Market Size of Dump Trucks and Mining Trucks Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 28.76 Billion |
| Market Size (2029) | USD 38.00 Billion |
| CAGR (2024 - 2029) | 5.73 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mining Dump Truck Market Analysis
The Dump Trucks and Mining Trucks Market size is estimated at USD 28.76 billion in 2024, and is expected to reach USD 38 billion by 2029, growing at a CAGR of 5.73% during the forecast period (2024-2029).
The demand for mining trucks is expected to rise on the backdrop of increased mining activity due to continuous demand for minerals and ores, which are necessary for various industries and infrastructural project development. The global mining industry needs more skilled human resources. Moreover, in the wake of the COVID-19 outbreak and industries shut down, the situation is expected to drive the mining companies to improve their production efficiency, which in turn is expected to drive the demand for more mining trucks. Moreover, 2021 was the year of transition where the mining activities again took their recovery phase exhibiting immense growth potential.
The mining industry is now witnessing the government's stringent emission and import-export regulations. Productivity must get improved to increase the profit margins. It is causing companies to automate and electrify mining trucks by installing sensors and analyzing their data. OEM is offering electric power trains amid rising electrification globally. In addition, technological aspects, including telematics, have also elevated the demand positively.
The Asia-pacific region is expected to hold the highest potential for the growth of mining equipment, including material handling equipment like Dump and mining trucks. The area offers immense potential in mining output and mineral mines, elevating the demand for dump trucks and mining trucks. With the increased production in surface mining, the predictable nature of equipment maintenance, and the replacement cycle in surface mining, the region observed an increase in the production of mining equipment.
