The North America underground mining vehicle market is anticipated to attain a valuation of US$ 4,891.72 million in 2023 and is estimated to reach US$ 8,795.08 million by 2033, trailing a CAGR of 6% during the forecast period.
The market for underground mining vehicles in North America is expanding as a result of increasing industrialization and investment in mining, as well as the use of artificial intelligence and machine learning technology. Numerous benefits come with automation in mining trucks, including improved safety, fuel efficiency, productivity, maintenance, working conditions, and vehicle utilisation.
A growing trend in underground mining towards electrically powered vehicles is anticipated to promote market expansion. Traditional vehicles’ diesel emissions contribute to greenhouse gas emissions and climate change. To compete in the growing market, various commercial vehicle industries are using cutting-edge electric designs. According to projections, 58% of cars in the US will be electric by 2030, thanks to falling prices for minerals like lithium used in battery systems and inverter technology.
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IoT adoption in the underground mining industry boosts productivity and presents attractive potential for the North American underground mining vehicle market. Unmanned vehicles can now run autonomously and communicate with one another to increase efficiency and save on fuel thanks to IoT. IoT also makes predictive maintenance possible by predicting when to service equipment. This IoT connection enhances operational effectiveness and propels underground mining vehicle market expansion.
Key Takeaways
- 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 vehicle in Canada is expected to grow with a CAGR of 6% during the forecast period.
- By equipment type, 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.
“The integration of the Internet of Things in the underground mining sector is expected to present new opportunities for market expansion during the forecast period,” comments an FMI analyst
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Competitive Landscape
The market for North America underground mining vehicle is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players 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.
Some key developments in the North America underground mining vehicle market are:
- 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.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the North American underground mining vehicle market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the North American underground mining vehicle market, the market is segmented on the basis of equipment type, ownership, application and country.
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team briefly analyses key trends, including competitive landscape, profit margin, and research development efforts.
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