Dump truck market size is anticipated to reach USD 30 billion by 2030, according to a new research report by GMI Inc. Global shipments are expected to surpass 40 thousand units by 2030. Mining & construction companies are replacing old or traditional equipment with advanced systems to integrate smart mining features into their business operations. The requirement for modern technologies to perform tasks and operations of a group of workers with the help of single equipment is driving the adoption of such technologies in the mining industry.

The lack of qualified truck drivers and operators is a problem for the dump truck market. Users have serious concerns about the rise in on- and off-site accidents brought on by improper system handling and driving in these trucks. Due to their massive build and the weight of the load they are carrying, they cause both property damage and fatalities.

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High demand for heavy load-lifting drives the adoption of rigid dump trucks

Rigid trucks generated revenue of around USD 7 billion in 2021 and are gaining a high demand from application industries due to their ability to move at high speeds in both loaded & unloaded conditions. These vehicles are ideal for well-balanced haul roads and can be hauled over long distances. Rigid dump trucks are equipped with unique body designs, reliable electrical systems, and advanced suspension systems. These heavy machines have bulky bodies for mines and quarry applications with shock-absorbing abilities.

Increasing development in the mining industry

Dump truck market from mining applications is growing at a CAGR of 6% through 2030 owing to the need for transporting mining materials, wastes, and other substances from one site to another. Several governments are also investing in the mining sector to fuel their country’s expansion. For instance, in May 2022, the South African government announced to make investments of approximately USD 3,144 million in the mining & mineral section. In FY2021, the South African mining sector registered 11.8% growth, which is the highest among industries.

Rising initiatives to proliferate the Europe infrastructure

Europe held around 30% of the dump truck market share in 2021. The widespread proliferation of recycling activities and government initiatives in Europe are contributing to the business statistics. Companies are focusing on continuous R&D activities to develop emission-free dump truck technology, which can adhere to performance requirements. According to a report released in 2021 by the European Union, a total investment worth USD 400 million will be invested to improve the rail and road infrastructure for civil & defense use. Market players are launching new models of dump trucks to capitalize on new opportunities.

Growing technology advancements in the dump trucks

The adoption of robotic technologies & systems across the construction industry is growing rapidly. Applications of several advanced technologies, such as robotic drills and self-driving dump trucks, are growing at a rapid pace for efficiently performing various mining tasks.

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Companies operating in the dump truck market include Bell Trucks America, Inc., Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Corporation, Hitachi Construction Machinery, Komatsu Ltd., Liebherr Group, Sany Group, Terex Trucks, Volvo Group, and XCMG Group. They are proactively focusing on strategic partnerships to gain a competitive edge.

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