(MENAFN- GlobeNewsWire - Nasdaq) The Global mining Truck market Size was Valued at USD 23.1 Billion in 2023 and the Worldwide Mining Truck Market Size is Expected to Reach USD 33.8 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Atlas Copco, BharatBenz, KRESS CORPORATION, MAN Truck & Bus, Doosan, Terex Trucks, Scania, Hitachi, Caterpillar, BELAZ, Yutong, Deere & Company, Beml, Komatsu and Others Key Vendors.
New York, United States , June 30, 2024 (GLOBE NEWSWIRE) -- The Global Mining Truck Market Size is to Grow from USD 23.1 Billion in 2023 to USD 33.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.88% during the projected period.
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Mining trucks, which are large vehicles, are used to carry a significant quantity of mined minerals from mining locations. These enormous trucks can carry several hundred tons of coal, ores, or minerals in a single trip. They are designed to last long, with sturdy frames, strong engines, and tough tires that allow them to easily maneuver steep inclines and rough terrains. They are created for tough conditions. Autonomous technology and advanced safety measures have revolutionized the industry, decreased human risk, and enhanced efficiency. The demand for mining trucks in industries like electronics, automotive, and construction is fueling the expansion of the mining truck sector. The increase in population and the movement of individuals to urban areas results in a demand for resources and construction, leading to price hikes. The sector is expanding because of the emergence of new tools and technologies alongside the increasing demand for sustainable energy sources. Countries abundant in mineral resources have the opportunity to expand their market presence within this sector. However, growth is difficult because of specific restrictions in the market. The mining industry is now paying more attention to its carbon footprint due to concerns about the environment and the push for sustainable mining practices. This has forced mining companies to investigate more environmentally friendly alternatives, which could pose a challenge for conventional mining truck producers.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the " Global Mining Truck Market Size, Share, and COVID-19 Impact Analysis, By Type (Bottom Dump, Rear Dump, Lube, Tow, Water, and Others), By Capacity (Less Than 200 Metric Tons, and More Than 200 Metric Tons), By Application (Coal Mining, Iron Mining, Copper Mining, Aluminium Mining, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The bottom dump segment is anticipated to hold the greatest share of the global mining truck market during the projected timeframe.
Based on the type, the global mining truck market is divided into bottom dump, rear dump, lube, tow, water, and others. Among these, the bottom dump segment is anticipated to hold the greatest share of the global mining truck market during the projected timeframe. The hinged gate design at the bottom of dump trucks helps in efficient material discharge. They are often used in construction and excavation activities due to their ability to evenly distribute materials. These trucks are famous for their unique unloading system that allows items to spill out from the side of the vehicle. Due to this characteristic, side dump trucks are best suited for tasks that need precise and controlled material placement, like filling ditches or constructing embankments.
The more than 200 metric tons segment is anticipated to hold the greatest share of the global mining truck market during the projected timeframe.
Based on the capacity, the global mining truck market is divided into less than 200 metric tons, and more than 200 metric tons. Among these, the more than 200 metric tons segment is anticipated to hold the greatest share of the global mining truck market during the projected timeframe. Large mining trucks capable of transporting over 200 metric tons offer unique advantages in terms of effectiveness and raw hauling power. These heavy-duty trucks are well-suited for extensive mining projects that involve moving large volumes of products across far distances. Their durable build and powerful motors enable them to traverse challenging landscapes and transport heavy loads, thereby increasing productivity in large mining activities.
The coal mining segment is predicted to hold the greatest share of the mining truck market during the estimated period.
Based on the application, the global mining truck market is divided into coal mining, iron mining, copper mining, aluminum mining, and others. Among these, the coal mining segment is predicted to hold the greatest share of the mining truck market during the estimated period. Coal mining trucks are necessary for moving coal from where it is extracted to processing or distribution centers. They aim to handle the heavy loads and challenging landscapes often found in coal mines. Mining trucks play a crucial role in the extraction and transportation of minerals, as they are specifically engineered to withstand the challenging conditions of mining activities. These durable vehicles are designed to transport goods efficiently within mining sites, as they can navigate challenging terrain and carry heavy loads.
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Asia Pacific is expected to hold the largest share of the global mining truck market over the forecast period .
Asia Pacific is expected to hold the largest share of the global mining truck market over the forecast period. The rapid industrialization and infrastructure development in countries such as China, India, Australia, and Indonesia have led to the Asia Pacific region becoming a large market. The necessity for big trucks to haul coal, iron, copper, aluminum, and other products is driven by the fact that these countries are major producers and users of various minerals and metals. The region's industrial, construction, and automotive sectors are expanding, leading to a higher demand for raw materials and necessitating efficient delivery using these trucks.
North America is predicted to grow at the fastest pace in the global mining truck market during the projected timeframe. Some of the biggest mining operations globally are located in this region, especially in nations like the United States and Canada. These mining operations obtain coal, iron ore, gold, copper, and other various minerals. Because of the extensive mining activities in this area, there is a substantial demand for dependable and efficient products. Furthermore, North America is at the forefront of technological progress, promoting the use of electric and autonomous mining trucks to increase efficiency and minimize environmental harm.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Mining Truck Market include Atlas Copco, BharatBenz, KRESS CORPORATION, MAN Truck & Bus, Doosan, Terex Trucks, Scania, Hitachi, Caterpillar, BELAZ, Yutong, Deere & Company, Beml, Komatsu, and others.
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Recent Developments
In June 2022 , Fortescue declared its intention to purchase 120 Liebherr zero-emission mining trucks. Zero-emission power solutions developed in collaboration with Williams Advanced Engineering and Fortescue Future Industries are fitted into the vehicles.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Mining Truck Market based on the below-mentioned segments:
Global Mining Truck Market, By Type
Bottom Dump Rear Dump Lube Tow Water Others
Global Mining Truck Market, By Capacity
Less Than 200 Metric Tons More Than 200 Metric Tons
Global Mining Truck Market, By Application
Coal Mining Iron Mining Copper Mining Aluminium Mining Others
Global Mining Truck Market, Regional
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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