Electric Drive Mining Truck Market Growth to be Fuelled by Advancements in Technology : OJSC BELAZ, Caterpillar Inc., Voltas, Kuhn Schweiz AG, Hitachi,, Komatsu, XCMG Group

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

- By type, the others segment dominated the global electric drive mining truck market in terms of growth rate.
- By size, the large (251-350 metric tons) segment dominated the global electric drive mining truck market in terms of growth rate.

𝐓𝐡𝐞 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐝𝐫𝐢𝐯𝐞 𝐦𝐢𝐧𝐢𝐧𝐠 𝐭𝐫𝐮𝐜𝐤 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 Kuhn Schweiz AG, EPIROC, Voltas, Komatsu Ltd., Hitachi, Ltd., OJSC BELAZ, Caterpillar, BEML Limited and XCMG Group.

According to a new report published by Allied Market Research, titled, "Electric Drive Mining Truck Market," The electric drive mining truck market was valued at $487.50 million in 2021, and is estimated to reach $815.4 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/2932

Electric drive mining trucks are specially designed hybrid trucks that are used for mining applications and at the same time offer higher efficiency which the vehicle is in propulsion. These heavy-duty vehicles use internal combustion engine (ICE) for the propulsion of the vehicle and at the same time are equipped with an electric drive system, which is used to power the vehicle on steep slopes along with heavy loads on the back of the vehicle. Moreover, with the advancement in technology, truck manufacturers have been developing advanced technologies such as higher efficiency electric drive system, dedicated to be used in mining trucks, which creates ample opportunities for the growth of the market across the globe.

In addition, the electric drive mining market has witnessed significant growth in recent years, owing to the growing mining activities, which supplements the growth of the market across the globe. Moreover, with the increased mining activities, the demand for efficient mining trucks has increased which creates a wider scope for the growth of the market across the globe. The sector is also projected to see significant changes during the upcoming decades. The importance of mining activities in developing countries shows a considerable contribution to economic development of the nation and create revenues for governments across the globe. Mining corporations can generate employment, economic growth, and profits, in low-income countries followed by partnerships with the government and civil society, they can safeguard the profits of mining; thus, creating a positive impact on the natural environment, climate change, and social capital of the country.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/electric-drive-mining-truck-market/purchase-options

Moreover, with the increasing demand for raw materials such as bauxite, iron ore, copper, coal, diamonds, tin, or rare earth metals, the demand for electric mining trucks has increased drastically across Europe and the U.S. For instance, in October 2022, a lithium mine with the capacity to supply 700,000 electric car batteries per year is set to open in France. The massive mining project launched by French minerals company, Imerys will operate on the site of the Beauvoir kaolin quarry in Central France. The site contains one million tons of lithium.

According to McKinsey, continued growth of Li-ion batteries over the next decade at an annual compound rate of approximately 30%. By 2030, electric vehicles (EVs), along with energy-storage systems, e-bikes, electrification of tools, and other battery-intensive applications, could account for 4,000 to 4,500 GWh of Li-ion demand. The battery value chain is expected to increase by as much as ten times between 2020 and 2030 to reach annual revenue as high as $410 billion. The world will need more critical minerals and raw materials to power the global economy of the future and these resources will need to be mined sustainably. The increase in the requirement of raw material around the world will further boost the demand in the electric drive mining truck market.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/2932

Furthermore, the demand for higher efficiency electric drive mining trucks has increased across the globe due to the increased availability of raw materials across different locations. With this increased availability, mining truck manufacturers operating across the globe has started the production of durable & efficient mining trucks to be used in on-ground & underground mining locations which proves to be a factor supplementing the growth of the market across the globe.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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