According to the report, the global dump trucks and mining trucks industry generated $45.5 billion in 2021, and is estimated to reach $92.1 billion by 2031 witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, restraints, and opportunities:
Rise in infrastructure-related projects, increase in mining production activities as a result of the rising demand for minerals and natural resource, rising urbanization, greater investment, and increased consumer spending drive the growth of the global dump trucks and mining trucks market. However, non-fuel efficiency and high maintenance cost of dump trucks and mining trucks restrict the market growth. Moreover, introduction of energy-efficient automobiles to lessen the negative effects of mining and exploitation, development of innovative dump truck that use AI are expected to produce ample opportunities to accelerate dump trucks and mining trucks market size in the coming years.
COVID-19 Scenario:
- The Covid-19 pandemic had a significant impact on the mining and building industries. Mining and construction projects were halted during the pandemic due to social distancing norms and lockdown limitations.
- Due to supply chain disruptions, manufacturing unit closures, and an economic slump in various countries, the demand for dump and mining trucks decreased significantly. Import-export restrictions were also imposed on key producers of dump and mining trucks, such as the United States and China.
- However, the global market for dump trucks and mining trucks has already recovered in the post-pandemic.
The rigid segment to rule the roost
Based on type, the rigid segment contributed to the largest share of more than four-fifths of the global dump trucks and mining trucks market revenue in 2021, and is expected to retain its dominance by 2031. Rigid dump trucks remain popular among some contractors due to their low cost and suitability for a wide range of mining and construction sites. Moreover, the articulated segment would portray the fastest CAGR of 7.9% during the forecast period. An articulated vehicle is one that consists of two or more separate frames connected by suitable couplings. A truck tractor is a motor vehicle designed primarily for drawing truck trailers and constructed to carry part of the weight and load of a semitrailer.
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The internal combustion segment to dominate in terms of revenue during the forecast period
In terms of engine type, the internal combustion segment garnered the highest share in 2021, holding more than 90% of the global dump trucks and mining trucks market revenue, and is expected to retain its dominance by 2031. This is because internal combustion engines are a safer fuel choice for commercial vehicles with larger fuel tanks. Furthermore, as a transportation fuel, the internal combustion engine has a number of performance, efficiency, and safety advantages. Due to its increased energy density, this engine also offers more useful energy per unit of volume than others. However, the electric segment is projected to witness the fastest CAGR of 8.2% from 2022 to 2031. It is powered by electricity, there is no exhaust from the tailpipe and no typical liquid fuel components such as a fuel pump, fuel line, or fuel tank are present.
The construction segment to dominate the market during the forecast period:
By end-use industry, the construction segment contributed to the largest share of more than three-fifths of the global dump trucks and mining trucks market in 2021 and is expected to maintain progressive growth during the forecast period. The growth of segment is driven by rising infrastructure projects that meet the increasing demands of rural and urban people, rising government infrastructure investment, rising real estate spending, and a focus on public infrastructure. However, the mining segment would portray the fastest CAGR of 8.4% during the forecast period.
Asia-Pacific region garnered the major share in 2021:
By region, Asia-Pacific accounted for the highest share in 2021, holding more than two-fifths of the global dump trucks and mining market revenue, and is projected to rule the roost by 2031. The same segment would portray the fastest CAGR of 8.0% during the forecast period. This is because the region has enormous mining production and mineral mine potential, which is increasing the demand for dump trucks and mining trucks. Because of the increased production in surface mining and the predictable nature of the equipment maintenance and replacement cycle in surface mining, the region has seen an increase in the mining equipment manufacture.
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Leading Market Players:
- Caterpillar
- Liebherr
- Komatsu
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- SANY Group
- AB Volvo
- Scania
- Hitachi Construction Machinery Co., Ltd.
- XCMG Group
- Deere & Company
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