Emerging Trends 4. Dump Trucks Market Highlights 5. Regional insight 6. Market Potential and Growth Opportunity 7. Dump Trucks Market News

Dump Trucks Market Revenue and Trends

The global dump trucks market revenue was valued at USD 54.30 billion in 2023 and is poised to grow from USD 58.81 billion in 2024 to USD 125.63 billion by 2033, at a CAGR of 8.80% during the forecast period 2024 – 2033. Rising government investments for considerable organization and technological inventiveness of these vehicles are anticipated to drive the dump trucks market growth.

Market Overview

Dump trucks are heavyweight, technically innovative machinery vehicles used to carry and dump movable material from one place to another place. It is used in construction locations for carrying things like stone, sand, ore, cement, etc., and is also useful in waste management for leveling waste transversely to public, mining, and big construction locations. Dump trucks are a most important portion of the building and mining businesses. Stiff rearmost dump trucks and uttered dump trucks are normally the two main categories of dump trucks.

Infrastructural expansion and increasing urbanization cooperatively pay for the development of the dump trucks market. Dump trucks denote the kind of trucks that are used in construction sites to transport chippings, destruction waste, sand, and other things. On-road dump trucks, rear dump trucks, off-road dump trucks, and others are a few kinds of dump trucks. These trucks hold diverse engine types and engine capacities, such as electric engine dump trucks and internal incineration engine dump trucks.

Dump Trucks Market Emerging Trends

• Hybrid and electric automation dump trucks: There is a rapid movement in the direction of electric and hybrid dump trucks operated by ecological guidelines and a drive for sustainability. Such vehicles deliver lower production and compact operative charges in their entire lifespan. Automation is growing and being accepted in dump trucks, cultivating security and efficacy in construction spots.
• Progressive telematics, IoT incorporation, and enhanced security factors: Telematics technology is being incorporated into dump trucks to permit actual monitoring of vehicle wellbeing, location trailing, fuel effectiveness, and presentation analytics. This data benefits in enhancing procedures and maintenance plans. Dump trucks are integrating cutting-edge security factors like automatic braking arrangements, blind-spot recognition, and 360-degree cameras to improve security for operators and the workforce at construction spots.
• Growth of ADTs, personalized and modular designs: ADTs (Articulated dump trucks) are gaining acceptance because of their capacity to function efficiently on irregular land and in adverse conditions, building them perfect for mining and extended construction sites. Dump truck manufacturing companies are offering highly customized choices and advanced designs to serve particular industry requirements and functional needs, improving flexibility and efficacy.
• Concentration on payload capacity, efficacy, and market extension in growing areas: There is a regular focus on larger payload volume while decreasing fuel consumption and functional charges, influencing upgradation in engine efficacy and lightweight materials. The market demand for dump trucks is increasing in growing areas because of rising infrastructure growth projects, expansion, and mining events, which are showing new development chances for manufacturers.

Growing numbers of mining and construction workers are driving the dump trucks market

Dump trucks are considered the most significant fragment of the building and mining business that permits effective and even processes in the area. They are frequently furnished with numerous cutting-edge structures, like hydraulic hooks, that permit informal delivery and diminish the exertion and time occupied for unburdening. Dump trucks are required in the building and mining business to carry materials such as concrete, sand, dirt, and cement. They can shift the material from one site to the place it is needed, decrease physical labor charges, and upsurge efficiency. Thus, the expanding construction happenings in town areas and the growing funds in the real estate business are quickening the progress of the dump trucks market.

The charges for dump trucks are comparatively higher than those for their normal equipment. Complementing these variations in the charges of fresh resources and the inaccessibility of raw resources, the conclusion is that the product has to establish a high cost to cover the manufacturing price alone. The charge for the trucks is subject to capacity, application, size, weight, and model. Likewise, the original and upkeep charges of the dump truck are high, limiting the development of the dump trucks market.

Dump Trucks Market Highlights

Top Companies in the Dump Trucks Market

• Caterpillar Inc.
• Hitachi Construction Machinery Co. Ltd.
• Komatsu Ltd.
• Liebherr Group
• John Dere
• Terex Corporation
• CNH Industrial
• Doosan Group
• BelAZ
• Bell Equipment
• Ghh Group Gmbh
• Volvo Construction Equipment
• Atlas Copco.
• Mercedes-Benz Group AG
• Sandvik Minning and Rock Technology
• Ashok Layland Ltd.
• Sany India
• BAS Minning Truck
• Joy Global Inc.
• DUX Machinery Corporation
• Zoomlion Heavy Industry Science & Technology
• AB Volvo

Recent Development by Sany India

• In April 2024, Sany India, which is a leading manufacturer of mining and construction equipment, launched the SKT105E Electric Dump Truck. The SKT105E becomes the first manufactured electric off-highway dump truck in India.

Recent Development by the Bell Equipment

• In March 2024, Bell Equipment, a company delivering innovation, quality, and excellence in the construction and mining equipment industry, in partnership with Chepstow Plant Internation (CPI) and Sibelco, launched an autonomous articulated dump truck (ADT) as a part of a project between four companies.

Regional insight

Asia Pacific region dominated the dump trucks market by holding the largest market share in 2023. The development of the market in this area is accredited to financial growth, and the increasing infrastructural growth in provincial countries such as Japan, India, China, etc., are influencing the development of the market across the area. The growing inhabitants that cause the request for construction events for inhabited and marketable drives that determine the development of the real estate market in the area, as well as the increasing venture in the real estate market, is additionally influencing the development of the dump trucks market throughout the estimated period.

The dump truck market in Europe is characterized  by steady growth, driven by the region's construction, mining, and infrastructure development sectors. The market is projected to grow at a moderate CAGR over the next few years, propelled by increased infrastructure projects and urbanization.

North America is anticipated to observe the fastest frequency of progress throughout the predicted period. The development of the market in the area has amplified because of the growing infrastructural expansion in the urban zones and the hefty investments by the main market performers in the real estate market and mining trade that influence the request for the dump trucks market throughout the predicted period.

Market Potential and Growth Opportunity

Electric dump trucks

The e-dumpers are generally known as electric dump trucks. Numerous chief manufacturing companies are capitalizing on the growth of electric dump trucks and are quickening the development of electric dump trucks. E-dumpers are high in energy efficacy, measuring 45 tons. Electric dump trucks utilize reformative decelerating. Reformative braking permits battery charging, whereas the car wanders at a continuous speed. Therefore, growing technological progressions in dump trucks, such as electric dumper trucks, are generating an opening for the development of the dump trucks market.

Dump Trucks Market News

• In January 2024, Goodyear Tire & Rubber Company, which is an American multinational tire manufacturing company, announced the GP-3E-OFF-THE-ROAD tire with a new versatile tread design for wheel loaders, graders, and articulated dump trucks.
• In December 2023, Propel Industries, a prominent company in screening and crushing equipment, launched Indigenous electric vehicle dump trucks at EXCON 2023. It has two variations 470 MEV and 470 HEV which have 45 and 60 gross vehicle weights respectively.
• In April 2023, XCMG Machinery, which is a Chinese construction machinery industry developed into one of the domestic industry’s most influential and competitive enterprises, launched three mining machinery, which are XE690DK mining excavator, XDR80TE-AT autonomous electric dump truck, and XDE240 mining dump trucks.

Market Segmentation

By Type

• Articulated Dump Trucks
• Rigid Dump Trucks

By End-User

• Construction
• Mining
• Agriculture
• Waste Management

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