Electric Drive Mining Truck Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Type, Application, and Region

Electric Drive Mining Truck Market size was valued at USD 627.60 Mn. in 2023 and the total revenue is expected to grow by 26.5 % from 2024 to 2030, reaching nearly USD 3253.28 Mn.
Electric Drive Mining Truck Market Overview:
Electrically powered mining trucks are automatic vehicles that are used for both on-road and off-road transportation and have a broad range of uses in mining and construction. These trucks are used effectively in refining and dumping sites. Dump vehicles and mining lorries with lower emissions are high in demand. An electric mining vehicle loses less power at high elevations than a diesel motor and is much simpler to start in cold weather. Many mining truck manufacturers are introducing electrified variants of their vehicles. For example, Anglo-American, ENGIE, and Williams Advanced Engineering, have collaborated to manufacture the world's biggest electrified car, a hydrogen-powered electric drive mining truck in 2020. Advanced technology penetration like the lithium-ion battery-based FCEV mining truck which also operates on both hydrogen and battery power driving Electric Drive Mining Truck Market growth across developed countries from a region like North America & Europe.

Competitive landscape

The Electric Drive Mining Truck Market is highly competitive with the presence of major players including Hitachi, Volvo, Caterpillar, Komatsu, and BelAZ. These companies stand out for their extensive experience in the field and their capacity to produce and supply high-quality electric drive mining vehicles. These companies have also developed strong brands and reliable customer connections. Within the industry, local and key market players are emerging in order to increase the competitive advantages of each particular operation. The consistent expansion of the US Electric Drive Mining Truck Market has an influence as well, as it feeds higher exports of manufactured products and imports from various countries such as China.

Established Manufacturers have built many eTruck models and continuously invested in R&D. For example, Rio Tino Corporation, has planned to start Tellurium production at its Kennecott mine in the United States. The company announced a USD 2.9 million investment in the metal recovery process for truck manufacturing, with a production capacity of 20 tons per year. Ashok Leyland, an Indian automobile manufacturer, introduced the debut of a new line of vehicles with BS-VI compliances, including tipper trucks, in June 2020. SML Isuzu Limited, a renowned commercial vehicle manufacturer, announced the introduction of three new heavy-duty carriers, the Samrat GS tipper in the construction category and two trucks, the Samrat GS HD19 and the Sartaj GS turbo-CNG in the commodities transportation segment.

The report not only represents global players but also covers the market holding of local players in each country. The report has covered the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the market by region, by investment, and their strategic intent in Electric Drive Mining Truck Market.To know about the Research Methodology :- Request Free Sample Report
Electric Drive Mining Truck Market Dynamics:
Growing demand for electric autonomous mining trucks to drive the market demand

Electric Automated mining trucks (AMT) are autonomous mine heavy vehicles that can monitor their surroundings and exchange the mine haul road surface without the assistance of a human. E-AMTs moderate the danger of equipment interaction with auxiliary equipment or equipped manual vehicles (EMV). Within the AMT, all data collected is combined so that the program can make an appropriate judgment. Possible possibilities include calculating the maximum speed permitted by surrounding equipment or estimating the time required for an E-AMT to break. To avoid accidents, it is necessary to pinpoint the exact position of each AMT and EMV. For example, Komatsu and Expertise for Caterpillar are two intelligence systems that power AMTs. AMTs rely on the following to communicate:

1.Wireless communications
2. Object avoidance/detection systems
3. Global Positioning System (GPS)

AMTs have been developed by a number of companies. Komatsu, a Japanese corporation, created the AHS to control and manage fleets of self-driving mining trucks with capacities ranging from 200 to 400 tons in order to complete end-to-end autonomous mining operations. The report covered detailed analyses of manufacturers and their development in the Electric Drive Mining Truck Industry.

Increasing investment in infrastructure development to drive electric drive mining truck market growth

Infrastructure is considered one of the most important industries where electric mining trucks are commonly employed for garbage or material disposal. The impressive economic development in numerous countries worldwide has prompted the government to launch several projects aimed at developing commercial infrastructure. As a result, an increase in the number of building projects globally will boost demand for Electric Drive Mining Truck Market during the forecast period. Urbanization and industrialisation have resulted in an increase in building activity in key rising economies such as India and China. According to the Organization for Economic Cooperation and Development, infrastructure investment in road, rail, and aviation has extended dramatically in the world's fastest-growing countries, like India and China, in recent years.

Infrastructure spending in India and China includes both new transportation buildings and improvements to existing transportation infrastructure. Thus, a significant increase in the construction of transport infrastructure is also playing a significant role in increasing the opportunities for key market players during the forecast period. As infrastructure investments represent a significant growth of the transport industry as it requires the construction of new roads, highways, airports, and other infrastructure, which drives the electric drive mining truck market growth.
Electric Drive Mining Truck Market Trend
There has been a growing demand for electric vehicles in general, and this trend is also being seen in the Electric Drive Mining Truck industry. Electric mining trucks are seen as a more sustainable and cost-effective option compared to their diesel counterparts. The performance of electric mining trucks is heavily dependent on the performance of their batteries. Advancements in battery technology, such as higher energy density and faster charging times, are making electric mining trucks more practical and efficient.

Many governments around the world are introducing regulations aimed at reducing emissions from heavy-duty vehicles, including mining trucks. This is encouraging mining companies to adopt electric trucks, which emit zero emissions and are compliant with regulations. As the demand for electric mining trucks grows, many companies are investing in developing and manufacturing these vehicles. This is leading to a wider range of electric mining trucks being available on the market.

While electric mining trucks may have a higher upfront cost compared to diesel trucks, they can save mining companies money in the long run. Electric trucks have lower maintenance costs and require less fuel, which can result in significant cost savings over their lifetime. The electric drive mining truck market is expected to continue to grow as mining companies look for more sustainable and cost-effective solutions for their operations. The cost of raw materials needed to make electric vehicles expensive

The cost of manufacturing electric vehicles has more than doubled in the previous two years, with the price of the raw materials needed to manufacture the electric vehicles more than doubled since the outbreak began, which hampered the growth of the Electric Drive Mining Truck Market. The average cost of raw materials such as cobalt, nickel, and lithium required to construct EV batteries was roughly $8,255 per vehicle, affects a significant problem for mining truck manufacturers. High raw material costs are a result of determined supply chain problems in the EV industry. Because Russia is a major exporter of several of the metals required in the making of battery cells, the war in Ukraine has pushed prices even higher. Many EV manufacturers are increasing the price of their automobiles, partly because of the rising cost of raw materials.
Electric Drive Mining Truck Market Segment Analysis:
Based on Type, the electric drive mining truck market is segmented into Rear Dump, Bottom Dump and other. Rear Dump mining truck is expected to dominate the market during the forecast period. Mining dump trucks are used to move rocks and pieces during the mining operation. These unconventional stones and pieces are transferred to end-user locations, which drives the electric drive mining truck market. Contractors in the tire general construction market are shifting away from high-priced dumping vehicles and toward miming dump trucks, which are low-priced and have good operating efficiency.

Mining vehicles with varying payload capacities are allowed to use the roadways. Mining operations and the development of new mining locations, particularly new coalfields, have grown the manufacture of rigid machinery such as mining dump trucks during the forecast period. Demand for frame building and cement remains strong, which is expected to increase the demand for the electric drive mining truck market.

The increasing demand for minerals has also resulted in an increase in activity across the mining industry globally; hence, a considerable increase in mining sector investments in key emerging countries is increasing the potential for manufacturers during the forecast period. Furthermore, the consistent participation of the industry's leading manufacturers is playing an important role in moulding the global dumper truck market growth during the forecast period. Key players are aggressively spending in R&D and introducing new trucks with improved features to fulfil end-users growing demands, which drive the electric drive mining truck market.
Electric Drive Mining Truck Market Regional Insights:
Asia Pacific market for electric drive mining truck market is expected to dominate the market during the forecast period. The development of mining operations in countries like China, India, Japan, and Australia is driving the growth of the Asia-Pacific Electric Drive Mining Truck Market. In eastern China, the government installed gas pipelines in homes but has yet to supply gas on a regular basis. It boosts people's usage of coal for heating purposes. Shanxi, China's largest coal-producing province, has relaxed strict government rules and aims to build about 11 million tons of coke-producing the growing demand for mining will drive the Electric Drive Mining Truck Market.

The growing development in the mining industry is expected to improve the global use rate of mining vehicles. Additionally, rising industrialization is expected to drive up demand for mining trucks globally. An increase in the demand for mined minerals and metals is expected to create extra global demand for mining trucks. Additionally, rising affluence in emerging country throughout the world is a crucial driver of demand for mined minerals and metals like diamond.
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Electric Drive Mining Truck Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
USD 627.60 Mn


Forecast Period 2024 to 2030 CAGR:
26.5%
Market Size in 2030:
USD 3253.28 Mn


 Segments Covered:
by Type
Rear Dump
Bottom Dump
Other


by Size
Small (90-150 Metric Tons)
Medium (151-250 Metric Tons)
Large (251-350 Metric Tons)
Ultra (Above 351 Metric Tons)



Electric Drive Mining Truck Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electric Drive Mining Truck Key Players
1. Terex Corporation
2. Hitachi, Ltd.
3. OJSC BELAZ
4. XCMG Group
5. BEML Limited
6. Caterpillar Inc.
7. Komatsu Ltd.
8. Kuhn Schweiz AG
9. Voltas Ltd.
10. Epiroc Mining India Limited
11. Volvo
12. BelAZ
13. BEML
14. Voltas
15. Kress
16. Xiangtan Electric Manufacturing.

Frequently Asked Questions:

1] What segments are covered in the Global Electric Drive Mining Truck report?
Ans. The segments covered in the Electric Drive Mining Truck report are based on Size, Type, and Region.

2] Which region is expected to hold the highest share in the Global Electric Drive Mining Truck?
Ans. The Asia Pacific region is expected to hold the highest share in the Electric Drive Mining Truck.

3] What is the market size of the Global Electric Drive Mining Truck by 2030?
Ans. The market size of the Electric Drive Mining Truck by 2030 is expected to reach US$ 3253.28 Mn.

4] What is the forecast period for the Global Electric Drive Mining Truck?
Ans. The forecast period for the Electric Drive Mining Truck is 2024-2030.

5] What was the market size of the Global Electric Drive Mining Truck in 2023?
Ans. The market size of the Electric Drive Mining Truck in 2023 was valued at US$ 627.60 Mn.