Dump Trucks And Mining Trucks Market Expected to Reach $92.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Dump Trucks And Mining Trucks Market," The Dump Trucks and Mining Trucks Market was valued at $45.45 billion in 2021, and is estimated to reach $92.1 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.

Mining activity has increased as a result of the growing demand for key metals. The growth of the mining and construction industries has led to a greater acceptance of off-road vehicles, including dump trucks and mining trucks, which are used for transporting goods such as rock, sand, iron metal, and many others. The global market is expected to expand significantly during the forecast period, as evidenced by the presentation of new coalfields and digging destinations for energy-creation activities in steel, concrete, and force area. Governments worldwide are increasing their investment in infrastructure and transportation. This increased interest in infrastructure and transportation will definitely benefit the global dump trucks and mining trucks market growth.

Dump trucks and mining trucks are usually more expensive than their counterparts. The price of dump trucks is 100 tons or more, as compared to heavy-duty truck, especially if those trucks are diesel-powered. Long-term maintenance expenditures for diesel engines may increase as well as diesel engines requiring frequent maintenance. All these factors are anticipated to hinder the dump trucks and mining trucks market size.

Energy-efficient automobiles are being introduced by manufacturers to lessen the negative effects of mining and exploitation. Companies have been forced to offer a way for diesel motors to reduce their carbon footprint due to strict emission regulations. Simple electric dump trucks that adhere to discharge guidelines and satisfy customer requirements are now being produced by Manufacturers. Several manufacturers have also begun developing cutting-edge dump trucks that use artificial intelligence . Mining and development activities have resulted in the advancement of cutting-edge innovations, reducing the association of diggers to limit risks. These inventions have recently gained traction and are expected to propel the dump trucks and mining trucks market opportunities.

The global dump trucks and mining trucks market share is segmented based on type, payload class, engine type, end-use industry, and region. By type, it is classified into rigid and articulated. By payload class, it is classified into less than 100 tonnes and more than 100 tonnes. By engine type, it is classified into internal combustion and electric. By end-use industry, it is classified into construction, mining and others. By region, the dump trucks and mining trucks market analysis across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the dump trucks and mining trucks market report include SANY Group, Caterpillar, Hitachi Construction Machinery Co., Ltd., Liebherr, Volvo, Komatsu, Deere & Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, and Scania.

The report offers a comprehensive analysis of the global dump trucks and mining trucks market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of Covid-19 on the Global Dump Trucks and Mining Trucks Industry

ü COVID-19 impacted almost all industries and the dump trucks and mining trucks-producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, and a shortage of labor, the fear of contracting the novel coronavirus led to sluggish demand in the market.

ü Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

ü The emergence of the Covid-19 pandemic negatively affected the mining and construction industry. Due to social distancing norms and lockdown restrictions mining and construction projects were halted during the pandemic.

Key Findings of the Study

• Based on type, the rigid sub-segment emerged as the global leader in 2021 and the articulated sub-segment is anticipated to be the fastest-growing sub-segment during the dump trucks and mining trucks market forecast period.
• Based on payload class, the less than 100 tons sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest-growing sub-segment during the forecast period.
• Based on engine type, the internal combustion sub-segment emerged as the global leader in 2021 and the electric sub-segment is anticipated to be the fastest-growing sub-segment during the forecast period.
• Based on the end-use industry, the construction sub-segment emerged as the global leader in 2021 and the mining sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.