Dump Trucks Industry Summarize
The global dump trucks market size was estimated at USD 39.97 billion in 2018, exhibiting a CAGR of 8.6% over the forecast period. Increased government funding on substantial infrastructure and technological improvisation of these vehicles are expected to drive the market. According to the World Mining Corporation, global mining production rose from 11.3 billion metric tons in 2000 to 16.9 billion metric tons in 2016.
Infrastructure is an essential element of growth. Massive investments in infrastructure development across all continents is expected to increase in the coming decade. The overall spending on infrastructure is however, driven mostly by emerging economies as compared to developed ones owing to enormous support from the Foreign Direct Investment.
Surging mining activities due to increased demand for minerals and natural resources has bolstered the adoption of dump trucks. Manufacturers are introducing energy-efficient vehicles to reduce the adverse effects of mining and excavation. Stringent emission regulations have forced manufacturers to introduce an alternative for diesel engines to reduce their carbon footprint.
Initially, the alternative for combustion engine-based dump trucks was those powered by a mix of electric and diesel/gasoline. However, OEMs have begun manufacturing purely electric dump trucks that comply with emission regulations and meet customer requirements. Some manufacturers have also started developing next-generation dump trucks integrating AI and machine learning for enabling autonomous operation.
Safety challenges associated with mining and construction activities have resulted in development of advanced technologies, which has significantly reduced the involvement of mine workers to minimize hazards. These advanced technologies have recently gained traction and is expected to drive the market.
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