Major players in the construction dumper market industry have focused on product launch strategies to gain maximum share in the market. This further results in consolidation of the construction dumper market
PORTLAND, Ore., Feb. 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, Construction Dumper Market Size, Share, Competitive Landscape and Trend Analysis Report by Product type (Articulated, Rigid), Fuel type (Gasoline, Diesel, CNG), and Application (Mining, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global construction dumper market was valued at $20.2 billion in 2022 and is projected to reach $33.5 billion by 2032, registering a CAGR of 5.2% from 2023 to 2032.
Prime determinants of growth
The growing construction and infrastructure industry is significantly contributing toward the market growth. However, countries such as the U.S., Germany, and other developing countries are focused on developing new technologies in the construction dumper industry to sustain their market share during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $20.2 billion |
Market Size in 2032 | $33.5 billion |
CAGR | 5.2 % |
No. of Pages in Report | 187 |
Segments covered | Product Type, Fuel Type, Application, and Region. |
Drivers | Increase in demand for coal, metal, and mineral mines |
Opportunities | The creation of regulations to limit greenhouse gas (GHG) emissions |
Restraints | High ownership & maintenance cost and lack of skilled and qualified drivers |
The articulated segment dominated the market in 2022, and the rigid segment is expected to grow at a significant CAGR during the forecast period
On the basis of type, the construction dumper market is segregated into articulated and rigid. The articulated segment accounted for a higher market share in 2022, accounting for more than half of the market revenue.
An articulated dump truck is ideal for trips and job sites that require navigating tight corners. An articulated dump truck allows the operator to drive with a greater degree of precision and confidence. The tighter turning radius of an articulated dump truck also makes it safer to operate which further enhance safety. The articulated dump truck is lighter compared to a rigid dump truck, with wider tires helping spread the load being carried.
This hauler also has a shorter job life compared to a rigid dump truck, averaging between a few days to a few years as size limits what the truck is capable of offering over an extended period. Various construction dumper manufacturers are launching new advanced articulated tucks for mining and construction applications. For instance, in September 2021, Bell Equipment Engineering R&D (Bell) and Pronto AI (Pronto) have been working closely for around 18 months to engineer and refine Pronto's own developed hardware and software to produce and prove a self-drive Bell articulated dump truck. Hence, the companies have launched first self-drive articulated dump truck in North America. This in turn is expected to drive the growth of the market.
The diesel segment dominated the market in 2022, and CNG segment is expected to grow at a significant CAGR during the forecast period
Depending on fuel type, the construction dumper market is categorized into gasoline, diesel and CNG. The diesel segment is accounting for more than half of the market revenue.
Low cost and wide-spread availability of diesel across the globe drive the diesel fueled construction dumper. Diesel construction dumper is widely adopted in budget constraint construction and development projects due to low maintenance and service cost. Also, diesel fuel is less flammable and has the ability to bear high load, which increases its demand in domestic and commercial construction projects. Owing to these factors, diesel fueled construction dumpers are expected to hold major chunk of the market share during the forecast period.
Moreover, various key players are focusing on manufacturing diesel dumper for construction and mining application. For instance, in June 2022, Hyundai Construction Equipment launched two new articulated diesel dump truck models, as part of its rapidly expanding line of heavy construction and earthmoving equipment. Hyundai has employed powerful EU Stage V-compliant Scania diesel engines to power both trucks. Hence, such factors are driving the segment growth and thus fueling the global market growth.
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The construction segment dominated the market in 2022. Others segment is expected to grow at a significant CAGR during the forecast period
On the basis of application, the construction dumper market is divided into mining, construction and others. Out of these, the construction segment accounted for a more than half market share in terms of revenue in 2022. There is an increase in number of construction industries in countries like South Korea, France, Italy, Singapore and Indonesia. The growth is due to the rise in investment by the government on the public sector projects. For instance, in March 2022, Vinci Autoroutes announced the completion of a $561 million project to build a new 24km-long bypass in France.
Hence, increase in construction activities fosters the construction dumper market growth. Owing to this, various heavy construction equipment manufacturing companies are implementing strategic moves such as agreement, partnership, acquisition and collaboration to expand its construction dumper penetration in the market. For instance, in June 2021, Hitachi Construction Machinery and ABB announced that they have signed an agreement to develop an engineless, full battery rigid frame dump truck with a customized on-board energy storage system, reducing greenhouse gas emissions and offering a solution towards a net zero emission pathway. This in turn is expected to drive the growth of the market.
Asia-Pacific dominated the market share in terms of revenue in 2022
The Construction Dumper Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, Asia-Pacific accounted for the half of market share, and it is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the construction dumper market industry in the Asia-Pacific region. The construction dumper market in Asia-Pacific has gained traction in the recent years, owing to ongoing mining and construction development in China, Japan and India. For instance, in July 2022, National Energy Administration (NEA) of China has approved coal mine project worth $458 million in the country's Inner Mongolia region. In addition, rising expenditure for infrastructure development is also boosting the construction dumper market in Asia-Pacific. For instance, in August 2021, Indian government has announced $1.4 trillion investment for infrastructure development. All such factors are expected to create growth demand for construction dumper and thus will drive the market growth in Asia-Pacific. Furthermore, factors such as availability of workforce and low-cost manufacturing has fueled the manufacturing sector in the region. Thus, the high investment in mining and construction sectors has increased the use for construction dumpers.
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Leading Market Players:
- AB Volvo
- Caterpillar Inc.
- CNH Industrial N.V.
- Deere & Company
- Doosan Corporation
- Epiroc AB
- Hitachi Construction Machinery Co., Ltd.
- JCB
- Komatsu Ltd.
- Liebherr
The report provides a detailed analysis of these key players in the construction dumper market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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