The global dump trucks market size surpassed USD 54.30 billion in 2023 and is expected to hit around USD 125.63 billion by 2033, poised to grow at a CAGR of 8.80% from 2024 to 2033.
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The Asia Pacific dump trucks market size was valued at USD 38.55 billion in 2023 and is expected to reach around USD 90.02 billion by 2033, growing at a CAGR of 8.90% from 2024 to 2033.
Asia Pacific dominated the market with a 71% market share in 2023. The growth of the market in the region is attributed to economic development, and the rising infrastructural development in regional countries like India, China, Japan, etc., are driving the growth of the dump trucks market across the region. The rising population that leads to the demand for construction activities for residential and commercial purposes that drives the growth of the real estate industry in the region, as well as the rising investment in the real estate industry, is further driving the growth of the dump trucks market during the forecast period.
North America is expected to witness the fastest rate of growth in the dump trucks market during the forecast period. The growth of the market in the region has increased due to the rising infrastructural development in the urban areas and the heavy investments by the major market entertainers in the real estate industry and mining industry that drive the demand for the dump trucks market during the forecast period.
Furthermore, the developing economic conditions and the rising industrialization activities in the region add to the demand. Moreover, the increasing presence of major manufacturing firms, along with the rising infrastructural development of residential and commercial areas, also contributes to the growth of the market in the region.
Dump trucks are heavy, technologically advanced machinery vehicles that are used to load and unload loose material from one place to another place or the vehicle. It is mainly used in the construction site for transporting materials like dirt, sand, ore, etc., and is also used in waste management for demolishing waste across civil, mining, and large construction sites. Dump trucks are a major part of the construction and mining industries. Rigid rear dump trucks and articulated dump trucks are the two major types of dump trucks. Infrastructural development and rising urbanization collectively contribute to the growth of the dump truck market.
|Growth Rate from 2024 to 2033
|CAGR of 8.80%
|Global Market Size in 2023
|USD 54.30 Billion
|Global Market Size by 2033
|USD 125.63 Billion
|Asia Pacific Market Size in 2023
|USD 38.55 Billion
|Asia Pacific Market Size by 2033
|USD 90.02 Billion
|2024 to 2033
|By Type and By End-User
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Rising construction and mining activities
Dump trucks are the most important part of the construction and mining industry that allows efficient and smooth operation in the field. They are often equipped with various advanced features, such as hydraulic lifts that allow easy unloading and minimize the effort and time taken for offloading. Dump trucks are used in the construction and mining industry for transporting materials like concrete, aggregate, dirt, and asphalt. They can move the material from one place to where it is required, reduce manual labor costs, and increase productivity. Thus, the rising construction activities in urban areas and the rising investments in the real estate industry are accelerating the growth of the dump truck market.
Raw material fluctuation and high prices of the vehicles
The prices of dump trucks are relatively higher compared to their ordinary counterparts. Add to these fluctuations in the prices of the raw materials and unavailability of raw materials; the end product has to set a high price to cover the production charges alone. The cost of the trucks depends upon the size, capacity, model, application, and weight. Also, the initial and maintenance costs of the dump truck are higher, restraining the growth of the dump truck market.
Electric dump trucks
The electric dump trucks are also known as the eDumper. Many major manufacturing firms are investing in the development of electric dump trucks and are accelerating the growth of electric dump trucks. Electric dump trucks are high in energy efficiency, weighing 45 tons. Electric dump trucks use regenerative braking. Regenerative braking allows battery charging while the car is traveling at a constant speed. Thus, rising technological advancements in dump trucks, like electric dumper trucks, are creating an opportunity for the growth of the dump truck market.
The articulated segment dominated the dump trucks market with the highest market share in 2023. The growth of the segment is attributed to the higher use of articulated dump trucks in construction activities due to their working capacity on rough terrain condition properties that drive the growth of the articulated dump trucks segment in the dump trucks market.
Articulated dump trucks are divided into two separate parts working permanently together. The front part contains the cab part, which contains the engine in front of the cab, and the second part is the dump box that hinges into the cab. Articulated dump trucks have hydraulic cylinder steering wheel functions. They are known for their hauling in adverse weather conditions or rough terrain. Growing demand for articulated dump trucks designed to work on a 35-degree incline. Thus, the rising demand for articulated trucks is due to the several factors that drive the demand for the articulated dump trucks segment in the dump trucks market.
The rigid segment is expected to grow at the fastest CAGR during the forecast period. The growth of the segment is attributed to the rising use of rigid dump trucks in construction activities which drives the growth of the rigid dump trucks segment in the dump trucks market. Rigid dump trucks are the type of trucks in which the can and the rest of the body are aligned in the same chassis.
The rigid trucks use conventional steering with the rear wheel driving. They are known for their heavy load-carrying capacity, such as for the transportation of rocky loads on well-maintained roads. Rigid dump trucks are cost-efficient compared to other types of trucks that can transport heavy loads for long periods.
The construction segment dominated the dump trucks market in 2023. The growth of the segment is attributed to the higher use of dump trucks in construction activities for transporting or carrying heavy loads such as rock, concrete, iron, etc. Regional governments in both developed and emerging economies depend heavily on the building sector. This increasing urbanization and industrialization are driving the real estate industry as well as the construction industry. Increasing infrastructure transformation for the growing demand for people in urban and rural areas is driving the growth of the construction industry segment.
Rising infrastructural investments by the government and private companies are further contributing to the growth of the construction industry in the forecast period. The rising construction industry directly leads to a higher demand for dump trucks for transporting heavy-load material driving the growth of the dump trucks market in the predicted period.
The mining industry segment is expected to grow at the fastest CAGR during the forecast period. Rising demand for energy generation drives the growth of the mining industry. The mining dump trucks are the specialized trucks that are used for carrying and lifting heavy loads and unloading the material, having a small turning radius and strong climbing activities.
The mining trucks have a mining bucket capacity of commonly 40-150 tons, with the largest capacity of 400 tons. It is characterized by giant tires, a two-axle 4 × 2 structure, and a relatively low top speed of 40-70 km/hr. Thus, rising mining activities around the world are driving the demand for the dump trucks market.
Segments Covered in the Report
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