Global Surface & Underground Mining in EV Market
Global Surface & Underground Mining in EV Market By Equipment Type (Ground Support, Production Equipment, Utility Equipment), By Ownership (Mining Operators, Rental Service Providers) By Vehicle Type (Electric Surface Trucks, Trolley-assist Trucks, Battery-Powered Trucks, Electric Underground Loaders (LHDs) & Trucks), By Application (Coal Mining, Metallic Mining, Non-Metallic Minerals Mining) And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2020 to 2032
The global Surface & Underground Mining in EV market was valued at $10.15 Billion in 2023 and is anticipated to grow at a CAGR of 7.41% from 2024 to 2034. This growth is attributed to several macro and microeconomic factors such as
Increasing focus on clean energyThe increasing focus on clean energy is a key driving factor in the global Surface & Underground Mining in the EV market, significantly influencing its growth and development. As the world shifts towards sustainable energy sources to combat climate change and reduce carbon emissions, the demand for electric vehicles (EVs) has surged. This transition has a direct impact on the mining sector, particularly in the extraction of essential minerals and materials required for EV production, such as lithium, cobalt, nickel, and copper. The push for clean energy has led to greater investment in renewable energy sources like wind and solar power, which, in turn, depend on batteries for energy storage. The batteries used in EVs and renewable energy storage systems require a substantial amount of these critical minerals. As a result, the mining industry is experiencing increased demand for these resources, driving the expansion of both surface and underground mining operations. Moreover, the growing adoption of electric vehicles, driven by stringent environmental regulations and government incentives, is accelerating the need for efficient and sustainable mining practices. Mining companies are increasingly focusing on reducing their carbon footprint and adopting cleaner technologies, such as electric mining equipment and renewable energy-powered operations. This alignment with clean energy goals not only supports the growth of the EV market but also ensures that mining practices are more environmentally friendly. In summary, the increasing focus on clean energy is driving the global Surface & Underground Mining in the EV market by boosting demand for critical minerals, promoting sustainable mining practices, and supporting the overall growth of the electric vehicle industry.
Further several factors restraining the market growth include
Battery life and range limitationsBattery life and range limitations are significant challenges in the global Surface & Underground Mining in the EV market, hindering the widespread adoption of electric vehicles (EVs) in mining operations. The demanding nature of mining, with long distances, continuous operation, and harsh conditions, requires vehicles with extended battery life and range, which current EV technology struggles to provide. Frequent recharging and battery depletion reduce productivity and increase costs, making mining companies hesitant to fully embrace EVs. These limitations slow the transition to electric vehicles in the mining industry.
Focus on battery recycling and collaborations and alliances in the Surface & Underground Mining in EV market are expected to generate higher avenues during the forecast period.
In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Surface & Underground Mining in EV market. The pandemic has caused a decline in new orders and a corresponding decrease in Equipment Typeion.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Surface & Underground Mining in EV.
In terms of COVID-19 impact, the Surface & Underground Mining in EV market report also includes the following data points:Impact on Surface & Underground Mining in EV market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Outdoor Policies
Key Players' Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in the Surface & Underground Mining in EV market
Key Insight in the report:The global Surface & Underground Mining in EV market report covers an executive summary, market dynamics, COVID impact & post-COVID scenario, market size and forecast, competitive intelligence, market positioning, and end users.
Our report covers extensive competitive intelligence which includes the following data points:Business Overview
Business Segment Data
Financial Data
Equipment Type Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Surface & Underground Mining in EV Market Segmentation:Equipment Type
Ground Support
Production Equipment
Utility Equipment
Ownership
Mining Operators
Rental Service Providers
Vehicle Type
Electric Surface Trucks
Trolley-assist Trucks
Battery-Powered Trucks
Electric Underground Loaders (LHDs) & Trucks
Application
Coal Mining
Metallic Mining
Non-Metallic Minerals Mining
Region/ Countries Covered:North America
US
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
BeNeLux
Nordic
Rest of Europe
Asia Pacific
China
Japan
Australia
India
South Korea
Malaysia
Thailand
Indonesia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East & Africa
Key Players Analyzed in the Report:CATERPILLAR
Epiroc
Komatsu
Hitachi Construction Machinery
Liebherr
Sandvik
Sany
Kovatera
Scania
NORMET