Underground Mining Vehicles Market 2025 | Rising Demand, Growth Prospects & Key Players

Market Size and Growth

The Global Underground Mining Vehicles Market is expected to grow at a CAGR of 3% during the forecast period (2024-2031).

Underground Mining Vehicles Market report, published by DataM Intelligence has released its latest in-depth analysis on the global Underground Mining Vehicles Market, delivering a detailed overview of regional growth patterns, market segmentation, CAGR, and financial performance among leading industry players. The report offers readers a clear snapshot of the current market value and volume, alongside an exploration of emerging opportunities and ongoing developments. By shining a spotlight on key market drivers and highlighting the evolving industry landscape, the report equips businesses and stakeholders with strategic insights to identify new growth avenues and navigate future market dynamics confidently.

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Underground Mining Vehicles are specialized machines designed to operate in confined and harsh mining environments below the earth's surface. Built with robust structures, high maneuverability, and advanced safety features, they are used for tasks such as hauling, drilling, loading, and transporting mined materials. These vehicles, which include load-haul-dump (LHD) machines, underground trucks, and utility vehicles, are essential for improving productivity, worker safety, and efficiency in modern mining operations.

Key Players:

-> AARD Mining Equipment (Pty) Ltd, Atlas Copco AB, BoartLongyear Ltd, Caterpillar Inc, Guizhou Sinodrills Equipment Co. Ltd, Komatsu Ltd., and Sandvik AB.

Key Development:

✅ June 2025: Dana Inc. signed a definitive agreement to divest its Off-Highway business to Allison Transmission for USD 2.7 billion in cash. The Off-Highway business supplies drivetrain, transmission, and hydraulic systems critical to underground mining vehicles. The transaction is set to close in the fourth quarter of 2025 and is projected to generate USD 2.4 billion in net proceeds, enabling Dana to refocus on light and commercial vehicle electrification, while Allison strengthens its product offerings for heavy-duty and mining equipment.

✅ April 2025 : Cummins acquires First Mode's mining and rail assets.
Cummins successfully purchased First Mode's hybrid mining and rail product lines, assets, intellectual property, and operations spanning Australia, the U.S., and Chile. This move supports Cummins' decarbonization strategy and integrates advanced, low-emission haulage technologies into its Power Systems segment.

✅ In April 2025, more than 19,000 battery-electric load-haul-dump machines and haul trucks were introduced into underground mining fleets, now making up about 14% of the active equipment. This highlights the rapid transition toward cleaner and more sustainable mining vehicles.

✅ In April 2025, the use of AI-driven predictive maintenance expanded across underground mining operations, cutting unplanned downtime by nearly one-fifth. These systems are improving equipment reliability and optimizing operating costs.

Growth Forecast Projected:

The Global Underground Mining Vehicles Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Underground Mining Vehicles Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

By Mining Operations: Drilling, Loading, Transporting, Other operations

By Type of Ore Body: Coal mining, Metal mining, Other

By Propulsion: Diesel Operated, Electrical Operated

Regional Analysis for Underground Mining Vehicles Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Underground Mining Vehicles producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Underground Mining Vehicles revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

Q: What is the growth rate of the Underground Mining Vehicles Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 3% during the forecast period from 2024 to 2031.

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