The North America underground mining vehicle market is set to reach $1.9 Bn in 2021, driven by increased mining production and demand for advanced equipment.
North America Underground Mining Vehicle Market Snapshot
Revenues generated in the ground support segment of the North America underground mining vehicle market grew by 4.4% CAGR in 2021. Demand for production equipment segment increased by 3.9% between 2020 and 2021, registering year-on-year growth (YoY) of 4.2% in 2021, according to the Future Market Insights’ (FMI’s) report titled: Underground Mining Vehicle Market-North America Industry Analysis, 2016-2020 and opportunity Assessment, 2021-2031.
Rapid improvement in coal, precious and rare-earth minerals mining coupled with increasing investments in capital equipment are the key factors driving the growth of underground mining vehicle market during the forecast period.
As per Future Market Insights, the underground mining vehicle market is projected to be valued at ~US$ 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.
Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-9315
Key Takeaways of Underground Mining Vehicle Market Study
”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.
2016-2020 North America Underground Mining Vehicle Market Outlook Compared to 2021-2031 Forecast
Driven by increase investment for extraction of minerals and ores in mining industry and rapid industrialization across Canada, Mexico and the U.S., the North America underground mining vehicle market will rise at 5.0% CAGR between 2021 and 2031.
Coal mining has experienced rapid growth in past few years across North America due to which industries are expanding their production capacities. Consumption of coal across North America has increased past few years, leading to increased mining activities to extract the remaining coal for generating power and other sources.
Download PDF Brochure @ https://www.futuremarketinsights.com/reports/brochure/rep-gb-9315
North America Underground Mining Vehicle Market by Category
By Equipment Type:
By Ownership:
By Application:
Pre-Book Report @ https://www.futuremarketinsights.com/checkout/9315
Key Points Covered in North America Underground Mining Vehicle Market Survey
Top Reports Related To Automotive Market Insights
Automotive Repair & Maintenance Services Market : Global automotive repair & maintenance services market is forecast to reach a US$ 544.5 Bn in 2021, with a stable long-term projection, as per the latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.
Automotive Glass Market : The global demand for automotive glass has declined significantly in 2020, with the Covid-19 pandemic restricting automotive production and reducing new orders in the manufacturing sector. However, long-term prospects remain bullish, with a new report by FMI projecting 4% CAGR through 2030. The report opines that market players will benefit from smart glass technology and the rising popularity of electric vehicles.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/underground-mining-vehicles-market
Press Release Source: https://www.futuremarketinsights.com/press-release/underground-mining-vehicles-market
The article discusses the growth of the North America underground mining vehicle market, projected to reach $1.9 Bn in 2021.
Canada is leading due to increased mining production and its significant contribution to the regional GDP.
The market is expected to expand at a CAGR of 5.0% over the forecast period of 2021-2031.
Explore more articles in the Research Reports category
