Load Haul and Dump Trucks Market to See Incredible Growth By 2025

Global Load Haul and Dump Truck Market - Insights

A load haul and dump truck (also known as scoop tram) is a loading machine manufactured for application in the mining industry. Global load haul and dump truck market is projected to exhibit CAGR of 6.5% in the forecast period (2018 – 2025). Increasing mining production is one of the major driving factors for growth of the load haul and dump trucks market. For instance, according to World Mining Congress, the world mining production was 16.9 billion metric tons in 2016 up from 15.8 billion metric tons in 2010.

Electric engine segment is projected to exhibit the highest CAGR in the forecast period

The electric engine segment is projected to exhibit the highest CAGR in the forecast period. This is due to various advantages such as low initial cost as compared to fossil fuel engines, extensive operation lifespan, low maintenance cost, and high efficiency. Furthermore, stringent regulations for reduction of gas emission have also accelerated growth of the electric engine segment in the market, as electric engines help to reduce carbon emission as these do not use fossil fuels, engine oil etc. Governments of various countries are focusing on stringent regulations to reduce carbon footprint. For instance, Corporate Average Fuel Economy (CAFE) Standards in the U.S. is propagating adoption of energy-efficient automotive by formulating regulations for reduction of petroleum consumption. It is also focused on reducing greenhouse emissions and promoting development of innovative technologies to increase reliance on renewable and conservation of energy sources. Moreover, The European Union has its own set of emission standards for all new vehicles. According to EU Regulation No 443/2009, an average CO2 emission for new passenger cars is 130 grams per kilometer and is expected to reach a target of 95 grams per kilometer by 2021. Hence, increasing stringency has led to high demand for electric engine vehicles, which is expected to accelerate growth of the segment in the global load haul and dump truck market.

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Asia Pacific held the dominant position in load haul and dump market in 2017

On the basis of geography, the load haul and dump market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific load haul and dump market held the dominant position in the global market in 2017 and is projected to retain its dominance throughout the forecast period. Large scale production of minerals in Asia Pacific countries is one of the major driving factors for growth of the load haul and dump trucks market. For instance, according to World Mining Congress, the Asia Pacific mining production was pegged at 9.8 billion metric tons in 2016 up from 8.9 billion metric tons in 2010. Hence, due to high mining production demand for load haul and dump trucks in Asia Pacific countries is increasing significantly. India and China are some of the major countries in the load haul and dump truck market in this region. China is one of the largest mining producing countries in the world. According to World Mining Congress, in 2016, China produced around 4,000 million metric tons mining production, which accounts for around 23.7% of the global mining production. Similarly, high production of minerals row material in India is a key driving factor for growth of the load haul dump truck market in the region. According to World Mining Congress, in 2016, India held the 5th position in the production of minerals row material, globally.

Key Players - Global load haul and dump trucks Market

Major players operating in the global load haul dump truck market include 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, Mining Technologies International Inc. Acquisition, mergers, and new product launches are some of the major strategies adopted by companies to sustain in the market. For instance, in January 2018, The Caterpillar Inc. announced shipping of an electric load haul dump (LHD) loader R1300G to a Canada mine. The LHD is an earth moving equipment class designed for underground mining operations. According to caterpillar Inc., the company plans to bring lithium based energy storage solutions in load haul and dump trucks.

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This release was published on openPR.