Dump Trucks and Mining TrucksCompanies (2024 - 2029)

Dump Trucks and Mining Trucks Market Companies Summary

The demand for mining trucks is rising due to increased mining activities, driven by the continuous need for minerals and ores for various industries and infrastructure projects. The global mining industry is in need of more skilled human resources. The COVID-19 outbreak and subsequent industry shutdowns are expected to push mining companies to improve their production efficiency, thereby driving the demand for more mining trucks. Companies are also responding to stringent emission and import-export regulations by automating and electrifying their mining trucks, installing sensors, and analyzing data to improve productivity and profit margins. The Asia-Pacific region holds significant potential for the growth of mining equipment, including dump and mining trucks, due to its vast mining output and mineral mines. Companies in this region are increasing production in surface mining, leading to predictable equipment maintenance and replacement cycles. In response to stringent emissions norms in major markets, companies are making electrification and hybridization necessary for diesel engine vehicles. This trend is expected to boost the adoption of electric trucks in the mining sector, with several significant contracts between mining companies and original equipment manufacturers (OEMs) to test and deploy electric haul trucks at their mines.