In a recent research report by Maximize Market Research, the Underground Mining Vehicles Market is expected to surpass US $ 40.63 billion by the year 2027, from US $ 26.77 billion in 2020.
Despite a huge decline in the sales of products during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 7.2%, during the tenure of 2021 – 2027.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of Underground Mining Vehicles in the region, the Value – Chain analysis, and the PORTER’s analysis for the Underground Mining Vehicles Market at a global level.
Mining companies are increasingly adopting mining vehicles in order to improve the working environment for their employees; mechanizing mining processes as well as increasing production to meet the growing demand from various end-use industries will result in an increase in mining vehicle demand during the forecast period. Mining vehicle manufacturers are also investing in research and development to improve the machine’s operational efficiency and cost. During the projected period, however, the continued trend in the market of employing better equipment to get better outcomes is expected to rise demand for mining vehicles.
The study is consolidated based on two major segments and further into sub-segments, By Type of Mineral (Coal Mining, Metal Mining, Others), By Propulsion (Diesel Operated, Electrically Operated) to forecast the market size by value; also, application includes the analysis of past market dynamics from 2016 to 2020, considering 2020 as the base year.
Lastly, the market research report provides a regional comparison and a complete country-level analysis for the latest trends, along with the major key players (Caterpillar Inc., 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, Fermel) in the Underground Mining Vehicles Market across the region.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on the “Global Underground Mining Vehicles Market.”
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