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February 2025
The mining dump trucks market is forecasted to expand from USD 30.73 billion in 2025 to USD 51.56 billion by 2034, growing at a CAGR of 5.92% from 2025 to 2034.
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The demand for mining trucks is anticipated to increase due to the rising mining activity driven by the continuous demand for minerals and ores, essential for various industries and infrastructural projects. Moreover, the global mining industry requires skilled human resources. The COVID-19 outbreak and subsequent industrial shutdowns have prompted mining companies to enhance production efficiency, consequently driving the demand for more mining trucks. Additionally, 2021 witnessed substantial growth in mining activities, marking a phase of recovery and growth potential.
The Dump Trucks and Mining Trucks Market size is estimated at USD 28.76 billion in 2024, and it is projected to reach USD 38 billion by 2029, with a compound annual growth rate (CAGR) of 5.73% during the forecast period (2024-2029).
The demand for mining trucks is anticipated to increase due to the rising mining activity driven by the continuous demand for minerals and ores, essential for various industries and infrastructural projects. Moreover, the global mining industry requires skilled human resources. The COVID-19 outbreak and subsequent industrial shutdowns have prompted mining companies to enhance production efficiency, consequently driving the demand for more mining trucks. Additionally, 2021 witnessed substantial growth in mining activities, marking a phase of recovery and growth potential.
Over recent years, major markets for dump and mining trucks such as China, India, and Europe have implemented stringent emissions standards, necessitating electrification and hybridization. These regulations, such as Bharat 6 in India, China 6 in China, and Euro 6 in Europe, have propelled the adoption of electric vehicles. Governments are promoting electric truck sales through incentives like direct tax credits, further encouraging adoption. Electric trucks offer significant emissions reduction potential, crucial for the mining sector, where trucks contribute over 60% of total mine emissions.
For example, in September 2022, Kaunis Iron in Sweden commenced testing 74-ton electric trucks in collaboration with Volvo Trucks. The electric trucks were tested for transporting iron ore over a 160 km road, with Kaunis Iron planning to invest significantly in electrifying its truck fleet. Similarly, Newcrest Mining announced plans to electrify its entire diesel truck fleet at its Brucejack gold-silver mine in Canada, aiming to achieve substantial CO2 emission reductions.
The Asia-Pacific dump trucks and mining trucks market is driven by increased mining activities in countries like China, India, Japan, and Australia. China's efforts to reduce coal import dependency and boost steel production contribute significantly to mining truck demand. India has also witnessed growth in mining output, with initiatives like Coal India Limited's pilot project to use LNG as an alternative fuel for dump trucks, aimed at reducing carbon emissions.
China is taking significant steps to lessen its reliance on energy resources. The National Development and Reform Commission (formerly the State Planning and National Development Planning Office) has announced plans to surpass 4 billion tons of coal production in 2021, aiming to increase production by 300 million tons annually. This move is intended to decrease the country's dependence on energy imports. Amid record-high global prices following Russia's invasion of Ukraine, this increase in production capacity is expected to reduce China's reliance on foreign energy sources. Additionally, China stands as the world's largest steel producer, manufacturing about half of the global steel output. Furthermore, the country dominates the production of rare metals, accounting for approximately 90% of the world's total.
Similarly, India has played a significant role in boosting mining production in the Asia-Pacific region. As per the Indian Ministry of Mines, as of FY22, there are 1,245 operational mines contributing to sustainable resource development. The robust activities in the mining sector have prompted various stakeholders to introduce innovative transportation methods and mining technologies at mining sites. For instance, in September 2021, Coal India Ltd partnered with the national gas company GAIL and Indian mining company OWM BEML to initiate a pilot project utilizing LNG for the dual-fuel operation of dump trucks. With the aim of reducing carbon emissions, these companies have begun installing LNG conversion equipment on two 100-ton trucks deployed by Mahanadi Coalfields Ltd (MCL) at its Lakhanpur mine in Odisha's Jharsuguda district.
The global dump trucks and mining trucks market exhibits a moderate level of consolidation, characterized by the presence of a limited number of active local and international players. Key market players include industry giants such as Caterpillar, Inc., Doosan Infracore, Hitachi Construction Machinery Co., Ltd., and Liebherr Group, among others. These companies are actively engaged in developing and integrating new technologies into their existing models, introducing new models to the market, and exploring new and untapped market opportunities.
Mining companies are increasingly investing in expanding their operations, presenting lucrative opportunities for various mining equipment manufacturers. For instance, in March 2021, Rio Tinto Company announced its plans to commence Tellurium production at the Kennecott mine in the United States. The company disclosed an investment of USD 2.9 million towards the metal recovery process, with a projected production capacity of 20 tons per year. Tellurium holds significance in the production of photovoltaic cells, thus indicating the strategic importance of this investment in meeting the growing demand for renewable energy sources.
Overall, the dump trucks and mining trucks market is witnessing dynamic growth driven by increased mining activities globally. The continuous demand for minerals and ores, essential for various industries and infrastructure projects, is fueling the demand for mining trucks. Furthermore, factors such as the need for enhanced production efficiency, particularly in the aftermath of the COVID-19 pandemic-induced disruptions, are further propelling the demand for mining trucks.
The industry is also responding to evolving regulatory requirements, particularly regarding emissions and environmental sustainability. To comply with stringent regulations and reduce their carbon footprint, mining companies are increasingly adopting innovative technologies such as electrification and automation. Electric powertrains and hybridization are becoming increasingly prevalent in mining truck designs, aiming to minimize emissions and improve operational efficiency.
Asia-Pacific emerges as a key region driving the growth of the dump trucks and mining trucks market, owing to the significant mining activities in countries like China, India, Japan, and Australia. With the rise in surface mining operations and the increasing adoption of advanced mining technologies, the region presents ample opportunities for market expansion.
Dump trucks and mining trucks market is poised for robust growth in the coming years, driven by factors such as increased mining activities, technological advancements, and regulatory compliance requirements. Key players are focusing on innovation and strategic partnerships to capitalize on emerging opportunities and maintain their competitive edge in the market.
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February 2025
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