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Mining Truck Market is Anticipated to Rise at a CAGR Growth of 4.86% From 2022 to 2030

05-31-2022 10:11 AM CET | Logistics & Transport

Press release from: Credible Markets

Global Mining Truck Market

Global Mining Truck Market

The global mining truck market is valued at USD 1154.58 million in 2022 and is projected to reach a value of USD 1687.72 million in 2030 expanding at a CAGR of 4.86% over the forecast period of 2022-2030.

Global Mining Truck Market- Overview
Mining trucks are usually defined as mechanized vehicles that are mainly used as on-road and off-road transportation mediums for heavy mining and construction.
These are haul vehicles that are continuously used in mining, refining, and also dumping grounds as their gigantic wheels can carry several tons of weight.
Currently, various types of mining trucks that includes, rear dump trucks, bottom dump trucks, water trucks, and also lube trucks have been used in multiple industries across the globe.
Among these, the most commonly used type is the large bottom dump trucks that are utilized to haul and transport large quantities of mined material, mainly estimated to further boost the market over the forecast period.
Also, the pandemic had negatively impacted the market growth. This was because of the slow restarting of operations and also the shortage of workers during the pandemic period.

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Segmental analysis of the Market
Based on type
• Bottom dump
• Rear dump
• Lube
• Tow
• Water
• Others
The bottom dump segment has dominated the market growth over the forecast period. This is because it can transport or haul large amount of materials.

Based on Drive
• Mechanical drive
• Electrical drive
The mechanical drive has dominated the market growth over the forecast period.

Based on Payload Capacity
• Less than 90 metric tone
• 90-149 metric tone
• 150-290 metric tone
• Above 290 metric tone
The 90-149 metric tone has dominated the market growth over the forecast period because these trucks are used in small mining sites.

Based on Application
• Coal mining
• Iron mining
• Copper mining
• Aluminium mining
• Others

Asia Pacific is anticipated to amplify at a considerable CAGR
THE GLOBAL MINING TRUCK MARKET is segmented into 5 main regions namely, North America, Europe, Asia Pacific, South America, and Middle east and Africa.
Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of huge investment in coal-fired power generational projects among the various countries in the region.

Competitive Landscape
Some of the prominent companies operating in the market are
• BEML Limited
• Caterpillar Inc.
• Deere & Company
• Doosan Corporation
• Hitachi Construction Machinery Co., Ltd.
• Komatsu Ltd.
• Kress Corporation
• OJSC BelAZ
• Sany Group Co., Ltd.
• Volvo Group
• XCMG Group
• BAS Mining Trucks
• Liebherr
• Epiroc AB
• Tata Motors

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Global Mining Truck Market- Key market trends
Every market has its growth determinants and challenges. one of the major factor that has fuelled the market growth over the forecast period is the rise in adoption of automation. Also, the rise in industrialization has also boosted the market growth. This is because of the rise of construction businesses among various regions.
Also, the mining operations have been automated by many companies in order to increase their productivity. Thus, the adaption of new technology has increased the productivity and decreased the number of accidents as less human involvement is required.
Additionally, the adoption of automation by some major mining companies has forced their competitors to shift as well. This has further boosted the mining truck market over the forecast period.
On the flipside, rise in harmful effects on natural reserves because of the pollution caused by the mining activities has acted as major restrain to the market growth over the forecast period.

Key takeaways from the market
• The global mining truck market is projected to expand at a CAGR of 4.86% over the forecast year of 2022-2030.
• The rising adoption of automation is aiding market progression.
• The bottom dump segment is poised to expand significantly over the forecast period.
• Asia Pacific has dominated the regional segment of the market.

For more information about this report visit: https://crediblemarkets.com/market-analysis/mining-truck-market-304043

Major questions answered in this report
• What is the growth rate of the global mining truck market?
• What are the primary growth determinants of the market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?

Contact Us:
Credible Markets Analytics
99 Wall Street 2124 New York, NY 10005
Email: sales@crediblemarkets.com

About US

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Reports in the repository of Credible Markets leverage predictive analytical models to study the performance of critical market segments. We believe in the fact that demands of businesses depend on an array of parameters and thus adhere to delivering industry-specific research solutions. Our client base traversing from thriving start-ups to some of the Fortune 500 companies speaks for our expertise in providing deep-dive insights on any desired industry sectors.

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