Underground Mining Vehicle Market By Type (Hydraulic Excavators, Mining Dozers, Underground haulers, Others), By Application (Metal Mining, Mineral Mining, Coal Mining), By Propulsion Type (ICE, Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global underground mining vehicle market was valued at $32,974.5 million in 2022, and is projected to reach $53,649.4 million by 2032, registering a CAGR of 4.9% from 2023 to 2032.
Underground mining vehicles can be defined as specialized equipment capable of performing activities such as tunneling, drilling, compacting, dewatering, and material handling below the surface of the earth. These vehicles are used for underground mining operations for the transportation of materials, excavations, drilling, and extraction of minerals. It has various applications such as coal mining, metal mining, mineral mining, and others.
The growing population, rising urbanization, and industrialization are boosting the underground mining vehicle industry is expected to continue to grow as the demand for various metals and minerals increases. A sufficient supply of minerals and raw materials is essential to the sustainability and growth of the global economy. Almost every industry depends on underground mining products, such as coal among others. Underground mining vehicles are used to excavate precious metals, which are found in hard rock deposits, for example, ore containing gold, silver, iron, copper, zinc, nickel, tin, and lead. They are also used to excavate ores of precious gems such as diamonds or rubies. Softer minerals such as salt, and coal, among others, are also mined by using underground mining vehicles. The rise in demand for mining products is due to the growing global demand caused by factors such as an increase in global population, the growth of urbanization, and rising disposable income levels worldwide, the underground mining vehicle market is expected to grow in the future. Coal, which is an important product of underground mining, is facing increased demand globally from the energy sector with rising population, industrialization, and urbanization. In addition, the growing demand for metal in global manufacturing, automotive, and construction industries among others, is also expected to drive the underground mining vehicle market.
The major players that operate in the global underground mining vehicle market have adopted key strategies such as product launch and acquisition to strengthen their market outreach and sustain the stiff competition in the market. For instance, in December 2022, Komatsu Ltd. acquired GHH Group GmbH, which is a leading manufacturer of underground mining, tunneling, and special civil engineering equipment.
The underground mining vehicle market is segmented on the basis of type, application, propulsion type, and region. By type, the market is categorized into hydraulic excavators, mining dozers, underground haulers, and others. On the basis of application, it is segmented into metal mining, mineral mining, and coal mining. And on the basis of propulsion type, the market is categorized into ICE and Electric. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition AnalysisKey companies profiled in the underground mining vehicle market report include AB Volvo, Caterpillar, Epiroc AB, Fucheng Underground Mining Equipment Manufacturer, Hermann Paus Maschinenfabrik GmbH, Johnson Industries, Komatsu Ltd., MacLean Engineering & Marketing Co., Normet, and Sany Group Co Ltd.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the underground mining vehicle market analysis from 2022 to 2032 to identify the prevailing underground mining vehicle market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the underground mining vehicle market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global underground mining vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeHydraulic Excavators
Mining Dozers
Underground haulers
Others
By ApplicationMetal Mining
Mineral Mining
Coal Mining
By Propulsion TypeICE
Electric
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersNormet
Hermann Paus Maschinenfabrik GmbH
Caterpillar
SANY Group
Komatsu
Epiroc AB
Johnson Industries
MacLean Engineering & Marketing Co.
AB Volvo
Fucheng Underground Mining Equipment Manufacturer
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