Global load haul and dump trucks market is expected to exhibit a CAGR of 6.5% in the forecast period, according to a new market research report Global Load haul and dump trucks Market Report, By Engine Type (Diesel Engine and Electric Engine), By Mining Type (Underground Mining and Surface Mining) and by Geography.
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Manufacturers in the market are focusing on innovations in load haul and dump trucks, which is expected to be a major factor for growth of the global load haul and dump trucks market. This is in order to improve productivity and to increase safety of personnel. Load haul and dump trucks are used in underground mining for loading and transporting of minerals or ore. Integration of automatic control system in load haul and dump trucks helps in controlling LHD from a distance and does not require operators at the sight. This helps in increasing productive and security. For instance, HLS Hard-Line Solutions Inc. is a Canada-based company that provides LDH remote control systems. The company’s radio remote control system permits to operate the load haul dump truck from remote location. Moreover, in 2016, the Ashele Copper Mining Plant launched remote control 2 cubic load haul dump.
Asia Pacific held the dominant position in the load haul and dump trucks market in 2017 and is projected to retain its dominance throughout the forecast period. India and China are growth engines in the Asia Pacific market. Growth in the mining industry in the region is one of the major driving factors for growth of the load haul and dump trucks market in this region. For instance, according to World Mining Congress, in 2016, the Asia Pacific region held near 65.1% share of the world’s mining production. China held the dominant position in Asia Pacific mining production in 2016. According to the same source, China held a share of around 40.7% of the total Asia Pacific mining production in 2016.
The electric engine based load haul dump truck segment is projected to exhibit the highest CAGR in the forecast period. This growth is attributed to advantages such as zero exhaust emissions, less initial cost, less maintenance cost, and long lifespan. Anchises Technologies Co., Ltd, Caterpillar Inc., and GHH Fahrzeuge are some of the electric load haul dump trucks manufacturing companies. Furthermore, stringent regulations by governments of various countries for reduction of vehicle gas emission have also accelerated demand for electric engines in the global load haul dump truck market.
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The major players operating in the global load haul and dump trucks market are 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.