Despite Covid-19 impacts Dump Truck Market would reach $72.4 Billion By 2025
The global dump trucks market size is expected to reach USD xx billion by 2025 at an xx% CAGR during the forecast period, according to a study conducted by Grand View Research, Inc. Growing construction and mining activities, increased government spending on sustainable infrastructure, and technological advancements propelling demand for advanced dump trucks are anticipated to drive the market. The demand for these vehicles is linked to rising population, urbanization, and infrastructure developments. Increasing construction and mining activities in Asia Pacific, especially in India, China, and Australia, will drive the market over the forecast period.
The use of coal and other minerals for industrial applications is likely to increase over the next decade, thereby complementing the growth of the mining industry, which is further expected to drive the market. Autonomous haul trucks have the potential to improve performance, reduce cost, and improve safety to overcome challenges at mining sites. Also, electric and advanced dump trucks are in great demand owing to global concerns over reduction of carbon emission from passenger and commercial vehicles. Therefore, governments of various countries have made it mandatory for automotive manufacturers to comply with emission standards to reduce their carbon footprint. This, along with numerous R&D activities for integration of advanced battery technologies, is likely to augment demand of electric dump trucks over the forecast period.
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Such factors are pushing automotive OEMs and technology companies to develop vehicles that are cost-effective and aid in emission reduction. For instance, Komatsu America Corp. announced the launch of a 400-ton haul truck with an electric drive system. The product has significant features like enhanced productivity, high power performance, superior operating comfort, and improved safety. Additionally, it eliminates fuel consumption and hence contributes to reduction in carbon emission.
Asia Pacific accounted for the largest revenue share in 2018 owing to large-scale mining activities in the region. China being one of the largest producers of coal in the world, accounted for the majority share in the global dump truck market. Mining dump trucks are used to haul, transport, and deliver raw material from one site to the other. North America will register the highest CAGR owing to construction activities that make use of these vehicles for hauling of heavy materials, land moving, and carrying construction and demolition waste.
Dump Truck Market Report Highlights
- The global market is expected to develop at a CAGR of xx% from 2019 to 2025 and reach USD xx billion by 2025. Rising construction activities due to increased investments in infrastructure will drive the market over the forecast period
- Based on type, rear dump trucks dominated the market and the segment is expected to continue the trend over the forecast period, registering a CAGR of xx%
- Asia Pacific held the largest share in the overall dump truck market and accounted for USD xx billion in 2018. Increasing construction and mining activities in the region, especially in India, China, and Australia, is anticipated to drive the market through 2025
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Grand View Research has segmented the global dump truck market on the basis of type, engine type, end use, and region