LOAD HAUL AND DUMP TRUCKS MARKET ANALYSIS

Global Load Haul and Dump Trucks Market size was valued at US$ 475.1 Mn in 2022, exhibiting a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.

A load haul and dump truck (also known as scoop tram) is a loading machine manufactured for application in the mining industry. Load haul and dump trucks are off-highway, heavy-duty vehicles used in various applications such as construction, mining, and forestry. These trucks are specifically designed to move earth, rocks, or other materials from one location to another. The term “load haul” is used to describe the action of moving material while the term “dump” refers to unloading the material from the truck. The main types of dump trucks include rear dump trucks, side dump trucks, and roll-off dump trucks. The rear dump trucks refer to a truck designed for carrying and dumping particle materials with a dumping door on the rear end of the vehicle. They are differentiated based on the engine into internal combustion engines and electric engines, and they are widely used in daily operations of mining, construction, infrastructure, military, agriculture, and other industries.

Global Load Haul and Dump Trucks Market-Regional Insights

The Global Load Haul and Dump Trucks Market is highly competitive and fragmented. LHD trucks are mainly used in the mining industry and play an important role in transporting ore and waste from mine sites. The market is primarily driven by the growing demand for minerals and metals in developing countries.

Asia Pacific is also estimated to witness significant growth in the Global Load Haul and Dump Trucks Market over the forecast period. In terms of regional outlook, Asia Pacific is the largest market for LHD trucks, with China contributing the highest market growth in the region. The rapid growth of the mining industries in China and India is driving the demand for LHD trucks in these regions. North America and Europe are also important markets for LHD trucks. The North American market is primarily driven by growing demand for minerals and metals in the U.S. and Canada. On the other hand, Europe is experiencing growth due to the adoption of advanced mining technologies. Latin America and the Middle East and Africa (MEA) are also emerging markets for LHD trucks. The Latin American market is mainly driven by the growing mining industry in countries such as Brazil, Chile and Peru. In the MEA region, the market is driven by growing investments in the mining sector, particularly in countries such as South Africa and Saudi Arabia. Overall, the global LHD truck market is expected to grow steadily in the coming years due to the growing demand for minerals and metals and the increasing adoption of advanced mining technologies.

Figure 1. Global Load Haul and Dump Trucks Market Share (%), By Region, 2022

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Global Load Haul and Dump Trucks Market- Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic created multiple uncertainties, resulting in significant economic losses as various enterprises around the world came to a halt. This has ultimately reduced demand for the dump and mining trucks due to interruptions in the supply chain, the closure of manufacturing units, and an economic slump in various nations. Also, import-export restrictions were imposed on the key dump and mining trucks-producing countries such as the U.S. and China. The global COVID-19 pandemic has had an influence on heavy truck manufacture and demand, and this is expected to restrain the dump trucks and mining trucks market over the forecast period. The pandemic has resulted in stringent containment measures such as social separation, remote working, and the shutdown of some manufacturing units to handle the disease.

Global Load Haul and Dump Trucks Market- Drivers

Growing Demand for Dump Trucks and Mining Trucks from the Mining and Construction Industry to Drive Market Growth

Globally, increased industrialization and urbanization are increasing the demand for natural resources such as oil and minerals. As a result, the worldwide mining sector is expanding, which is driving demand possibilities in the dump trucks and mining trucks market. The growing number of infrastructure-related developments has a further impact on the market. Dump truck and mining trucks demand is increasing as a result of the expansion of infrastructure-related projects and increasing government investments in infrastructure development. The expansion of the market is aided by the increase in mining production activities brought on by the rising demand for minerals and natural resources. In addition, the market for dump trucks is positively impacted by rising urbanization, changing lifestyle, an increase in expenditures, and higher consumer spending.

Technological advancements: Load haul and dump trucks are becoming more advanced and efficient, with features such as autonomous driving and advanced telematics. These developments have accelerated the adoption of load haul and dump trucks in the mining sector by making them safer, more effective, and more affordable. For instance, to ensure a safe and easy journey, trucks are enhanced with safety features and technologies such as blind spot mirrors, lane departure warnings, automatic emergency braking systems, truck dash cams, and more. In March 2022, Bell Trucks America, carrier products and articulated dump trucks has signed Pronto Artificial Intelligence as their provider of autonomous technology for articulated dump trucks in U.S.

• Expansion of mining operations: Mining companies are expanding their operations to remote locations where mineral deposits are abundant. Load haul and dump trucks are crucial for transporting material in these areas, and this is driving the demand for these trucks. The government plans to monetize assets worth (US$ 3.68 billion) in the mining sector over 2022-25.
• Global Load Haul and Dump Trucks Market- Opportunities

Use of Modern Technology in Dump Trucks and Mining Trucks to Drive Excellent Opportunities

The adoption of robots and autonomous technology is creating opportunities for market participants. With rising complexities in mining operations, robotic technology is gaining traction in the industry. The demand for several resources, including iron, gold, silver, and aluminum, is rising, which is accelerating the extraction process. Robotics enable extraction processes to be completed in a fraction of the time and effort previously required. Mining businesses are using driverless trucks, which allow operators to control mining activities from afar. The increased emphasis of automobile manufacturers on vehicle electrification is driving up demand for dump trucks and mining trucks.

Innovation in technology:

Load haul and dump trucks are becoming more advanced, with features such as advanced telematics and data analytics. Manufacturers that can innovate and develop new technologies to improve the efficiency, safety, and reliability of these trucks will have an opportunity to capture market share.

Global Load Haul and Dump Trucks Market- Trends

Rising demand of Electric Trucks

Over the past few years, significant markets for dump and mining trucks like China, India, and Europe have adopted stringent emissions norms, such as 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 such as the U.S. 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.

Global Load Haul and Dump Trucks Market- Restraints

High capital expenditure: The cost of manufacturing load haul and dump trucks necessitates a sizeable capital expenditure. Small players find it challenging to enter the market and compete with established players as a result.

Environmental concerns: Load haul and dump trucks consume a lot of fuel and emit harmful pollutants. As the world moves towards a greener future, companies are under pressure to reduce their carbon footprint and adopt sustainable practices. This may reduce the need for dump and load haul trucks.

Availability of skilled operators: Operating load haul and dump trucks requires a certain level of skill and experience. It can be difficult to find skilled workers, particularly in outlying areas where mining operations take place. This can limit the adoption of load haul and dump trucks in certain regions.

Figure 2. Global Load Haul and Dump Trucks Market Share (%), By Engine Type, 2022 

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Global Load Haul and Dump Trucks Market- Segmentation

The Global Load Haul and Dump Trucks Market report is segmented into Engine type, Mining type, and region

Among Engine type, the Electric Engine segment accounted for share of 55.3% in 2022, and is expected to witness significant growth during the forecast period. This is due to various advantages such as low initial cost as compared to fossil fuel engines, extensive operation lifespan, low maintenance cost, and high efficiency.

Based on Mining type, the market is segmented into Underground and Surface Mining

Global Load Haul and Dump Trucks Market: Key Developments

In September 2022, Australia-based Newcrest Mining announced that it is slowly inclining its way towards electrifying its entire diesel truck fleet to battery-electric at its Brucejackgold-silver mine in British Columbia, Canada. This transition is expected to save 65000 tons CO2 emissions by 2030 for Newcrest Mining. Newcrest Mining expects the evolution of its entire fleet of 12 diesel-powered trucks to electrification to be completed by the end of 2022. Newcrest Mining's subsidiary Pretium Resources Inc. completed the Sandvik Z50 battery-electric haul truck trials at their mine in 2020.

In June 2022, Fortescue, iron ore company announced its plan to procure 120 zero-emission mining trucks from Liebherr. The trucks are integrated with zero-emission power technologies, which Fortescue Future Industries and Williams Advanced Engineering jointly develop.

In March 2022, XCMG, Construction Machinery announced that it had successfully designed and customized the world's giant rear-wheel drive rigid mining truck, which offers a load capacity of 400 tons. In addition, the truck was customized for China Minmetals Corporation for operating its mines in South America, Australia, and North America.

Global Load Haul and Dump Trucks Market: Key Companies Insights

Global Load Haul and Dump Trucks Market is highly competitive, Increasing mining production is one of the major driving factors for growth of the load haul and dump trucks market.

Key players operating in the Global Load Haul and Dump Trucks Market are Anchises Technologies Co. Ltd, Atlas Copco, Caterpillar Inc., DUX Machinery Corporation, Eimco Elecon (India) Ltd., GHH Fahrzeuge, Hensley Industries, Inc., Joy Global Inc., KGHM ZANAM S.A, and Mining Technologies International Inc.

*Definition: A load haul and dump truck (also known as scoop tram) is a loading machine manufactured for application in the mining industry. The global dump trucks and mining trucks market is moderately consolidated, with a limited number of active local and international players. The companies are developing and adding new technologies to their existing models, launching new models, and tapping into new and unexplored markets.