Industry Insights
The U.S. dump truck service market size was valued at USD 18.27 billion in 2017 and is expected to witness a significant growth, pertaining to the growing construction and mining activities over the forecast period. The market is primarily driven by the high demand of material handling vehicles for construction activities such as material delivery, miscellaneous, material removal, demolition hauling, land shifting, and excavation services. Additionally, other than hauling and transporting material for landscaping projects, dump truck services are used for excavation and renovation projects as well as trash hauling to the dump, transporting concrete to a clean fill site, and moving leave and limb loads to the recycling units and facilities.
U.S. dump truck service market revenue split, by end-use, 2017 (% share)
Segmentation by type
• Non liquid & non packaged cargo
• Others
The demand for non-liquid & non packaged cargo dump truck service is high as compared to others owing to the use of hard and solid material on the construction site. The material released during mining activities are also solid such as rocks and bits which require non liquid & non packaged cargos for hauling. The mining industry in U.S. is growing on a very significant rate. More than 50% of the electricity is produced by coal. Minerals and metals are widely used in many industries and are a vital source of raw materials for the chemical and building industries in the U.S. They play a major role in the production of electronics and consumer goods and products. The U.S. mining industry is very important for the well-being of the societies across the country, as U.S. is the world's second leading producer of coal, and one of the top supplier of metals, coal, industrial minerals, gravel, and sand, to manufacturers, businesses, and other utilities. With the rise in the mining activities in the U.S. the market for dump truck service is expected to grow rapidly over the forecast period.
There are specific and different rules and regulations in each U.S. state regarding the use of dump truck services. The drivers driving the dump trucks have to be very careful in handling and hauling material from one site to the other. They are also required to move a loads in a way which is environmentally safe and do not harm or hamper the safety of other drivers on the road. In some of the sates the use of tarp for certain loose materials is mandatory.
Segmentation by end-use
• Construction industry
• Mining industry
• Others
The use of dump trucks in the construction industry is expected to dominate the service industry over the forecast period. Major revenue is generated by the construction activities on account of the rise in the demand for buildings, growing commercial real estate segment and a strengthening and flourishing economy in the country. The construction industry is a huge sector and a major contributor in the country’s economy and staffs more than 6 million employees every year. The dump trucks can also be efficiently utilized in off-highway and off-road conditions. Cutting-edge technology and designs of new and advanced dump trucks allow the companies to avoid any delays and breakdowns during construction and mining activities. Mining and construction dump trucks are explicitly engineered and manufactured for use in harsh, tough environments and heavy-duty locations.
The use of dump trucks in mining segment is also growing owing to the rise in the coal mining on account of the use of coal for energy production activities. High growth of this segment is majorly attributed to the development and introduction of new mining sites, particularly new coalfields and is expected to fuel the market for dump truck services over the forecast period. The dump trucks used for mining are large-bottom and huge dump trucks, which haul and transport a large amount of materials from mining sites to various industries. It is very important to choose the right size and type of dump truck which purely depends on various factors such as type of mine, size of mine, availability of excavation machinery, mined minerals, and the capital invested. With the rise in mining activities the use of dump truck services is expected to grow over the forecast period.
Competitive landscape
The U.S. dump truck service market is a highly fragmented market in nature with a large number of existing and emerging new players. Major players in the industry comprise of companies such as Terex Trucks, Caterpillar, Komatsu, Hitachi Construction Machinery, John Deere and various others. Emerging new players are expected to boost the market in the U.S. in the coming years. Competitors are taking strategic initiatives and gaining confidence of their consumers by providing efficient services to their customers in order to increase their market share.
