The global dump and mining trucks market is anticipated to grow at a significant CAGR of 5.9% during the forecast period (2022-2028). During the mining operation, mining dump trucks are used to transfer discharged rocks and pieces. The boulders and fragments that have been discharged are transferred to end-user locations. Mining dump trucks are designed primarily for usage in mining areas and under extreme conditions, however, now it is used for various other applications. Contractors in the general construction industry are transitioning from expensive dumping vehicles to mining dump trucks, which are less expensive and more efficient. On the roadways, mining trucks with various payload capacities are permitted. The manufacturing of rigid machinery such as mining dump trucks has expanded over the years as mining activities have increased and new mining locations, particularly new coalfields, have been developed.
Several mining businesses across the globe are switching to high-capacity mining dump trucks that are more efficient to operate. Exploration of new coalfields and the extraction of precious metals are two significant drivers driving the mining dump truck market forward. These mining trucks can easily be driven in off-road and off-highway situations, often known as haul trucks. Companies can avoid any failure or delay through the adoption of cutting-edge design and technology.
The market in the Asia-Pacific is expected to grow at the fastest rate. The expansion in mining activity in countries such as China, India, Japan, Australia, and others is one of the primary factors driving the Asia-Pacific dump truck and mining truck market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance, in July 2019, the US EPA Tier 4 Final exhaust pollution regulations are met by the Caterpillar 794 AC mining truck. The Tier 4 truck has an exhaust after-treatment system with a selective catalytic reduction system (SCR) that reduces nitrogen oxide emissions by using diesel exhaust fluid.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Truck Type
- By Engine
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Caterpillar, Inc., European Truck Factory GmbH, Hitachi Construction Machinery Co., Ltd., AB Volvo, and Komatsu Ltd., among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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