Press release
Autonomous Mining Truck Market is projected to reach USD 10.3 Billion by 2030 : Cognitive Market Research
Autonomous Mining Truck Market is projected to reach USD 10.3 Billion by 2030 : Cognitive Market Research
- Autonomous mining trucks are heavy equipment used by the mining industry to transport ore and other materials. These trucks are regularly large, weighing hundreds of metric tons. They are usually powered by diesel engines, while electric models are becoming more common. These trucks can be operated remotely or autonomously using a GPS navigation system. Autonomous mining trucks are robotic vehicle designed to perform all the major functions of a traditional truck without a human operator. These trucks incorporate sensors and software to navigate, control, drive and operate the truck. These trucks operate using LiDAR and RADAR along with several other sensors. These systems create and maintain internal maps of their surroundings based on various sensors. Artificial intelligence (AI) software controls all functions related to the working of the sensors, and the radar sensors are used to detect obstacles. These advanced technologies help control these trucks.
Summary:
- As per Cognitive Market Research, Global Autonomous Mining Truck market size was $6.8 Billion in 2022 and it will reach $10.3 Billion by 2030. Its Compound Annual Growth Rate will be 24.2% from 2023 to 2030.
"To know more about The Autonomous Mining Truck Market statistics click here: https://www.cognitivemarketresearch.com/autonomous-mining-truck-market-report
Market Dynamics:
• What is Driving the Autonomous mining trucks Industry's Exponential Growth?
The increasing need for smart mining and the rising demand for technologically advanced mining equipment is one of the factors driving the growth of the global market. Market Economy is also responsible for market growth in developing economy countries such as China, India, Brazil, and South Africa. Moreover, the significant growth in the construction and mining industries in these countries is expected to provide lucrative opportunities for the growth of the mining equipment industry. This in turn is expected to drive the market.
• What are the Restraints of the Autonomous mining trucks Market?
However, the surging application of environmental laws in the mining industry and software glitches and sensor-related issues in autonomous mining trucks have hit market growth. Additionally, the high initial costs associated with deploying these trucks have prevented their adoption in many areas of the across globe. In addition, concerns over the safety and reliability of autonomous mining trucks are restraining the growth of the global market to some extent.
• What are the COVID-19 impacts on the Autonomous mining trucks Market?
The Covid 19 pandemic is affecting all industries globally. Industries such as agriculture, aerospace, defense, food, and health are all facing challenges from the pandemic. The government is imposing restrictions on several industries. Lockdown measures have made it more difficult for markets to function. All these factors are affecting the industry. However, autonomous mining fits into this market condition. The mining industry is vulnerable to the impact of the coronavirus.
Market Segmentation:
Type:
• Underground LHD Loaders
• Autonomous Hauling Trucks
• Others
Market Type:
• OEM
• Aftermarket
Size:
• Small
• Medium
• Large
Propulsion:
• Electric and Hybrid
• Diesel
Autonomy:
• Level 1 and 2
• Level 3
• Level 4 and 5
The Major Players in Autonomous Mining Truck Market are: Scania, Caterpillar Inc., Autonomous Solutions Inc., Hitachi Ltd, Komatsu Ltd., AB Volvo, Daimler AG, Aptiv, Bosch Ltd., CONTINENTAL AG, DENSO CORPORATION, EMBARK, MAN SE, Nvidia, PACCAR Inc., QUALCOMM, Tesla, TUSIMPLE, WAYMO
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Regional Analysis:
• North America autonomous mining truck accounted for the largest share in the global market, due to the high rate of commercialization in the region. Rapid growth of the industrial sector, growth of the mining industry, high demand for autonomous mining trucks, and technological leadership of the US and Canada in the region. Rising per capita income, labour shortage, availability of advanced technologies, increasing preference for improving mine productivity and solution providers are driving the adoption of automated mining trucks in the mining industry.
News:
• In November 2022, Caterpillar successfully demonstrated its first all-electric 793 large mining truck and invested heavily in transforming its proving ground in Arizona into a sustainable testing and verification center for the future. Caterpillar has completed the first prototype of the battery-electric 793 with the support of a major mining customer participating in Caterpillar's Early Learner Program.
• In October 2022, Scania and Rio Tinto both are developing more flexible autonomous haul trucks at a mine in Western Australia's Pilbara region in pursuit of potential environmental and productivity benefits. The two companies have entered into a long-term R&D collaboration agreement for continuous advancement, with Rio Tinto's Channar mine becoming Scania's first active partner site in autonomous mining solutions. The partnership includes options for the future transition to electric vehicles.
Browse here for Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Autonomous Mining Truck Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Autonomous Mining Truck Market Segmentation
1.5.1 Autonomous Mining Truck Market Regional Fragmentation
1.5.1 Autonomous Mining Truck Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research Methodology Review Complete Research Methodology
Chapter 3 Executive Summary of Autonomous Mining Truck Market
Chapter 4 Global Autonomous Mining Truck Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Autonomous Mining Truck Market by Type Segmentation Analysis (2018-2030)
Chapter 10 Global Autonomous Mining Truck Market by Market Type Segmentation Analysis (2018-2030)
Chapter 11 Global Autonomous Mining Truck Market by Size Segmentation Analysis (2018-2030)
Chapter 12 Global Autonomous Mining Truck Market by Propulsion Segmentation Analysis (2018-2030)
Chapter 13 Global Autonomous Mining Truck Market by Autonomy Segmentation Analysis (2018-2030)
Chapter 14 Global Autonomous Mining Truck Market Regional Analysis
Chapter 15 North America Autonomous Mining Truck Market Outlook (2018 - 2030)
Chapter 16 Europe Autonomous Mining Truck Market Outlook (2018 - 2030)
Chapter 17 Asia Pacific Autonomous Mining Truck Market Outlook (2018 - 2030)
Chapter 18 Latin America Autonomous Mining Truck Market Outlook (2018 - 2030)
Chapter 19 Middle East and Africa Autonomous Mining Truck Market Outlook (2018 - 2030)
Chapter 20 Research Findings
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To know more about Autonomous Mining Truck Market TOC click here: https://www.cognitivemarketresearch.com/autonomous-mining-truck-market-report#table_of_contents
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Illinois, 60602
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Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us
About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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