Underground Mining Vehicles Industry Sector | Manufacturers Expand EV Portfolios FY Q2 2025

DataM Intelligence has published a new research report on "Underground Mining Vehicles Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

Australia produces 19 major minerals across more than 350 active mines. The nation's mining industry is projected to generate record export revenues of nearly $250 billion, making a significant contribution to the Australian economy.

According to the Ministry of Mines, India extracts 95 different minerals and metals from 1,405 mines, generating an estimated $17 million in mineral output, and aims to increase its steel production capacity to 300 million tons by 2030.

Coal also generates various energy gases, including methane and shale gas, which can be extracted through unconventional methods. India experienced one of the highest increases in coal demand, rising by nearly 4%. Furthermore, coal mining is projected to expand by 225.62 million tons between 2020 and 2024.

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Latest M & A

In June 2025, Dana Inc. announced the sale of its Off-Highway division-which manufactures drivetrain, transmission, and hydraulic systems for underground mining vehicles-to Allison Transmission for $2.7 billion. The transaction strengthens Allison's mining portfolio while enabling Dana to focus more on electrification in the light and commercial vehicle segments. The deal is anticipated to be finalized by the end of the year.

In April 2025, Cummins completed the acquisition of First Mode's hybrid mining and rail product lines, encompassing operations in Australia, the United States, and Chile. This move aligns with Cummins' broader decarbonization goals and enhances its capability to deliver advanced, low-emission technologies for underground haulage applications.

Key Players:

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

Investments

The sector is experiencing significant capital flows, with billions invested in battery-electric vehicles (BEVs), new autonomous fleets, and tele-remote tech. Around 19,000 BEVs and haul trucks are now part of global underground fleets, representing about 14% of deployed active equipment a rapid shift towards clean tech.

OEMs like Sandvik, Caterpillar, and Epiroc are increasing R&D expenditure and production capacity to meet surging demand for automated and BEV mining vehicles.

Energy and mining companies, particularly in the Americas, Australia, China, and India, are scaling up BEV adoption and retrofitting older vehicles to meet new ESG and regulatory requirements.

Growth Forecast Projected:

The Global Underground Mining Vehicles Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, 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)

Latest News

Major contracts and equipment deployments continue: Sandvik secured new orders for underground mining equipment with Zimplats in September 2025.

Momentum is surging around digital fleet management, predictive maintenance platforms, and real-time environmental sensing, supported by partnerships with tech companies for IoT integration and AI-enabled monitoring.

The adoption of AI, IoT, and real-time data solutions enables enhanced operational visibility and accident risk reduction across major mining geographies.

Regional Analysis for 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's

Q: How fast is the Underground Mining Vehicles Market growing?

A: The Market is on an impressive growth trajectory, expected to expand at a CAGR of 3% from 2025 to 2032

Key Industry Developments

Autonomous, remote-operated, and zero-emission vehicle adoption is now standard for new mine projects. This is driven by labor safety improvements, operational efficiency, and aggressive decarbonization targets.​

Fleet electrification, smart ventilation, digitalized load management, and wearable health monitoring are being integrated into both new and retrofitted vehicles and sites.​

Over 60% of underground mines are expected to use AI/IoT-powered ventilation-on-demand systems, slashing energy use and emissions while enhancing worker safety by 2025.​

Industry leaders are also adopting blockchain for supply chain traceability-especially relevant for critical minerals required in EV and battery markets.

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