Dump Truck And Mining Truck Market Dump Trucks And Mining Trucks Market Major Countries With Highest Number Of El
Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Dump Trucks and Mining Trucks Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering. The Dump Trucks and Mining Trucks Market size is expected to grow from USD 27.20 Billion in 2023 to USD 35.94 Billion by 2028, at a CAGR of 5.73% during the forecast period (2023-2028). 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. Mining Truck Electric
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. Dump Trucks & Mining Trucks Market Trends
Electric Trucks are Projected to Witness a High Growth Rate During the Forecast Period Over the past few years, significant markets for dump and mining trucks like China, India, and Europe have adopted stringent emissions norms, like Bharat 6 in India, China 6 standards in China, and Euro 6 in Europe.
They have made electrification and hybridization necessary, especially for diesel engine vehicles, as they must be equipped with Selective Catalytic Reduction (SCR) and Exhaust Gas Recirculation (EGR) technologies. It will reduce the sulfur soot and other sulfur-based emissions from diesel engines.
These systems' installation into diesel engines further pushed diesel vehicle prices, including dump trucks and mining trucks.
Many countries like the United States are also promoting electric truck sales by providing direct tax credits for electric truck purchases through the recently passed Inflation Reduction Act. These measures are expected to boost electric truck adoption in the mining sector since mining trucks account for more than 60% of the total emissions from mines. For instance, Asia-Pacific is Projected to Lead the Market During the Forecast Period One of the critical factors in the growth of the Asia-Pacific dump trucks and mining trucks market is the increase in mining activities in countries such as China, India, Japan, Australia, etc.
In eastern China, the government fitted gas pipelines in households but had not yet supplied gas regularly. It increases the consumption of coal by people for heating purposes. China's largest coal-producing province, Shanxi, provided relaxation on stringent government policies and plans to add nearly 11 million tons of coke-producing capacities to meet growing demand. China is aiming to minimize its coal import dependency. The NDRC (National Development and Reform Commission), formerly State Planning Commission and State Development Planning Commission, stated that the country produced more than 4 billion tons of coal in 2021.
Further, they are striving to increase their coal output by 300 million tons, equal to China's annual import. It is expected to cut the reliance on coal imports dramatically. A rise in capacity would reduce the country's dependence on overseas imports after record-high world prices were hit in the wake of Russia's invasion of Ukraine. In addition, China is the largest steel producer, 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. Regional players are getting new contracts from construction and mining companies. All the developments above are expected to help the market growth over the forecast period. Dump Trucks & Mining Trucks Industry Overview The global dump trucks and mining trucks market is moderately consolidated, with a limited number of active local and international players. Some major players in the market are Caterpillar, Inc., Doosan Infracore, and Hitachi Construction Machinery Co., Ltd., Liebherr Group, amongst others.
The companies are developing and adding new technologies to their existing models, launching new models, and tapping into new and unexplored markets. A selection of companies mentioned in this report includes
Hitachi Construction Machinery Co. Ltd.
Sany Heavy Industry Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/njcdrc
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Heavy-Duty Mining Dump Truck Dump Truck And Mining Truck Market Dump Trucks And Mining Trucks Market Major Countries With Highest Number Of El