In underground mining, haul and dump trucks are utilized to load and move ore and minerals. The integration of automatic control systems into load haul and dump trucks enables remote control of LHD and eliminates the need for personnel on-site. This aids in boosting security and productivity. As mining activity increases as a result of ongoing demand for minerals and ores, which are essential for the development of several businesses and infrastructure projects—the need for mining trucks is anticipated to grow. Currently, the mining sector is subject to the government's strict import-export and emission laws. For the profit margins to expand, productivity must be raised. By putting in sensors and analyzing the data they produce, it is forcing businesses to automate and electrify mining vehicles.
Global Load Haul and Dump Trucks Market- Drivers
Increasing use of electric machinery in underground mining
The use of diesel engines in underground mining machinery generates noise, heat, and fumes that can make already uncomfortable working conditions even more so. Also, proper ventilation needs to be ensured while using diesel operated mining machinery. The use of battery-operated or electric mining machinery ensures safer working conditions through zero exhaust and low operational costs. It solves the ventilation problem in underground mines. For instance, the use of battery-driven underground loaders leads to cleaner air, less noise, and less heat. Other batteries can be swapped with high-energy density batteries to ensure continuous underground mining. In tough underground environments, the operator can work in a quiet, ergonomically designed cabin with easy and safe access to all service points, thus not causing harm to the operator’s health. Zero emissions also ensure reduced ventilation costs. For instance, in September 2022, Kaunis Iron, mining company in Sweden began testing 74-ton electric trucks in association with Volvo Trucks. The trucks were tested to transport iron ore over a 160 km road between Kaunisvaara and Pitkäjärvi in northern Sweden.
Global Load Haul and Dump Trucks Market- Opportunities
Adoption of autonomous trucks:
Autonomous Load haul and dump trucks have the potential to improve efficiency and reduce operational costs. The adoption of autonomous trucks is still in its early stages, and this presents an opportunity for manufacturers to develop and market these trucks. For instance, in December 2021, TuSimple, Inc., a U.S.-based autonomous trucking company, effectively finished the preliminary of its independent truck without driver on Open Street in the U.S. The truck was worked completely on ADAS innovation, and the organization expect its most memorable bunch of self-driving truck will be produced by 2024, further developing the market extension.
Growth in Strategic partnerships and collaborations:
Load haul and dump truck manufacturers can form strategic partnerships with mining companies to offer comprehensive solutions that include trucks, maintenance, and other services. These collaborations can help manufacturers gain a competitive advantage and expand their customer base. For instance, Mack Defense and Phillips Temro Industries (PTI) broke the news regarding their partnership strategies in February 2021. The companies joined hands to prepare the U.S. army M917A3 heavy Dump trucks (HDT).These trucks offer more efficiency, and are capable of working effectively in cold weathers.
Global Load Haul and Dump Trucks Market- Restraints
High maintenance costs:
Load haul and dump trucks require regular maintenance to ensure their efficient functioning. The cost of maintaining these trucks can be high, and this can be a significant challenge for companies that operate a large fleet of these trucks.
Global Load Haul and Dump Trucks Market- Trends
Growth of rental and leasing services:
Rental and leasing services for load haul and dump trucks are becoming increasingly popular, especially in emerging markets. This trend is being driven by the high capital costs of these trucks, which make ownership expensive for small and medium-sized enterprises. Rental and leasing services enable these companies to access the latest trucks without significant upfront investment. For instance, in July 2021, Penske Truck Rental, a transportation services company introduced its first-ever mobile app for consumer truck rental customers. It could provide do-it-yourself movers with the ability to manage their moves more efficiently and effectively. Additionally, the Penske Truck Rental app incorporates insurance bundling options.
COVID-19 Impact Analysis:
Due to the stringent lockdowns and social seclusion implemented to stop the virus's propagation, COVID-19 had a detrimental effect on the market for dump trucks. Demand for dump trucks was hampered by the market's poor consumer confidence, partial corporate shutdown, and economic uncertainty. During the pandemic, the supply chain was impeded along with logistics operations. The market for dump trucks, however, is expected to pick up during the post-pandemic scenario due to the relaxation of the limitations.
Global Load Haul and Dump Trucks Market: Competitive Landscape
Key players operating in the Global Load Haul and Dump Truck 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.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/load-haul-and-dump-trucks-market-1851
Key Takeaways:
Global Load Haul and Dump Trucks Market was valued at US$ 475.1 Million in 2022 and is estimated to reach US$ 1032.5 Million by 2030 exhibiting a CAGR of 10.2% between 2023 and 2030.
Global Load Haul and Dump Trucks Market- Recent Developments
In September 2021, Coal India Limited signed a memorandum of understanding (MoU) with Indian mining equipment manufacturer OWM BEML and state gas utility GAIL for a pilot project to utilise LNG as an alternative fuel for dual fuel operation of the nation's existing mining dump trucks.
In November 2022, Caterpillar Inc. manufacturer of construction and mining equipment announced a successful demonstration of its first battery electric 793 large mining truck and a significant investment to transform its Arizona-based proving ground into a sustainable testing and validation hub of the future.
In June 2021, ABB, technology company and Hitachi Construction Machinery, construction equipment company signed a collaboration agreement to create an engineless, full-battery rigid frame dump truck (hereinafter, "full battery dump truck") with a specialized on-board energy storage system. This will help to reduce greenhouse gas emissions and provide a path to achieving net zero emissions.
