Mining Remanufacturing Components Market Showing Impressive Growth by 2030 | Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

The Mining Remanufacturing Components Market was valued at US$ 4,204.56 million in 2022 and is projected to reach US$ 5,940.00 million by 2030; it is expected to register a CAGR of 4.40% during 2022-2030.

Rising Adoption of Electric and Autonomous Vehicles in Mining Industry is Driving the Mining Remanufacturing Components Market Growth

The mining sector is beginning to profit from a new generation of low-emission "driverless" mine vehicles that are changing the industry's image and moving it toward decarbonization. Electric vehicles (EVs) are added to fleets for use in both open pit and underground operations by purchasing or refitting existing diesel engine vehicle fleets. Toyota Motor Corp. is at the forefront of developing these new mining vehicles. Toyota and Komatsu launched a cooperative effort in May 2023 to build an autonomous light vehicle (ALV) that will run on Komatsu's GPS-enabled Autonomous Haulage System (AHS).

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Analysis of the Top Market Players:

1. AB Volvo
2. Atlas Copco
3. Caterpiller Inc
4. Epiroc AB
5. Hitachi Construction Machinery Co. Ltd.
6. J C Komatsu Ltd.
7. Liebherr Group
8. Bamford Excavators Ltd.
9. SRC Holding Corporation
10. Swanson Industries

In this report, the market has been segmented on the basis of:

Component
• Engine
• Axle
• Transmission
• Hydraulic Cylinder

Equipment
• Excavators
• Wheel Loader
• Wheel Dozer
• Crawler Dozer
• Haul Trucks

Industry
• Coal
• Metal

Cool Planet Group, a decarbonization solutions company, announced a US$ 54.2 million deal with a "leading global mining company" in May 2023 to convert 8,500 diesel mining trucks to electric vehicles over the next three years. In addition, WAE Technologies is currently working on the world's largest battery. The battery is intended for use in an electric mining transport vehicle with zero emissions. The company, currently controlled by the Australian mining conglomerate Fortescue Metals Group, is collaborating with the Swiss-German equipment manufacturer-Liebherr-to build an electric mine haul truck weighing up to 240 ton. Such instances are driving the mining remanufacturing components market growth.

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In 2023, the mining and construction industries in Canada have begun to benefit from a new federal tax credit for shifting to zero-emission heavy-duty trucks. The 30% refundable tax credit is available for both hydrogen and electric heavy-duty equipment utilized in these industries and charging and refueling infrastructure. Further, many mining truck manufacturing companies are taking initiatives to develop electric vehicles. In 2022, Caterpillar claimed that it had successfully displayed its first battery-powered vehicle prototype at the company's Tuscon, Arizona.

In February 2023, Caterpillar showcased its first-of-kind EV mining truck with 240-ton capacity. The abovementioned activities by mining and truck manufacturing companies are projected to increase the adoption of electric trucks in the mining industry, which may drive the mining remanufacturing components market. This increased demand for electric trucks will directly boost the demand for the truck's components, such as battery packs, motors, and transmissions, which is expected to create lucrative opportunities for the mining remanufacturing components market growth during the forecast period.

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