The global mining truck market grew at a CAGR of around 5% during 2014-2019. Mining trucks constitute heavy-duty dump trucks that are utilized for the transportation of rocks and other material in the post-mining process. They are engineered to be used in off-road and off-highway conditions and are also equipped to work on slippery roads. Currently, different types of mining trucks such as rear dump trucks, bottom dump trucks, water trucks and lube trucks are used in multiple industries across the globe. The most commonly used type is the large bottom dump truck, utilized to haul and transport large quantities of mined material.
The constant growth of the mining industry is one of the key factors driving the growth of the market. The need for smooth and efficient transportation of mined materials is expected to contribute to the sales of mining trucks. In addition to this, the use of driverless electric vehicles is also gaining traction. Organizations are automating mining operations to enhance their productivity and reduce the damage caused by on-site accidents. As electric trucks also assist in reducing emissions of greenhouse gases during mining, it is resulting in increased product demand. Additionally, constant exploration of new coalfields and extraction of precious metals have increased the requirement for larger off-road vehicles that have higher horsepower and greater capacity. This is further supported by the rapid growth in the construction industry, in both developed and emerging nations. Moreover, various vehicle advancements, such as haul trucks with improved fuel efficiency, have encouraged construction firms to purchase new off-road vehicles, thereby enhancing the market growth. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global mining truck market report, along with forecasts for growth at the global, regional and country-level from 2020-2025. Our report has categorized the market based on region, type, application, payload capacity, and drive.
Breakup by Type:
Breakup by Application:
Breakup by Payload Capacity:
Breakup by Drive:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being BEML Limited, Bryan Industries Pty Ltd, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Corporation, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Kress Corporation, OJSC BelAZ, Sany Group Co., Ltd., Voltas Limited, Volvo Group, XCMG Group, etc.
The global mining truck market was worth around US$ 6.8 Billion in 2019.
According to the estimates by IMARC Group, the global mining truck market will exhibit moderate growth during the next five years.
A significant rise in the construction industry in recent years and an increase in the demand for smooth and efficient transportation of mined materials are spurring the market growth.
At present, several organizations are focusing on automating mining operations to enhance their productivity and reduce the damage caused by on-site accidents. This represents one of the major trends in the mining truck market.
The mining truck industry is experiencing negative growth due to lockdowns announced by governments of several countries to curb the spread of the coronavirus disease (COVID-19). This has led to human workforce shortage and suspension of operations at numerous mining sites.
On the basis of the type, the market has been classified into the bottom dump, rear dump, lube, tow, water and others.
The market has been analyzed based on the application into coal, iron, copper, aluminum and other mining.
Based on the payload capacity, the market has been categorized into < 90, 90 ≤ 149, 150 ≤ 290 and > 290 Metric Tons.
The market has been bifurcated on the basis of the drive into the mechanical and electrical segments.
On the geographical front, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
Leading industry players are BEML Limited, Bryan Industries Pty Ltd, Caterpillar Inc., CNH Industrial N.V., Deere & Company (Delaware Corporation), Doosan Corporation, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Kress Corporation, OJSC BELAZ (Management Company of Holding BELAZ-HOLDING), Sany Group, Voltas Limited, Volvo Group and XCMG Group.
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