Press release
Rising Mineral Demand Boosts Mining Trucks Market Growth: A Key Driver Powering Mining Truck Market Growth In 2025
Mining Truck Market
What Is the Current Mining Truck Market Size and Its Estimated Growth Rate?
The mining truck market size will grow from $29.17 billion in 2024 to $31.09 billion in 2025, at a CAGR of 6.6%. Growth is driven by increasing global demand for minerals, expansion of mining in emerging economies, rising commodity prices, government investments in mining infrastructure, and the growth of large-scale mining projects.
The mining truck market is expected to reach $39.71 billion by 2029, at a CAGR of 6.3%. Growth is driven by rising demand for electric and hybrid trucks, increased mining activities in developing regions, focus on operational efficiency, investments in mining automation, stricter emission regulations, and sustainable mining practices. Trends include autonomous vehicle technology, electrification, AI for predictive maintenanc
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How Are Emerging Segments Shaping the Mining Truck Market Landscape?
The mining truckmarket covered in this report is segmented -
1) By Type: Bottom Dump, Rear Dump, Lube, Tow, Other Types
2) By Drive System: Autonomous Drive, Electrical Drive, Mechanical Drive
3) By Capacity: 290 Metric Tons
4) By Application: Coal Mining, Iron Mining, Copper Mining, Aluminum Mining, Other Applications
Subsegments:
1) By Bottom Dump Trucks: Articulated Bottom Dump Trucks, Rigid Bottom Dump Trucks
2) By Rear Dump Trucks: Articulated Rear Dump Trucks, Rigid Rear Dump Trucks
3) By Lube Trucks: Mobile Lube Trucks, Stationary Lube Trucks
4) By Tow Trucks: Heavy-Duty Tow Trucks, Light-Duty Tow Trucks
5) By Other Types: Water Trucks, Fuel Trucks, Cement Mixers, Specialty Mining Trucks
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Which Growth Factors Are Influencing Mining Truck Market Expansion?
The increasing demand for minerals is expected to drive the growth of the mining truck market. The demand for minerals is growing due to their importance in various industries, and mining trucks are essential for transporting minerals from extraction sites. For instance, the IEA reported a 30% rise in investment in critical mineral development in 2022, and mineral demand is expected to grow significantly by 2040, driving the mining truck market's expansion.
Who Are the Dominant Players Across Different Mining Truck Market Segments?
Major companies operating in the mining truck market are Caterpillar Inc., Daimler Truck AG, AB Volvo, HD Hyundai Co Ltd., PACCAR Australia Pty Ltd., Komatsu Ltd., Atlas Copco AB, Liebherr-International AG, Doosan Corporation, SANY Group Co Ltd., Scania AB, Sandvik AB, MAN Truck & Bus SE, Hitachi Construction Machinery Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Epiroc AB, Ashok Leyland Ltd., ere*x Corporation, Yutong International Holding Co. Ltd., Belarusian Automobile Plant (BelAZ), OJSC Belaz, Bell Equipment Company SA, Dongfeng Liuzhou Motor Co. Ltd., Tata Hitachi Construction Machinery Company Private Limited, Xuzhou Construction Machinery Group Co. Ltd
What Trends Are Expected to Dominate the Mining Truck Market in the Next 5 Years?
Companies in the mining truck market are developing electric dump trucks to reduce emissions, lower operational costs, and improve sustainability. These trucks are powered by electric engines, reducing fuel costs and enhancing environmental sustainability. For example, in September 2022, Sandvik launched the TH660E electric dump truck for underground mining, featuring advanced Lithium-Iron Phosphate (LiFePO4) battery technology that cuts emissions and lowers heat output. The truck offers 630 kW of continuous power, facilitating rapid acceleration and efficient underground operations, and includes a patented AutoSwap system for quick battery exchanges, improving productivity and safety.
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Which Geographic Regions Are Expected to Dominate the Mining Truck Market in the Coming Years?
North America was the largest region in the mining truck market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mining truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Mining Truck Market?
2. What is the CAGR expected in the Mining Truck Market?
3. What Are the Key Innovations Transforming the Mining Truck Industry?
4. Which Region Is Leading the Mining Truck Market?
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