Press release
Projected Growth of North America Underground Mining Vehicle Market: Reaching US$ 8,795.08 Million by 2033
The North America underground mining vehicle market is anticipated to attain a valuation of US$ 4,891.72 million in 2023 and is estimated to reach US$ 8,795.08 million by 2033, trailing a CAGR of 6% during the forecast period.Rising investment in mining and industrialization, coupled with the adoption of artificial intelligence and machine learning technologies, is driving the growth of the North America underground mining vehicle market. Automation in mining vehicles offers numerous advantages such as enhanced safety, fuel efficiency, productivity, maintenance, working conditions, vehicle utilization, and reduced driver fatigue.
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A rising shift toward electrically operated vehicles in underground mining is expected to boost market growth. Diesel emissions from traditional vehicles contribute to greenhouse gases and climate change. Various commercial vehicle sectors are adopting innovative electric designs to enter the expanding market. Projections suggest that by 2030, around 58% of automobiles in the United States will be electric, driven by lower prices of minerals like lithium used in battery systems and inverter technology.
The implementation of Internet of Things (IoT) in the underground mining sector enhances productivity and offers lucrative opportunities for the North American underground mining vehicle market. IoT enables unmanned vehicles to operate autonomously, communicating with each other to optimize efficiency and reduce fuel expenses. Additionally, IoT facilitates predictive maintenance, identifying equipment servicing needs in advance. This integration of IoT in mining activities improves operational efficiency and drives market growth for underground mining vehicles.
Key Takeaways
The United States underground mining vehicle market is expected to grow with a CAGR of 6.2% during the forecast period.
The demand for underground mining vehicle in Canada is expected to grow with a CAGR of 6% during the forecast period.
By equipment type, ground support segment is projected to grow with a CAGR of 6.5% during the forecast period.
Mexico is expected to grow with a CAGR of 5.8% throughout the forecast period.
"The integration of the Internet of Things in the underground mining sector is expected to present new opportunities for market expansion during the forecast period," comments an FMI analyst
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Competitive Landscape
The market for North America underground mining vehicle is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu Ltd., Boart Longyear Ltd., Hitachi Construction Machinery, Hermann Paus Maschienfabrik GmbH, Timberland Equipment, Getman Corporation, Kovatera Inc., Maccaferri Inc. Liebherr Group, Sany Heavy Industry Co. Ltd., Volvo Construction Equipment, Astec Industries Inc, J.C. Bamford Excavators Ltd. (JCB), Normet, Maclean Engineering and Marketing Co., J.H. Fletcher and Co.
Some key developments in the North America underground mining vehicle market are:
In February 2022, Sandvik AB obtained a USD 213.3 million contract from BHP Group Ltd for underground mining equipment and automation products at the Jansen Potash project in Canada. The delivery of equipment is scheduled to commence in Q3 2023 and continue until 2026.
In October 2021, Komatsu Ltd. partnered with Proterra Inc. to electrify their next-generation underground mining machines. Proterra will provide its H Series battery system technology for the development of battery-electric LHDs, drills, and bolters for underground hard rock mining. This collaboration enables Komatsu to offer zero-emissions mining solutions in underground hard rock operations.
In September 2021, Caterpillar launched several new offerings, including a battery-electric loader, electric and diesel drive technologies, and expansions to its automation platform. The electric Cat R1700 XE Load Haul Dump (LHD) provides 100% battery-electric propulsion, while the portable Cat MEC500 Mobile Equipment Charger enables fast charging.
In March 2021, Liebherr unveiled the T 274, a 305-ton mining truck. The T 274 features a powerful dynamic braking system of 4,500 kW/6,035 HP, enabling efficient operation during downhill hauls.
Key Segments Profiled in the North America Underground Mining Vehicle Industry Survey
By Equipment Type:
Ground Support
Roof Bolter
Scalers
Shotcrete Sprayers
Shearers
Production Equipment
LPDT
LHD
Underground Haulers
Scrapers
Dozers
Mining Drills
Continuous Miners
Mining Excavators and Shovels
Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
Utility Equipment
Scissor Lift
Personnel Carrier Truck
Boom Truck
Fuel Lube Trucks
Remixers
Others
By Ownership:
Mining Operators
Rental Service Provider
By Application:
Coal Mining
Metallic Mining
Precious Metals Mining
Non-Precious Metals Mining
Non-Metallic Minerals Mining
By Country:
United States
Canada
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team briefly analyses key trends, including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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