Global Dump Truck Market size to surpass $24bn by 2025
Published Date: May 2, 2019 Authors: Preeti Wadhwani, Prasenjit Saha
Dump Truck Market size is set to exceed USD 24 billion by 2025; according to a new research report by Global Market Insights, Inc.
The rapid technological developments and the introduction of autonomous features to newly-developed machines are driving the dump truck market share. Self-driving trucks are beneficial for mining & construction companies to eliminate human errors occurring due to tiredness and increased productivity at sites. For instance, in September 2016, Komatsu announced the launch of its new driverless & autonomous rigid truck, which eliminated the cab for weight reduction and improved efficiency. The industry is also witnessing a development of less-polluting machines with engines based on Tier 4 emission regulations that are adopted across the globe. These machines are gaining a high demand from application industries to reduce pollution & emissions levels and control carbon levels. As a result, manufacturers, including Hitachi Construction Machinery, Komatsu, Caterpillar, etc., are developing environment-friendly vehicles, which also deliver low-fuel consumption as compared to conventional models, expanding the dump truck market.
High costs associated with the initial machinery purchase is a major challenge for the dump truck market. These machines are highly expensive as compared to conventional trucks due to advanced technologies and heavy lifting abilities. Companies & contractors that have low financial capabilities and machine requirement for a shorter time period prefer rental equipment due to the availability of advanced trucks at low costs.
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Rigid models are gaining a high demand from application industries due to their ability to move at high speeds in both loaded & unloaded conditions, developing the market. These vehicles are ideal for well-balanced haul roads and can be hauled across long distances as compared to articulated models. These rigid machines have huge bodies for quarry applications with large shock-absorbing abilities, attributing to the dump truck market growth. The frame designs are resistant to bending & torsional loads and supports high payload, providing better operations in mining operations. These trucks are designed to handle ore, shale, and large rocks and offer high-cost efficiency over articulated machines. For instance, in May 2018, Hitachi Construction Machinery announced the launch of its new rigid dump truck, EH5000AC-3, which includes a trolley system, promoting the usage in large-scale & complex mining operations.
Browse key industry insights spread across 160 pages with 311 market data tables & 21 figures & charts from the report, “Dump Truck Market Size By Type (Articulated, Rigid), By Capacity (Below 25 metric ton, 25 to 50 metric ton, 51 to 150 metric ton, 151 to 300 metric ton, Above 300 metric ton), By End-Use (Construction, Mining), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
The growing construction of new structures globally, such as skyscrapers, business complexes, and smart cities, to serve the increasing population needs is driving the dump truck market growth. The major applications of these machines include transportation of loose materials, such as dirt, gravel, and sand, for construction operations, eliminating the need for several small trucks. The rapid expansion of the building & construction industry in Asian countries, such as India, China, South Korea, Singapore, etc., due to the robust manufacturing sector and high population is a major driver for the dump truck market share. The demand for high-quality & efficient construction equipment is growing in order to complete projects on time and eliminate the harmful effects caused by emissions. Additionally, the electric-based operational capabilities in new trucks is a major factor for the demand from contractors and construction companies.
The increasing recycling & waste management activities across all industry verticals in North America are adding up to the tipper trucks market growth. These machines are increasingly used in recycling projects to transfer waste materials from dumping grounds to factories. Moreover, the availability of trained & skilled drivers in the U.S. is also a major factor supporting the dump truck market development. Due to high demand from both construction & mining applications in the U.S., manufacturers from other regions are entering the North America dump trucks market size. For instance, in May 2017, BELAZ announced its entry to the North American market by setting up an office in Ontario. The company intends to sell its trucks in the North & South American countries and compete with the existing players.
The prominent players in the dump truck market share include Volvo Trucks, Caterpillar, Komatsu Ltd., XCMG Group, Hitachi Construction Equipment, Doosan Group, Terex Trucks, Deere & Company, and Liebherr Group. Manufacturers are focused on providing technically-developed machines with automated hauling systems and new drivelines to increase the efficiency in complex operations. The companies are also strengthening their presence in the operational regions by partnering with local dealers & distributors to address the market demand from local customers. The dump trucks market players are continuously offering new products due to high demand from application industries. For instance, in February 2017, Sany India launched its new range of off-highway trucks, including SRT55D dump trucks, under its mining segment expansion strategy.
The dump truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2015 to 2025, for the following segments:
Dump Truck Market, By Type
Dump Truck Market, By Capacity
- Below 25 metric ton
- 25 to 50 metric ton
- 51 to 150 metric ton
- 151 to 300 metric ton
- Above 300 metric ton
Tipper Trucks Market, By End-Use
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia