Mining Vehicle Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global mining vehicles market is anticipated to grow at a CAGR of 4.0% during the forecast period (2022-2028). The major factor expected to drive the market growth is the rising demand for coal and metal minerals such as copper, nickel, zinc, lead, and iron ore and increasing adoption of automated technologies. Further, the growing demand for coal mining for electricity generation specifically in the Asia-Pacific region such as China and India are primarily contributing to the growth of the market. In addition, the increasing preference towards renewable energy sources such as wind power will further fuel the usage of coal. This would consequently lead to higher requirements for efficient underground coal miners globally are some factors that propel the growth of the global mining vehicles market during the forecast period.
Some major players in the market include AB Volvo, Caterpillar Inc., and Komatsu Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in May 2019, Caterpillar Inc. announced that the company electrifies the underground mining equipment with a next-gen loader named "R1700 XE Loader" which is battery-electric machinery for underground mining.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Equipment Type
•By Ownership
•By Type
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- AB Volvo, Caterpillar Inc., and Komatsu Ltd., among others.

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Global Mining Vehicle Market Report by Segment
By Equipment Type
•Ground Support
•Production Equipment
•Utility Equipment
By Type
•Deep Sea Mining Vehicle
•Amphibious Mining Truck
By Ownership
•Mining Operators
•Rental Service Provider
By Application
•Ship
•Port
•Deep Sea
•Others

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.