Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) — The “Mining Truck Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
This Mining Truck market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The mining truck market size has grown strongly in recent years. It will grow from $27.45 billion in 2023 to $29.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The historical growth can be attributed to several factors, the rising global demand for minerals, the expansion of mining operations in emerging economies, increased commodity prices, greater government investment in mining infrastructure, and the development of large-scale mining projects.
The mining truck market size is expected to see strong growth in the next few years. It will grow to $37.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth during the forecast period is driven by several factors, increasing demand for electric and hybrid trucks, rising mining activities in developing regions, a heightened focus on operational efficiency, growing investments in mining automation, stricter emission regulations, and the expansion of sustainable mining practices.
Key trends expected during this period include advancements in autonomous vehicle technology, the electrification of trucks, the use of AI for predictive maintenance, enhanced safety features, integration of IoT for real-time monitoring, development of more fuel-efficient engines, and the adoption of lightweight materials to improve durability and efficiency.
The growth of the mining truck market is expected to be driven by the rising demand for minerals. Minerals are crucial for various industries such as manufacturing, technology, construction, and renewable energy, which in turn supports global economic growth. Mining trucks play a key role by transporting large volumes of minerals from extraction sites to processing facilities, enabling efficient and large-scale mineral production. For example, the International Energy Agency (IEA) reported in May 2024 that investment in critical mineral development increased by 30% in 2022, following a 20% rise in 2021. The demand for minerals is projected to grow thirtyfold from 2020 to 2040, increasing from 400 kilotons to 11,800 kilotons. This surge in mineral demand is fueling the expansion of the mining truck market.
Companies in the mining truck market are focusing on developing electric dump trucks to cut emissions, reduce operational costs, and improve sustainability. These electric dump trucks are designed to minimize environmental impact by using electric engines, which lower fuel costs and emissions.
In July 2024, Komatsu Limited, a Japan-based company specializing in mining, forestry, and military equipment, acquired GHH Group GmbH for an undisclosed amount. This acquisition enables Komatsu to utilize GHH’s engineering expertise and accelerate the development of new mining truck technologies. By combining GHH’s specialized knowledge with its own resources, Komatsu aims to advance and improve underground mining trucks. GHH Group GmbH is a Germany-based company that manufactures mining trucks, including articulated dump trucks, for use in underground mining and tunneling.
North America was the largest region in the mining truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mining truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mining truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $29.17 Billion |
| Forecasted Market Value (USD) by 2028 | $37.39 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Mining Truck Market Characteristics
3. Mining Truck Market Trends and Strategies
4. Mining Truck Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Mining Truck Market Size and Growth
5.1. Global Mining Truck Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Mining Truck Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Mining Truck Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Mining Truck Market Segmentation
6.1. Global Mining Truck Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Bottom Dump
- Rear Dump
- Lube
- Tow
- Other Types
6.2. Global Mining Truck Market, Segmentation by Drive System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Autonomous Drive
- Electrical Drive
- Mechanical Drive
6.3. Global Mining Truck Market, Segmentation by Capacity, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
< 90 Metric Tons
- 90?149 Metric Tons
- 150?290 Metric Tons
>290 Metric Tons
6.4. Global Mining Truck Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Coal Mining
- Iron Mining
- Copper Mining
- Aluminum Mining
- Other Applications
7. Mining Truck Market Regional and Country Analysis
7.1. Global Mining Truck Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Mining Truck Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Companies Featured
- Caterpillar Inc.
- Daimler Truck AG
- AB Volvo
- HD Hyundai Co Ltd
- PACCAR Australia Pty Ltd.
- Komatsu Ltd.
- Atlas Copco AB
- Liebherr-International AG
- Doosan Corporation
- SANY Group Co Ltd.
- Scania AB
- Sandvik AB
- MAN Truck & Bus SE
- Hitachi Construction Machinery Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Co. Ltd.
- Epiroc AB
- Ashok Leyland Ltd.
- Terex Corporation
- Yutong International Holding Co. Ltd.
- Belarusian Automobile Plant (BelAZ)
- OJSC Belaz
- Bell Equipment Company SA
- Dongfeng Liuzhou Motor Co. Ltd.
- Tata Hitachi Construction Machinery Company Private Limited
- Xuzhou Construction Machinery Group Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/5bco5y
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