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.
Rising investment in mining and industrialization, coupled with the adoption of artificial intelligence and machine learning technologies, is driving the growth of the North America underground mining vehicle market. Automation in mining vehicles offers numerous advantages such as enhanced safety, fuel efficiency, productivity, maintenance, working conditions, vehicle utilization, and reduced driver fatigue.
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Growth in the market is anticipated to be aided by underground mining’s increasing adoption of electrically powered vehicles. Conventional automobiles’ diesel emissions contribute to greenhouse gas emissions and climate change. Diverse commercial vehicle industries are embracing cutting-edge electric designs in an effort to tap into the growing market. Forecasts indicate that approximately 58% of cars in the US will be electric by 2030, primarily due to decreased costs for minerals like lithium, which are essential for inverter and battery technologies.
The application of Internet of Things (IoT) in the underground mining industry boosts output and has profitable prospects for the underground mining vehicle market in North America. Unmanned vehicles can function independently thanks to the Internet of Things, interacting with one another to maximise productivity and cut fuel costs. IoT also makes predictive maintenance possible by anticipating the need for equipment servicing. The market for underground mining vehicles is growing as a result of the IoT’s integration with mining operations, which also increases operational efficiency.
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.
Key Segments Profiled in the North America Underground Mining Vehicle Industry Survey
By Equipment Type:
- Ground Support
- Roof Bolter
- Scalers
- Shotcrete Sprayers
- Shearers
- Production Equipment
- LPDT
- LHD
- Underground Haulers
- Scrapers
- Dozers
- Mining Drills
- Continuous Miners
- Mining Excavators and Shovels
- Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
- Utility Equipment
- Scissor Lift
- Personnel Carrier Truck
- Boom Truck
- Fuel Lube Trucks
- Remixers
- Others
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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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