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Dump Trucks Market size surpassed USD 15 billion in 2021 and is anticipated to observe more than 7% gains from 2022 to 2030. The growing population base has led to a rise in the demand for industrial, commercial, and residential buildings, resulting in an upward trend in construction activities in several developed & developing economies.
The market for dump truck is witnessing high demand in the mining industry due to the high utilization of these machines in transporting extracted materials and wastes from one site to another. Manufacturers have developed specialized mining trucks for operations in rough terrains, open cast mines, etc. Mining companies are focusing on the deployment of low-emission & low fuel-consuming machines to reduce carbon amounts in the mining sector. Such initiatives combined with the need for recycling hazardous wastes are driving the dump truck industry demand. Growing development in the construction sector is driving the market revenue.
Report Attribute | Details |
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Base Year: | 2021 |
Dump Trucks Market Size in 2021: | USD 15 billion |
Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 7% |
2030 Value Projection: | USD 30 billion |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 309 |
Tables, Charts & Figures: | 459 |
Segments covered: | Type (Capacity), End-use |
Growth Drivers: |
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Pitfalls & Challenges: |
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The high initial price and maintenance cost of dump trucks are critical factors limiting the market demand. The cost depends on the model size, application, and weight. Advancements in technology, higher fuel prices, and advanced systems have elevated the cost of these trucks. Increasing costs of modernized equipment have posed a critical problem for mining & construction companies on account of high initial investments, leading to lower productivity and yield.
The dump trucks market observed a decline in 2020 because of the global economic recession. The COVID-19 pandemic has resulted in an unprecedented disruption to world trade and the global economy as production & consumption significantly decreased across the globe. The spread of COVID-19 negatively impacted the logistics and supply chain sectors and delayed mining & construction projects. The global construction sector output has witnessed a steep decline due to factors such as the grounding of major commercial construction projects, a shift in focus of government authorities toward healthcare, and the unavailability of raw materials & labor. However, the demand-supply gap in the industry is expected to reduce the fading impact of the pandemic.
Growing construction activities and the increasing demand for high-speed trucks for loading & unloading are driving the industry statistics. The articulated dump trucks market segment is poised to register a growth rate of about 7% through 2028 owing to its advantages such as enhanced flexibility, improved safety, and improved operator comfort. Articulated truck manufacturers are continuously focusing on developing autonomous driving and transmission technologies to increase their overall proficiency.
Construction sector held a market share of around 60% in 2021 and is slated to grow steadily till 2030. The need to transport loose materials, such as dirt, gravel & sand, during construction operations has contributed to the segment growth. In addition, the growing government efforts to accelerate smart city developments, road developments, etc., will create growth opportunities for the dump trucks market.
Asia Pacific is anticipated to dominate the global dump trucks market and is predicted to grow with a CAGR of over 8% during 2022-2030. Growth is attributed to the emergence of several landscaping & construction projects in Southeast Asian countries. Countries including Singapore, Taiwan, Indonesia, New Zealand, etc., are focusing on accelerating their infrastructure development activities to fight against the economic crisis. The government is continuing its heavy spending on infrastructure projects. For instance, in June 2022, the Chinese government announced that it will be investing USD 120,000 million in infrastructure projects in the country.
Industry participants are emphasizing on partnerships, new product launches, and acquisitions to gain high market shares and generate business capabilities. Some of the key industry leaders include:
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