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Electric Dump Truck Market Trends

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

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Electric Dump Truck Market Trends

The electric dump truck industry is witnessing a significant shift towards battery electric vehicles (BEVs). Advances in battery technology, such as improvements in energy density and charging speeds, are making BEVs more viable for heavy-duty applications. This trend is driven by environmental regulations, cost savings on fuel, and the desire for reduced operational costs and maintenance.

In December 2023, Propel Industries unveiled two Electric Vehicle Dump Trucks, the 470 MEV and 470 HEV, with gross weights of 45 and 60 tons At EXCON 2023, a milestone for the Indian mining sector. This strengthens Propel's position as a pioneering indigenous EV dump truck manufacturer. The trucks feature battery packs of 171 to 450 kWh for 6 to 12 hours of operation, with costs 1/3 to 1/5 lower than fossil fuel trucks with advanced safety features and a 5-year or 4000-cycle battery warranty.

The integration of advanced autonomous technologies in electric dump trucks is another trend being adopted in the industry. Automation features, such as autonomous driving and remote-control capabilities, are becoming more common. These technologies enhance operational efficiency, safety, and productivity by reducing human error and allowing for more precise and efficient management of mining and construction activities.

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.