The "Dump Trucks and Mining Trucks Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global Dump Trucks and Mining Trucks Market is anticipated to register a CAGR of more than 6% during the forecast period (2020 - 2025).
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 a necessity for the development of various industries and infrastructural projects.
The global mining industry is facing a shortage of skilled manpower. Moreover, in the wake of 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.
Key Market Trends
Electric Trucks are Projected to Witness a High Growth Rate
There has been an increasing demand for less emission dump trucks and mining trucks. An electric mining truck experiences fewer power losses than a diesel engine at high altitude and is quite easier to start in a cold climate. Many industry participants are launching their electric versions of mining trucks. For instance, Anglo American, ENGIE, and Williams Advanced Engineering are working together to develop the world's largest electric vehicle that will be a hydrogen-powered mining truck. The lithium-ion battery will replace the diesel engine and the FCEV mining truck will be capable of running on both hydrogen and battery.
Caterpillar launched a trolley assist system for Cat electric drive mining trucks. The trolley assist system boosts productivity, as well as it increases speed-on-grade. By using the assist system, a loaded 795F can run at 28 kmph on a 10% physical grade in solid haul road conditions.
Similarly, Conuma Coal Resources Limited has announced that it is replacing its fleet of haul trucks at Wolverine Mine with five new Komatsu electric 830E-5 models. Developments and initiatives of these kinds are expected to help the market grow.
Asia Pacific is Expected to grow at the fastest rate in the Market
One of the key factors of the growth of the Asia-Pacific dump trucks and mining trucks market is due to the increase in mining activities in countries such as China, India, Japan, Australia, etc.
In eastern China, the government has fitted gas pipelines in households but failed to supply gas regularly. This has led to increased consumption of coal by people for heating purposes. China's largest coal-producing province, Shanxi has provided relaxation on stringent government policies and plans to add nearly 11 million tons of coke producing capacities to meet growing demand.
Also, China is the largest producer of steel and about half of the world's steel is produced in the country. China also produces around 90% of the world's rare earth metals.
India. which is one of the fastest-growing mining equipment markets is witnessing a huge increase in the mining industry, as coal production grew by 5.17% between 2014 and 2019.
Regional players are getting new contracts from the construction and mining companies. All the aforementioned developments are expected to help the market growth over the forecast period.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Truck Type
5.1.1 Side dump truck
5.1.2 Rear Dump truck
5.2 By Engine Type
5.3 By Capacity Type
5.3.1 Less than 200 metric ton
5.3.2 More than 200 metric ton
5.4 By Application Type
5.5 By Geography
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share**
6.2 Company Profiles*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ivtndd
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