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Electric Dump Truck Market Share

Report ID: GMI6217
Published Date: Aug 2024
Report Format: PDF

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Electric Dump Truck Market Share

BYD, Caterpillar, and Komatsu hold a significant market share of 29% in electric dump trucks, BYD excels with its advanced battery technology and extensive experience in electric vehicles, providing high-performance electric dump trucks. Caterpillar leverages its long-standing reputation and expertise in heavy machinery, integrating electric drive systems into its reliable and robust equipment.

Komatsu combines its extensive knowledge of heavy machinery with innovations in electric propulsion, offering trucks designed for the demanding conditions of mining and construction. Their technological advancements, brand strength, and market experience collectively contribute to their dominant position in the market.

Electric Dump Truck Market Companies

The major players operating in the electric dump trucks industry are:

BYD
Caterpillar
Hitachi
Komatsu
Liebherr Group
Sany
XCMG

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric dump truck reached USD 2.7 billion in 2023 and is set to register a CAGR of over 7% between 2024 and 2032, owing to the increasingly stringent emission regulations, along with advances in battery technology.

The articulated segment accounted for around 65% market share in 2023. These trucks are designed with a flexible joint between the cab and the dump bed, which enhances their ability to navigate tight and uneven terrain commonly found in mining and construction sites.

Asia Pacific led the market with a share of over 38% in 2023. Governments across the region are actively promoting the adoption of EVs including electric dump trucks through incentives, subsidies, and supportive policies.

BYD, Caterpillar, Daimler, Epiroc Mining, Hitachi, Komatsu, Liebherr Group, Sany, XCMG, and ZOOMLION.