Underground Mining Vehicles Market is anticipated to reach US$ 46.69 Bn. by 2029 from US$ 26.77 Bn. in 2021 at a CAGR of 7.2% during a forecast period.Underground Mining Vehicles Market Overview
The increasing number of underground mines being built to meet global demand for metals and minerals is expected to boost underground mining vehicles sales across the world.To know about the Research Methodology :- Request Free Sample Report
Underground Mining Vehicles Market Dynamics
Increased investment for the extraction of minerals and ores in the mining industry and rapid industrialization across various regions is expected to drive the underground mining vehicle market during the forecast period. Similarly, the underground mining vehicle market is expected to grow as AI and machine learning technologies become more widely used. Automation in mining vehicles has several benefits, including higher safety, improved fuel efficiency, increased productivity, less unplanned maintenance, improved working conditions, better vehicle utilization, and lower driver fatigue and attrition. In addition, shifting to electrically operated vehicles in underground mining vehicles is expected to drive market growth. Vehicles emit a variety of objectionable emissions when they burn diesel, which is one of the main sources of greenhouse gases that contribute to human-caused climate change. Various commercial vehicle sectors are currently implementing innovative electric-based designs to enter the expanding market. According to projections from Global Road Technology International Holdings Limited (GRT), by 2030, 58 percent of automobiles in the United States would be electric, equating to about 150 million cars. This is most likely be due to lower prices for minerals such as lithium, which are important for battery systems and inverter technology. Companies are deploying IoT in the underground mining sector by increasing their productivity. Unmanned vehicles can also benefit from IoT as mine vehicles with no drivers work on their own. These GPS-enabled cars can communicate with one another to save delays and fuel expenses. IoT may be used for predictive maintenance, as predictive maintenance technology can pinpoint when a piece of equipment needs to be serviced. Thus, the implementation of IoT in mining activities is expected to offer lucrative opportunities to the underground mining vehicle market.Underground Mining Vehicles Market Segment Analysis
By Type of Mineral, the coal mining vehicles market is expected to grow at an xx percent CAGR during the forecast period. Coal is one of the most widely utilized energy-producing fuels on the planet. Coal-fired power stations presently provide 37 percent of worldwide electricity, according to World Coal Organization research. In addition, refineries, paper mills, and coking coal for steel production are all places where coal is used. Coal also produces a variety of energy gases, such as methane and shale gas, which may be extracted using unconventional methods. Coal-fired electricity generation increased by 3% globally in 2021, and the country with the greatest significant increase in demand was India. The segment is expected to have a 225.62 Mn market value by 2029. Metal mining is expected to grow at a faster rate during the forecast period as the use of coal mining expands. Metal mining operations such as precious metal mining and others are quickly expanding, increasing the segment's growth.Underground Mining Vehicles Market Regional Insights
The Asia Pacific region is the world's largest market for underground mining vehicles and is expected to grow at xx% during the forecast period. Due to industrialization, India and Australia are thought to have the largest share. With India's new coal block allocation procedure in 2021 and the money allotted to Coal India Limited in 2021 to upgrade its machinery, the mining sector is expected to grow steadily, with a larger need for new mining vehicles. India mined 95 different minerals and metals from 1,405 mines in 2021-2029, producing an estimated $17 million in minerals, according to the Ministry of Mines. In addition, India has a large supply of minerals such as bauxite, coal, ore, and iron. The Indian government's commitment to promoting the mining industry has generated a plethora of opportunities for the underground mining vehicles market. The underground mining vehicle market in North America is expected to grow at a 5.0 percent CAGR during the forecast period, driven by increased investment for mineral and ores extraction in the mining sector and growing industrialization throughout Canada, Mexico, and the United States. The United States is anticipated to account for approximately 37% of the North American market. The demand for underground mining vehicles in Canada is expected to grow by roughly 5.4 percent CAGR during the forecast period. The market is expected to witness steady growth as underground mining activities across Mexico gain traction. It is expected to account for over 20%of North America’s underground mining vehicles sales throughout the forecast period.Underground Mining Vehicles Market Scope: Inquire before buying
Underground Mining Vehicles Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 26.77 Bn. Forecast Period 2022 to 2029 CAGR: 7.2% Market Size in 2029: US $ 46.69 Bn. Segments Covered: by Type of Mineral • Coal Mining • Metal Mining • Others by Propulsion • Diesel Operated • Electrically Operated Underground Mining Vehicles 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)Underground Mining Vehicles Market, Key Players are:
• Caterpillar Inc. • Aramine • Sandvik AB • Epiroc AB • Komatsu Ltd. • Boart Longyear Ltd. • Hitachi Construction Machinery • Liebherr Group • Sany Heavy Industry Co. Ltd. • Damascus Corporation • Classic Motors • MINECAT • Marcotte Minning • NPK • Artisan • Paus • Getman Corporation • BKT Tires • Mining Technology • FermelFrequently Asked Questions
1. What is the projected market size & growth rate of Global Underground Mining Vehicles Market? Ans- Underground Mining Vehicles Market was valued at USD 26.77 billion in 2021 and is projected to reach USD 46.69 billion by 2029, growing at a CAGR of 7.2 % during the forecast period. 2. What is the key driving factor for the growth of Global Underground Mining Vehicles Market? Ans- The increasing number of underground mines being built to meet global demand for metals and minerals is expected to boost underground mining vehicles sales across the world. 3. Which Region accounted for the largest Global Underground Mining Vehicles Market share? Ans- The Asia Pacific region is the world's largest market for underground mining vehicles and is expected to grow at xx% during the forecast period. 4. What makes North America a Lucrative Market for Global Underground Mining Vehicles Market? Ans- The underground mining vehicle market in North America is expected to grow at a 5.0 percent CAGR during the forecast period, driven by increased investment for mineral and ores extraction in the mining sector and growing industrialization throughout Canada, Mexico, and the United States. 5. What are the top players operating in Global Underground Mining Vehicles Market? Ans- Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu Ltd., Boart Longyear Ltd., Hitachi Construction Machinery, Liebherr Group, Sany Heavy Industry Co. Ltd., Damascus Corporation and Aramine.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Underground Mining Vehicles Market Size, by Market Value (US$ Bn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2021 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Underground Mining Vehicles Market 3.4. Geographical Snapshot of the Underground Mining Vehicles Market, By Manufacturer share 4. Global Underground Mining Vehicles Market Overview, 2021-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Underground Mining Vehicles Market 5. Supply Side and Demand Side Indicators 6. Global Underground Mining Vehicles Market Analysis and Forecast, 2021-2029 6.1. Global Underground Mining Vehicles Market Size & Y-o-Y Growth Analysis. 7. Global Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 7.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 7.1.1. Coal Mining 7.1.2. Metal Mining 7.1.3. Others 7.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 7.2.1. Diesel Operated 7.2.2. Electrically Operated 8. Global Underground Mining Vehicles Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2021-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 9.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 9.1.1. Coal Mining 9.1.2. Metal Mining 9.1.3. Others 9.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 9.2.1. Diesel Operated 9.2.2. Electrically Operated 10. North America Underground Mining Vehicles Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 11.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 11.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 12. Canada Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 12.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 12.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 13. Mexico Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 13.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 13.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 14. Europe Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 14.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 14.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 15. Europe Underground Mining Vehicles Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 16.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 16.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 17. France Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 17.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 17.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 18. Germany Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 18.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 18.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 19. Italy Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 19.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 19.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 20. Spain Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 20.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 20.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 21. Sweden Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 21.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 21.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 22. CIS Countries Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 22.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 22.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 23. Rest of Europe Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 23.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 23.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 24. Asia Pacific Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 24.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 24.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 25. Asia Pacific Underground Mining Vehicles Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 26.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 26.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 27. India Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 27.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 27.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 28. Japan Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 28.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 28.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 29. South Korea Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 29.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 29.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 30. Australia Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 30.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 30.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 31. ASEAN Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 31.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 31.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 32. Rest of Asia Pacific Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 32.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 32.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 33. Middle East Africa Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 33.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 33.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 34. Middle East Africa Underground Mining Vehicles Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 35.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 35.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 36. GCC Countries Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 36.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 36.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 37. Egypt Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 37.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 37.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 38. Nigeria Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 38.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 38.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 39. Rest of ME&A Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 39.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 39.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 40. South America Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 40.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 40.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 41. South America Underground Mining Vehicles Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 42.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 42.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 43. Argentina Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 43.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 43.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 44. Rest of South America Underground Mining Vehicles Market Analysis and Forecasts, 2021-2029 44.1. Market Size (Value) Estimates & Forecast By Type of Mineral,2021-2029 44.2. Market Size (Value) Estimates & Forecast By Propulsion,2021-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Underground Mining Vehicles Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of key players by price, presence, market share, Applications and R&D investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Applications 45.2.3.2. M&A Key Players, Forward Integration and Backward Integration 45.3. Company Profile: Key Players 45.3.1. Komatsu Ltd 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.4. Caterpillar Inc. 45.5. Sandvik AB 45.6. Epiroc AB 45.7. Komatsu Ltd. 45.8. Boart Longyear Ltd. 45.9. Hitachi Construction Machinery 45.10. Liebherr Group 45.11. Sany Heavy Industry Co. Ltd. 45.12. Damascus Corporation 45.13. Classic Motors 45.14. MINECAT 45.15. Marcotte Minning 45.16. NPK 45.17. Artisan 45.18. Paus 45.19. Getman Corporation 45.20. BKT Tires 45.21. Mining Technology 45.22. Fermel 45.23. Aramine 46. Primary Key Insights