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The GMI Research perceives that the growing demand for natural resources and rare earth metals globally are the key components which escalating the dump trucks demand. The capacity of dump trucks to transport goods plays a critical role in the market rise as dump trucks minimize the human workload and dump the raw materials directly using hydraulic arms. The Government’s takes initiatives to raise mining facilities are also surging global dump truck market growth.
Introduction to Dump Truck Market
Dump trucks are efficient trucks refer as dumper trucks, mainly designed to carry fine materials like demolition wastage, gravel, sand, and other materials from a construction site. The dump truck empties materials from behind as it has hydraulic cylinders in the front, the dump truck has unlocked bodies hanged at the rear. It has material injection that allows discharge material without uplift the body. Mining, Construction, and other sectors generally use dump trucks.
Key Players of Market
- Caterpillar
- OJSC BELAZ
- Liebherr
- Dongfeng Motor Group Co., Ltd.
- BYD Motors Inc.
- Deere & Company
- Hitachi Construction Machinery Co., Ltd.
- China FAW Group Co., Ltd.
- AB Volvo
- BAS Mining Trucks
Dump Truck Market Dynamics
The expansion of construction sites in developing countries is the main factor driving the global dump truck market. The dump truck market share is highest in the mining segment due to the rising demand for precious metals such as iron ore and gold. The increasing demand for natural resources and minerals worldwide has accelerated mining activities, which boom the dump truck market. Additionally, the Government has increased its budget for the development of infrastructure and development by introducing several projects for smart cities around the world, which plays a significant role in boosting market growth.
Besides, the rising demand for less carbon emission in different industries because of stringent emission regulations is an additional factor in propelling the dump trucks market growth. The advancement in technology by incorporating machine learning and AI in the dump trucks for an autonomous operation will escalate the dump truck market. On the other hand, the high maintenance cost of the dump trucks and the requirement of specialized and skilled drivers and crew members can restrain the market growth.
Engine Type Segment Drivers
The electric engine segment holds the position expected to grow at a faster CAGR during the forecast period due to the population’s interest in vehicles with electric engines has increased, as they reduce the pollution caused by harmful greenhouse gas emissions in the atmosphere. Furthermore, the Government tries to adopt electric vehicles across the globe to attain the energy conservation targets and prevent the climate is addition for booming the segment growth.
End-Use Type Segment Drivers
Based on the end-use, the construction segment is projected to grow at a higher growth rate over the forecast period because dump trucks are an essential part of construction sites in loading and unloading materials. Infrastructure is a pivotal factor in the growth of this segment. Moreover, the development in the construction industry worldwide is further burgeoning the need for dump trucks in the market.
Geographical Drivers
The Asia-Pacific region is growing and is expected to augment at a faster rate during the forecast period. The continuous increase in mining activities in China and India is the key factor that accelerates the global dump truck market. The infrastructure and construction work is expanding in the Asia Pacific region, fueling the dump truck market. Moreover, the governments of China and India take several actions in the development of infrastructure and industrial activities driving the market during the forecast period.
Dump Truck Market Segmentation
Segmentation by Engine Type
- Electric Engine
- Internal Combustion Engine (ICE)
Segmentation by End-Use Type
- Mining
- Construction
- Military
- Infrastructure
- Agriculture
- Others
Segmentation by Region
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of APAC
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of RoW
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