Dump Trucks Market size worth over $20 Bn by 2027
Published Date: June 9, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Dump Trucks Market size is set to exceed USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
The positive outlook of the construction & mining industry across the globe is providing an impetus to the dump trucks industry growth. Industry players are launching new models of technologically advanced dump trucks propelled by alternative fuels to cater to the growing demand.
Dump trucks are witnessing a growing demand for collecting waste concretes, woods, bricks, and other materials on construction sites globally. According to the market data published by the U.S. EPA, over 600 million tons of Construction & Demolition (C&D) wastes were collected in the U.S. in 2018. The rising amount of C&D debris in the environment is driving the utilization of dump trucks. Increasing awareness of waste management and recycling is also contributing to the dump trucks market revenue.
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The outbreak of the COVID-19 pandemic in December 2019 adversely impacted the dump trucks industry during the first six months of 2020. The industry statistics were impacted by several factors such as the temporary suspension of manufacturing activities, disruptions in the supply chain, and financial insecurities faced by market players. However, the market is forecast to witness a steady growth backed by bulk orders for these trucks from government authorities & private waste management companies.
Analyst view: “The emergence of automated haulage systems and remote monitoring assisted by technologies, such as IoT, will enhance the operating efficiency of dump trucks, thus fostering the market size.”
High capital investments required to procure dump trucks are likely to hinder the dump trucks market representation. Critical components and parts, such as hydraulic rams, frame rails, and lever arrangements, add to the cost of the hauler trucks. The integration of advanced automation and telematics technologies will further contribute to the high cost of dumpers, challenging the market. Lucrative discounts and financial assistance offered by companies, such as Komatsu Ltd., Deere & Company, and Terex Trucks, will support the market size through 2027.
Browse key industry insights spread across 180 pages with 309 market data tables & 19 figures & charts from the report, “Dump Trucks 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing demand for articulated dump trucks in road construction & mining
The articulated dump trucks market is set to witness around 6.5% CAGR through 2027. These trucks are experiencing high adoption in the dumper industry owing to their utilization in road construction & complex mining operations. To cater to the increasing demand from these application sectors, truck manufacturers are developing technically advanced products including autonomous and electric engines.
Positive outlook of the mining industry to fuel market revenues
The mining application captured over 30% of the dump trucks market revenue share in 2020. Mining applications are growing rapidly on account of the need to transport a huge amount of mining materials, wastes, and other substances from one site to another. Hauler trucks are utilized to transport heavy payloads from various sites through rough terrain roads. Additionally, growing mining activities in various economies, such as China and India, will propel the utilization of these machines, driving the industry growth.
Demand in Asia Pacific is led by rising infrastructure industry investments
The Asia Pacific dump trucks market size is projected to observe 8% CAGR till 2027 impelled by growing investments in the development of private and public infrastructures. For instance, in November 2020, the Japanese government announced its plans to invest more than USD 115 billion in its infrastructure industry. Road construction and refurbishment activities in Asian countries, such as China and India, are growing rapidly. The Chinese government is investing hugely in the construction of highways & railways in the region. The increasing road construction activities in China and India will further augment the market representation of hauler trucks in the region.
Increasing investments in the mining industry in India are also expected to support market growth through 2027. In September 2020, NLC India Ltd., a state-owned mining & energy company, announced its plans to invest USD 5.8 billion in new coal & energy mining projects. The increasing utilization of dump trucks in coal mining projects will favourably influence the market statistics.
Some of the prominent dump trucks market players include Terex Trucks, Volvo Trucks, XCMG Group, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu, Ltd., Doosan Group, Liebherr Group, and Deere & Company. Market leaders are emphasizing on providing value-added services to their customers to enhance their revenues and customer retention. For instance, in January 2020, Deere & Company announced to extend the transmission warranty of its articulated dump trucks. The company offered an extended warranty of 15,000 hours or five years on its E-Series models purchased until the end of 2020.
Other prominent strategies adopted by industry participants include strategic new product launches to enhance their market share.
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