North America Underground Mining Vehicle Market Growth Trends
Rapid improvement in coal, precious and rare-earth minerals mining coupled with increasing investments in capital equipment are the key factors driving the growth of underground mining vehicle market during the forecast period.
As per Future Market Insights, the underground mining vehicle market is projected to be valued at ~US$ 1.9 Bn in 2021, expanding at a CAGR of ~5.0% over the forecast period of 2021-2031. Unprecedented outbreak of COVID-19 pandemic has caused severe impact on the North America’s economy.
Complete shutdown in the region led to disruption of supply-chain networks and halt in manufacturing and mining activities. Subsequently, this affected the underground mining vehicle market negatively. However, underground mining vehicle market is expected to recover sharply as the economic activities resumes post the containment of pandemic.
Key Takeaways of Underground Mining Vehicle Market Study
- Canada is anticipated to be the leading market in North America owing to the increased mining production. Canada is expected to continue its reign as it’s the highest contributor in the regional GDP as compared to the U.S. and Mexico
- Growing preference of mining companies for improved efficiency and productivity will improve the demand for advanced underground mining equipment
- Rental service providers will be the most preferred owners for underground mining vehicles as manufacturers are looking to reduce high maintenance cost.
- The market is moderately to highly competitive, with regard to scramble for resources and mining machinery. Key players are focusing on introduction of new product lines, fueling the competition in the industry.
- For improved efficiency, key manufacturers are increasing the production of electric underground mining vehicles such as electric trucks which can take the load capacity the same as diesel truck.
- The aftermarket segment is expected to be the most preferred as demand for customized and advanced underground mining vehicles is increasing among owners
”Increasing applications of underground mining vehicles such as coal mining and metal based mining is expected to provide stimulus to underground mining vehicle sales in the forthcoming years. Owing to increasing production rate and hefty rate of CAPEX investments, lucrative growth opportunities lay ahead for key market players,” says Future Market Insights analyst.
Competitive Landscape
The Underground Mining Vehicle market North America specific is moderately fragmented, with leading players accounting for more than half of the market share. Penetration of regional and local players will further intensify the competition. Some of the key players in the market are Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu AB, Boart Longyear Ltd., Hitachi Construction Machinery, Liebherr Group, Sany Heavy Industry Co., Ltd., Volvo Construction Equipment and among others. The aforementioned players have higher shares in the North America’s underground mining vehicles market. Longstanding relationships with key distributors and end users is providing competitive edge to the key players.
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Market Projection
Underground mining vehicle market is expected to be an opportunistic market in the forecast period owing to increasing application in mining industry such as underground coal mining, metal mining and non-metallic mining. Technological advancements to improve the efficiency and productivity of equipment will spur the sales. Stringent safety regulations regarding underground mining vehicles emission and manufacturing standards is expected to pose a challenge for the market players.
Find More Valuable Insights
The research report analyzes the market demand trends of underground mining vehicle. The North America market estimation and growth projection is based on factors like end use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of underground mining vehicle. As per Future Market Insights research scope, the underground mining vehicle market has been studied and segmented on the basis of equipment Type, application, ownership, and country. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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