Press release
23.2% CAGR : Autonomous Mining Truck Market to Grow from $1.6 Billion in 2025 to $12.5 Billion by 2035
Market Size : The global autonomous mining truck market is expected to be valued at $1.6 billion in 2025, and is projected to reach $12.5 billion by 2035, growing at a CAGR of 23.2% from 2025 to 2035.
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Major determinants of the market growth :
Rise in demand for smart mining and surge in demand for technologically-advanced mining equipment have boosted the growth of the global autonomous mining truck market. However, surge in application of environmental laws about mining industry and software failure and sensor related issues in autonomous vehicles hamper the market growth. On the contrary, increase in demand for automation in mining equipment and growth of connected infrastructure would open new opportunities in the future.
Covid-19 scenario :
The Covid-19 pandemic majorly affected the automotive market due to strict regulations regarding lockdown and ban on the import-export of essential raw materials.
The sudden decline in availability of important raw materials for vehicle components hampered the market.
However, the use of advanced analytics is expected to boost and escalate the success of hedging strategies. This is expected to open new opportunities in the future.
The large segment to showcase the highest CAGR through 2031
By size, the large segment is estimated to register the highest CAGR of 24.0% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to nearly two-fifths of the global autonomous mining truck market, due to rise in demand for automated mining trucks because of the benefits they provide such as increased productivity, reduced operating costs and accidents.
The electric and hybrid segment to manifest the highest CAGR through 2031
By propulsion, the electric and hybrid segment is expected to portray the highest CAGR of 27.2% during the forecast period, due to increase in development of autonomous electric mining trucks to make mining emission free. However, the diesel segment held the largest share in 2021, contributing to more than two-thirds of the global autonomous mining truck market, due to increase in use of diesel mining trucks to increase the efficiency as diesel can use less fuel and provides high mileage.
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The level 1 and 2 segment dominated the autonomous mining truck market
By level of autonomy, the level 1 and 2 segment held the lion's share in 2021, accounting for more than two-fifths of the global autonomous mining truck market, owing to incorporation of automation technology in vehicles to maintain a safe following distance between vehicle and traffic ahead without driver intervention. However, the level 4 and 5 segment is estimated to register the highest CAGR of 27.0% during the forecast period, due to underdevelopment of autonomous driving technologies providing a remarkable opportunity for players.
Asia-Pacific dominated the market
By region, the global autonomous mining truck market across Asia-Pacific held the lion's share in 2021, accounting for more than one-third of the autonomous mining truck market. In addition, the region is estimated to register the highest CAGR of 24.0% during the forecast period, owing to increase in mining industry of the region due to favorable government policies for mining.
Key autonomous mining truck market players
Daimler AG
AB VOLVO
Aptiv
Bosch Ltd.
CONTINENTAL AG
DENSO CORPORATION
EMBARK
MAN SE
Nvidia
PACCAR Inc.
QUALCOMM
Scania
Tesla
TUSIMPLE
WAYMO
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The report analyzes these key players in the global autonomous mining truck market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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