Underground Mining Vehicle Market Current Impact to Make Big Changes to Reach $53.7 Bn by 2032

Market Dynamics:
The underground mining vehicle is a specialized machine designed to transport rock material safely and efficiently under extreme conditions, primarily used in mining operations. These vehicles perform various functions, including drilling, hauling, tunneling, compacting, and excavating materials beneath the earth's surface. They find applications in construction, mining, and other industries.

The underground mining vehicle market size was valued at $33 billion in 2022, and is estimated to reach $53.7 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.

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Impacting Factors:

The growing demand for infrastructure construction, such as subways and tunnels, is expected to drive market growth. Additionally, increasing use in the construction of underground roadways, railways, and mining activities is fueling the demand for underground mining vehicles. For example, in May 2021, the Hudson Tunnel Project, part of the Gateway Program aimed at overhauling New York City's regional rail infrastructure, saw its costs rise by 2.4% over the past year due to delays.

The Gateway Program includes a $1.8 billion upgrade to the existing North River Tunnel and a $9.8 billion project to build a new tunnel. These developments are expected to boost the underground mining vehicle market.

For different types of construction activities, there are different kinds of underground mining vehicles such as tunneling equipment, excavators, dozers, load and haul equipment, underground utility vehicles, and others. Among these hydraulic excavators accounted for the highest market share, which is used in the construction of tunnels, mining, and others. By propulsion type, the market is bifurcated into ICE and Electric. Out of these, the ICE segment accounted for the largest market share in 2022, and the electric segment is expected to grow with a significant CAGR during the forecast period.

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Top Impacting Factors:

The market is mainly driven by the rise in investments in the infrastructure and expansion of mining activities is expected to boost the growth of the market. However, high investment costs impact the growth of the market. On the other hand, technological advancements in underground mining vehicle are expected to provide growth opportunities in the market.

Major players are adopting various strategies such as product launch and acquisition to sustain the intense competition and improve the product portfolio. For instance, in December 2022, Komatsu Ltd. acquired GHH Group GmbH, which is a leading manufacturer of underground mining, tunneling and special civil engineering equipment with its headquarter in Gelsenkirchen, Germany.

The underground mining vehicle market has witnessed significant growth over the past decade, owing to rise in investment in various end-user industries such as underground mining and others. A number of players are expanding their business globally, owing to increased customer base, enhanced effective operations, developed product portfolios, and expanded geographical reach. This is anticipated to fuel the global underground mining vehicle market growth.

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Top Players:
Normet, Caterpillar, Epiroc AB, Komatsu, Johnson Industries, Hermann Paus Maschinenfabrik GmbH, AB Volvo, Fucheng Underground Mining Equipment Manufacturer, SANY Group, MacLean Engineering & Marketing Co.

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