The global underground mining vehicles market is anticipated to grow at a CAGR of 4.5% during the forecast period (2022-2028). The major factor expected to drive the market growth market is the rising demand for coal and metal minerals such as copper, nickel, zinc, lead, and iron ore, increasing adoption of automated technologies, changes in government regulations related to occupational health and safety standards, and the growing demand for coal mining for electricity generation specifically in the countries such as China and India.
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In addition, the increasing preference towards renewable energy sources such as wind power is expected to further fuel the usage of coal which would consequently lead to higher requirements for efficient underground coal miners globally. This, in turn, is propelling the growth of the global underground mining vehicles market during the forecast period. Based on type, the longwall segment is expected to hold significant share in the market during the forecast period owing to its technique to extract large sections of coal at a time, which can be up to 300 meters wide and 1000 meters long. It produces more than double the amount per day as traditional methods do.
Some major players in the market include AB Volvo, Caterpillar Inc., and Komatsu Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in May 2019, Caterpillar Inc. announced that the company electrifies the underground mining equipment with a next-gen loader named “R1700 XE Loader” which is battery-electric machinery for underground mining.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Equipment Type
- By Ownership
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- AB Volvo, Caterpillar Inc., and Komatsu Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Underground Mining Vehicles Market Report by Segment
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 Type
- Longwall
- Room
- Pillar
By Ownership
- Mining Operators
- Rental Service Provider
By Application
- Coal Mining
- Metallic Mining
- Precious Metals Mining
- Non-Precious Metals Mining
- Non-Metallic Minerals Mining
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