Dump Truck Market Projected to Hit USD 16,137.5 Million at a 9.8% CAGR by 2030
New York, US, Sept.
26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Dump Truck Market Research Report Information by Application, Type, Capacity, Propulsion, and Region- Forecast 2030", to thrive substantially at a healthy CAGR of 9.8% further predicts the market will attain over USD 16,137.5 Million during the review timeframe from 2022 to 2030.
Dump Truck Market Overview:
Dump Trucks refer to heavy machinery installed to transport massive volumes of loose materials, such as rocks, ores, soil, sand, waste material & debris from large construction, civil, or mining sites. They offer an essential service to transport minerals and debris from one place to another. The capacity to transport massive volumes of debris and materials is one of the USPs of dump trucks.
The global market for dump trucks has experienced a massive expansion in size in recent years.
Dump Truck Market Competitive Analysis
The list of prominent leaders across the global market for dump trucks includes companies such as:
- Liebherr (Germany)
- BYD Company Limited (China)
- Bell Trucks America Inc. (South Africa)
- Daimler AG (Germany)
- Deere & Company (US)
- Hitachi Construction Machinery C. Ltd (Japan)
- Doosan Corporation (South Korea)
- Caterpillar Inc. (US)
- FAW Group Corporation (China)
- Xuzhou Construction Machinery Group Co. Ltd (China)
- Curry Supply (US)
- Komatsu Ltd (Japan)
- Volvo Group (Sweden)
- SANY Heavy Industry Co., Ltd (China)
- CNH Industrial (UK)
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The main factor causing an upsurge in the market's size is the high usage of these machines in transporting extracted materials and wastes from one place to another.
Producers have built specific mining trucks for operations in challenging terrains, open cast mines, etc.
Mining firms emphasize installing low fuel-consuming and low-emission machines to lower carbon amounts in the mining sector. Such projects, mixed with the requirement for recycling harmful wastes, are boosting the growth of the dump truck industry demand. Furthermore, the growing development in the construction sector is also anticipated to boost the market's growth over the coming years.
Market USP Covered
Dump Truck Market Drivers
The global Dump Truck Market has expanded rapidly in recent years owing to the increasing government initiative for infrastructure development, technological advancement in dump trucks, and increasing construction & mining activities.
Dump Truck Market Report Scope:
|Market Size by 2030||USD 16,137.5 million|
|CAGR during 2022-2030||9.8% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Technology advancement in dump truck|
|Key Market Drivers||Growing government initiative for infrastructure development Rising construction and mining activities|
Dump Truck Market Restraints
On the other hand, the high maintenance costs may restrict the growth of the dump truck market.
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The global health crisis in the form of the COVID-19 pandemic has had a significant impact on the majority of the industry sectors across the globe, given the social distancing norms and travel restrictions imposed by the majority of the governments worldwide led to causing massive loss of revenues to the majority of the market sectors during the pandemic.
On the other hand, with vaccination rates across the globe, the global market for dump trucks is anticipated to experience robust growth over the coming years.
Dump Truck Market Segment Analysis
Among all the types, the rear segment is predicted to secure the top position across the global market for dump trucks over the review timeframe. They are widely utilized in tandem with hydraulic excavators in mining. They are ideal for heavy dirt hauling and off-road mining projects where it is needed to dig out roads and a truck to drag the massive quantity of dirt to other locations.
Among all the applications, the ICE segments are predicted to dominate the global market for dumping over the coming years. it is primarily utilized in regular petrol and diesel vehicles.
These automobiles primarily generate air pollution and global warming and are substituted by electric vehicles. A huge variety of diesel vehicles provides dump truck services.
Among all the capacity ranges, the below 25 MT segment is predicted to lead the global market for dump trucks over the assessment timeframe. These trucks are smaller in size.
These smaller dump trucks commonly carry around 6.5-7.5 tons. These trucks provide brilliant performance, comfort with maximum traction, low ground pressure, enhanced safety, and supreme performance.
Among all the applications, the construction segment will lead the global dump truck market over the coming years.
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Dump Truck Market Regional Analysis
The global market for dump trucks is analyzed across five major regions: South America, the Middle East & Africa, Asia-Pacific, Europe, and North America.
According to the research reports by MRFR, the Asia-Pacific region is anticipated to hold the top position across the global market for dump trucks over the review timeframe. The main factor supporting the regional market's growth is its unique geographical characteristics, as the region is rich in mineral resources.
Asia is rich in mica, petroleum, silver, aluminum, lead, antimony, tungsten, iron, gold, zinc, copper, tin, manganese, coal, and other precious stones. Oil and natural gas resources rank top in most sediments across all continents and can be divided into three oil storage zones. Western Siberia is known to be house to the third oil storage zone.
As a result, several nations, specifically Iran, China, and Saudi Arabia, require mining as their primary source of revenue. All these mining operations make dump trucks and mining equipment one of the primary equipment utilized by several materials from and to mining sites. Moreover, the growing number of government initiatives toward infrastructure development is another crucial parameter supporting the growth of the dump trucks market in the region.
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The dump trucks market for the European region is anticipated to register substantial growth over the review timeframe.
Mineral extraction and supply and natural resources abound across the European region is the primary aspect causing an upsurge in the regional market's growth. The mining sector has played a vital part in developing the European economy in the last few years. Minerals are used daily as construction materials for roads, buildings, and infrastructure, as well as for industrial purposes in manufacturing fertilizers, human and animal foodstuffs, medicines, computers, cars, and steel few critical applications.
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