Key players Caterpillar, Hitachi and Komatsu are driving innovation in the global dump truck and mining truck market

       Dump Trucks and Mining Trucks Market Dump Trucks and Mining Trucks Market Top Countries with the Largest EL Volume
        Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) — The “Dump Truck and Mining Truck Market Size and Share Analysis – Growth Trends and Forecasts (2023-2028)” report has been added to’s offering. The mining truck market size is expected to grow from US$27.2 billion in 2023 to US$35.94 billion in 2028, growing at a CAGR of 5.73% during the forecast period (2023-2028). . Demand for mining trucks is expected to increase amid growth in mining activities due to the continued demand for minerals and ores required for the development of various industrial and infrastructure projects. The global mining industry requires more skilled human resources.
        Additionally, following the COVID-19 outbreak and industry shutdown, the situation is expected to push mining companies to improve production efficiency, which is expected to increase the demand for mining trucks. In addition, 2021 is a year of transformation and the mining industry has once again entered a recovery phase, showing enormous growth potential. The mining industry currently faces strict government regulations on emissions, imports and exports. To increase profits, you need to increase productivity. This has prompted companies to automate and electrify mining trucks by installing sensors and analyzing data. As global electrification continues to grow, original equipment manufacturers (OEMs) are supplying electric powertrains. In addition, technological aspects, including telematics, are also actively increasing demand. The Asia-Pacific region is expected to have the greatest growth potential for mining equipment, including material handling equipment such as dump trucks and mining trucks.
        The region has huge mining production and mineral potential, which increases the demand for dump trucks and quarry trucks. Mining equipment production in the region has increased as open pit mining increases, equipment maintenance becomes more predictable, and mining equipment replacement cycles increase. Dump Truck and Mining Truck Market Trends
        Electric trucks are expected to witness a high growth rate over the forecast period. Standard 6 and European standard Euro 6.
        They make electrification and hybridization necessary, especially for diesel vehicles, as they must be equipped with Selective Catalytic Reduction (SCR) and Exhaust Gas Recirculation (EGR) technologies. This will reduce the amount of sulfur soot and other sulfur emissions from diesel engines.
       Installing these systems on diesel engines will further increase the cost of diesel vehicles, including dump trucks and mining trucks.
        Many countries, including the United States, are also promoting sales of electric trucks by providing direct tax incentives for the purchase of electric trucks under the recently passed Inflation Relief Act. With mining trucks accounting for more than 60% of total mine emissions, these measures are expected to drive the adoption of electric trucks in the mining industry. For example, Asia Pacific is expected to lead the market during the forecast period. One of the key factors The growth of the Asia-Pacific market for dump trucks and mining trucks is the increase in mining activities in countries such as China, India. , Japan, Australia, etc.
        In eastern China, the government has installed gas pipelines for households, but gas is not yet supplied regularly. This increases the amount of coal consumed by the population for heating. Shanxi, China’s largest coal-producing province, has eased strict government policies and plans to add nearly 11 million tons of new coke capacity to meet rising demand. China is seeking to minimize its dependence on coal imports. The National Development and Reform Commission (formerly the State Planning Commission and the National Development Planning Commission) said that the country’s coal production will exceed 4 billion tons in 2021.
        In addition, they aim to increase coal production by 300 million tons, which is equivalent to China’s annual imports. This is expected to significantly reduce dependence on coal imports. Increasing production capacity will reduce the country’s dependence on foreign imports as global prices hit record levels following Russia’s invasion of Ukraine. In addition, China is also the largest steel producer, with about half of the world’s steel produced in China. China also produces about 90% of the world’s rare earth metals. Businesses in the region are receiving new contracts from construction and mining companies. All the above-mentioned developments are expected to fuel the market growth over the forecast period. Dump Trucks and 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. The main players in this market are Caterpillar Inc., Doosan Infracore, Hitachi Construction Machinery Co., Ltd., Liebherr Group, etc.
       These companies are developing and adding new technologies to their existing models, launching new models and exploring new and untapped markets. Some of the companies mentioned in this report include
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       Dump Trucks and Mining Trucks Market Dump Trucks and Mining Trucks Market Top Countries with the Largest EL Volume

Post time: Dec-08-2023