The North America underground mining vehicle market is anticipated to attain a valuation of USD 4,891.72 million in 2023 and is estimated to reach USD 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 American 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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A rising shift toward electrically operated vehicles in underground mining is expected to boost market growth. Diesel emissions from traditional vehicles contribute to greenhouse gases and climate change. Various commercial vehicle sectors are adopting innovative electric designs to enter the expanding market. Projections suggest that by 2030, around 58% of automobiles in the United States will be electric, driven by lower prices of minerals like lithium used in battery systems and inverter technology.
The implementation of the Internet of Things (IoT) in the underground mining sector enhances productivity and offers lucrative opportunities for the North American underground mining vehicle market. IoT enables unmanned vehicles to operate autonomously, communicating with each other to optimize efficiency and reduce fuel expenses. Additionally, IoT facilitates predictive maintenance, identifying equipment servicing needs in advance. This integration of IoT in mining activities improves operational efficiency and drives market growth for underground mining vehicles.
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.
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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.
- Roof Bolter
- Scalers
- Shotcrete Sprayers
- Shearers
- LPDT
- LHD
- Underground Haulers
- Scrapers
- Dozers
- Mining Drills
- Continuous Miners
- Mining Excavators and Shovels
- Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
- Scissor Lift
- Personnel Carrier Truck
- Boom Truck
- Fuel Lube Trucks
- Remixers
- Others
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
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