The North American underground mining vehicle market is projected to reach USD 4,891.72 million in 2023 and is expected to grow to USD 8,795.08 million by 2033, with a compound annual growth rate (CAGR) of 6% over the forecast period.
This growth is driven by increasing investments in mining and industrialization, alongside the adoption of advanced technologies such as artificial intelligence (AI) and machine learning. Automation in mining vehicles brings numerous benefits, including enhanced safety, improved fuel efficiency, increased productivity, better maintenance, improved working conditions, optimized vehicle utilization, and reduced driver fatigue.
A notable shift toward electrically operated underground mining vehicles is also contributing to market expansion. Traditional diesel-powered vehicles produce emissions that contribute to greenhouse gases and climate change. As electric vehicle technology advances, particularly with decreasing costs of lithium and other minerals essential for battery systems and inverters, the market is seeing a rise in electric mining vehicles. Projections indicate that by 2030, approximately 58% of automobiles in the U.S. will be electric.
Explore Market Potential and Gain Competitive Advantage – Request Your Sample Copy of North America Underground Mining Vehicle Market Now!
The integration of the Internet of Things (IoT) in the underground mining sector further enhances productivity and creates significant growth opportunities. IoT technology enables autonomous, unmanned vehicles to communicate and operate efficiently, optimizing performance and reducing fuel costs. It also supports predictive maintenance, allowing for timely equipment servicing. These advancements improve operational efficiency and drive growth in the North American underground mining vehicle market.
Key Takeaways from the North America Underground Mining Vehicle Market Report:
- The United States’ underground mining vehicle market is expected to grow with a CAGR of 6.2% during the forecast period.
- The demand for underground mining vehicles in Canada is expected to grow with a CAGR of 6% during the forecast period.
- By equipment type, the ground support segment is projected to grow with a CAGR of 6.5% during the forecast period.
- Mexico is expected to grow with a CAGR of 5.8% throughout the forecast period.
Competitive Landscape:
The market for North America underground mining vehicles is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu Ltd., Boart Longyear Ltd., Hitachi Construction Machinery, Hermann Paus Maschienfabrik GmbH, Timberland Equipment, Getman Corporation, Kovatera Inc., Maccaferri Inc. Liebherr Group, Sany Heavy Industry Co. Ltd., Volvo Construction Equipment, Astec Industries Inc, J.C. Bamford Excavators Ltd. (JCB), Normet, Maclean Engineering and Marketing Co., J.H. Fletcher and Co.
Key Developments:
- In February 2022, Sandvik AB obtained a USD 213.3 million contract from BHP Group Ltd for underground mining equipment and automation products at the Jansen Potash project in Canada. The delivery of equipment is scheduled to commence in Q3 2023 and continue until 2026.
- In October 2021, Komatsu Ltd. partnered with Proterra Inc. to electrify their next-generation underground mining machines. Proterra will provide its H Series battery system technology for the development of battery-electric LHDs, drills, and bolters for underground hard rock mining. This collaboration enables Komatsu to offer zero-emissions mining solutions in underground hard rock operations.
- In September 2021, Caterpillar launched several new offerings, including a battery-electric loader, electric and diesel drive technologies, and expansions to its automation platform. The electric Cat R1700 XE Load Haul Dump (LHD) provides 100% battery-electric propulsion, while the portable Cat MEC500 Mobile Equipment Charger enables fast charging.
- In March 2021, Liebherr unveiled the T 274, a 305-ton mining truck. The T 274 features a powerful dynamic braking system of 4,500 kW/6,035 HP, enabling efficient operation during downhill hauls.
Ready to Make an Informed Decision? Contact Sales Now!
North America Underground Mining Vehicle Market Segmentation:
By Equipment Type:
- Ground Support
- Production Equipment
- Utility Equipment
By Ownership:
- Mining Operators
- Rental Service Provider
By Application:
- Coal Mining
- Metallic Mining
- Precious Metals Mining
- Non-Precious Metals Mining
- Non-Metallic Minerals Mining
By Country:
- United States
- Canada
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube