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.
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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Increasing mining production is one of the major driving factors for growth of global load haul and dump truck market. For instance, according to Coherent Market Insights’ analysis, it is estimated that by 2021, the world production of mineral row material will reach 19.3 million metric ton up from 16.9 million metric ton in 2016. In addition to this, increasing mining production in North America region have increased demand for load haul and dump trucks in this region. According to World Mining Congress, the North America held the second-largest position in mining production in 2016. The U.S. and Canada are major growth engines in the regional market. According to World Mining Congress, North America held a share of near 14.1% in the world mining production in 2016 with a production of 2.4 million metric tons. Hence this high production of mining has led to high demand for load haul and dump trucks in this region.
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Companies covered as part of this study 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, and Mining Technologies International Inc.
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