Articulated Dump Truck Market Size, Share, Opportunities, And Trends By Type (Under 30 Ton, 30-40 Ton, Above 40 Ton), By Power Output (Less than 250 HP, 251 – 400 HP, More than 400 HP), By Application (Construction, Mining, Agriculture & Forestry, Others), And By Geography - Forecasts From 2024 To 2029

The articulated dump truck market is estimated to propel at a CAGR of 6.90% over the forecast period, increasing from US$5,221.445 million in 2024 to US$7,229.966 million by 2029.

Heavy-duty articulated dump trucks are designed for construction purposes with a large capacity to transfer massive quantities of materials, such as stones and sand, from one faraway site to another. They are operated by sophisticated devices like GPS and onboard diagnostics to improve the equipment while minimizing disturbances. The increased demand for quarrying activities coupled with an upsurge in renting heavy machines is leading to more sophisticated designs of these heavy haulers.

Mining and construction industries rely heavily on dump trucks. It enables the dumping and unloading of materials used for mining and building. The world’s infrastructure development and improvement of economic conditions serve to fast-track the expansion of the dump truck market. The construction industry is also expanding as a result of escalating investments in real estate infrastructure.

The growth rate in dump truck sales has been higher than anticipated as there has been an upsurge in mining operations attributed to the demand for resources and energy. Some factors fuel the dump truck market’s growth, including growing technological developments in mining and truck making that have improved efficiency and reduced the duration of time involved during construction.

This market development may also be attributed to the increased production of alternative-fuel-based dump trucks, among other technologies. Such investments aim to manufacture all-electric or hybrid ones that meet emission regulations, ensuring availability according to the client’s desires.

• Growing demand in the construction and mining industry: 

The construction industry is an important end-user for articulated dump trucks, which are commonly seen everywhere. These trucks take many materials like sand or gravel; they carry them on their backs through bumpy roads where other vehicles cannot go because they cannot reach some places during building works. In such scenarios, these become significant instruments for a building firm.

Moreover, increased infrastructural investment is also increasing the market demand. For instance, the global infrastructure investments required by 2040 are estimated to be USD 94 trillion.

Additionally, world construction output increased from US$27.22 trillion in 2022 to US$27.81 trillion, which is increasing the market demand.

Further, the mining and quarrying sectors often use articulated dump trucks to transport heavy materials such as rocks, gravel, and ore from the sites to processing plants or other places. Due to a growing global population, there is a high demand for minerals, metals, and fossil fuels. These resources are mostly found in remote or difficult-to-reach areas; hence, large machinery like articulated dump trucks must be used. Safety in mining and quarrying has also been receiving more attention, which has also increased the production of various minerals. For instance, important minerals with the following production levels as of December 2023: natural gas (utilized) 3078 million cu. m.; coal 929 lakh; lignite 40 lakh; crude petroleum 25 lakh; iron ore 255 lakh; limestone 372 lakh tonnes each; bauxite 2429 thousand; chromite 235 thousand; and copper concentrate 11 thousand. Generally perceived as safer than other types of mining machinery, articulated dump trucks are believed to be safer machines. 

• Construction Sector is expected to hold a significant market share in articulated dump truck market:

Articulated dump trucks find major applicability in construction sites, residential, commercial, and industrial, for carrying heavy materials such as steel and also for removing excavated debris such as rocks, stumps, dirt, and downed trees. Constant economic growth followed by rapid urbanization and improvement in living standards has increased the scale of construction activities in major economies globally, which has provided new growth prospects for overall market expansion. 

According to the US Census, during the first six months of 2024, construction spending in the United States stood at US$1,034.8 billion, which represented an 8.6% growth over spending incurred in the same period in 2023. Moreover, the same source also stated that residential construction spending experienced an 8.7% increase. In contrast, non-residential construction witnessed 8.6% growth, with major increases seen in public safety, highway & streets, manufacturing, and amusement & recreation construction.

Moreover, the ongoing investment and government-backed initiatives to bolster residential construction are an additional driving factor. For instance, in July 2024, the Ministry of Housing, Communities, and Local Government announced plans to boost house-building in areas facing a shortage of homes, which will enable the British government to address the growing housing crisis in England. The government aims to provide nearly 1.5 million homes through the newly established targets. 

Likewise, innovations and developments in articulated dump trucks for construction applications have furthered the segment expansion. For instance, in March 2023, Liebherr introduced its articulated dump truck, “TA 230 Litronic,” at the Conexpo 2023. Its state-of-the-art technology enables it to provide optimum performance, making it ideal for applications such as tunnel construction. 

Asia Pacific segment is anticipated to hold major share in the market:

Countries like India, and China are expected to hold significant market share in Asia Pacific articulated dump truck market. The Indian articulated dump truck market is expected to grow significantly in the projected period, owing to the increasing demand for articulated dump trucks in the construction industry. Rapid urbanization and improving economic conditions in the country are anticipated to boost the market. For instance, according to Invest India, the construction sector in India is expected to reach US$1.4 trillion by 2025. 

Moreover, projects such as smart cities untaken by the country are expected to positively impact the articulated dump truck market in the projected period. For instance, according to the Ministry of Housing and Urban Affairs, a total investment of INR 2,01,981 crore was approved to construct 99 smart cities. An estimated INR 1,63,138 crore was to be invested in revamping an identified area, and the Pan Smart initiative approved INR 38,841 crore of investment.  Hence, such rising investment in the construction sector in India is anticipated to have a positive impact on the articulated dump truck market in the forecasted period. 

Additionally, the growing mining sector is another major reason for boosting the market for articulated dump trucks in India. For instance, according to the Ministry of Mines, the value of metallic minerals produced by the country in 2021-22 was INR 1,22,142 crore, an increase of 69.18% compared to the previous year. 

Moreover, the production of iron ore in FY 2023-24 was 277 million metric tons (MMT) compared to 258 MMT in FY 2022-23. Similarly, the limestone production in FY 2022-23 was 406.5 MMT, which increased to 450 MMT in FY 2023-24. Hence, the growing mining sector is anticipated to fuel the market in the coming years. 

Key Development:

• In April 2024, Sany India launched SKT105E, which is India’s first locally manufactured electric open-cast mining truck for the mining sector. This truck is designed to meet to the growing demand for open-cast mining operations and is an off-highway dump truck with efficiency and cost-effectiveness.

Market Segmentation:

• By Type: 
  • Under 30 Ton
  • 30-40 Ton
  • Above 40 Ton
• By Power Output 
  • Less than 250 HP
  • 251 – 400 HP
  • More than 400 HP
• By Application: 
  • Construction
  • Mining
  • Agriculture & Forestry
  • Others
• By Geography
  • North America
    • USA
    • Canada                
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Supplier

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. ARTICULATED DUMP TRUCK MARKET BY TYPE

5.1. Introduction

5.2. Under 30 Ton

5.3. 30-40 Ton

5.4. Above 40 Ton

6. ARTICULATED DUMP TRUCK MARKET BY POWER OUTPUT

6.1. Introduction

6.2. Less than 250 HP

6.3. 251 – 400 HP

6.4. More than 400 HP

7. ARTICULATED DUMP TRUCK MARKET BY APPLICATION

7.1. Introduction

7.2. Construction

7.3. Mining

7.4. Agriculture & Forestry

7.5. Others

8. ARTICULATED DUMP TRUCK MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Type

8.2.2. By Power Output

8.2.3. By Application

8.2.4. By Country

8.2.4.1. USA

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. By Type

8.3.2. By Power Output

8.3.3. By Application

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. By Type

8.4.2. By Power Output

8.4.3. By Application

8.4.4. By Country

8.4.4.1. United Kingdom

8.4.4.2. Germany 

8.4.4.3. France

8.4.4.4. Italy

8.4.4.5. Spain

8.4.4.6. Others

8.5. Middle East and Africa

8.5.1. By Type

8.5.2. By Power Output

8.5.3. By Application

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. UAE

8.5.4.3. Others

8.6. Asia Pacific

8.6.1. By Type

8.6.2. By Power Output

8.6.3. By Application

8.6.4. By Country

8.6.4.1. Japan

8.6.4.2. China 

8.6.4.3. India

8.6.4.4. South Korea

8.6.4.5. Indonesia

8.6.4.6. Taiwan

8.6.4.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Markey Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES 

10.1. Terex

10.2. Liebherr International

10.3. Buchhammer Handel GmbH

10.4. Deere & Company

10.5. Bell Equipment

10.6. Volvo

10.7. Caterpillar

10.8. HYDREMA

10.9. Komatsu Ltd.

10.10. GHH Fahrzeuge

10.11. Sandvik Mining and Rock Technology

10.12. DUX Machinery

10.13. SANY Group

10.14. XCMG Group

10.15. Hyundai Construction Equipment Americas, Inc.

Terex

Liebherr International

Buchhammer Handel GmbH

Deere & Company

Bell Equipment

Volvo

Caterpillar

HYDREMA

Komatsu Ltd.

GHH Fahrzeuge

Sandvik Mining and Rock Technology

DUX Machinery

SANY Group

XCMG Group

Hyundai Construction Equipment Americas, Inc.