PUBLISHER: The Business Research Company | PRODUCT CODE: 1619763
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619763
Mining trucks are robust vehicles engineered to transport large volumes of mined materials. These trucks are primarily used in surface mining to move overburden, ore, and other materials from the mining site to processing facilities or waste disposal areas. They are constructed to endure the challenging conditions of mining environments, including rough terrains and substantial loads.
The main types of mining trucks include bottom dump, rear dump, lube, and tow trucks, among others. Bottom dump trucks are specialized for transporting and unloading bulk materials. They are equipped with various drive systems, such as autonomous, electric, and mechanical drives. Their capacities range from less than 90 metric tons to over 290 metric tons. These trucks are used in various applications, including coal mining, iron mining, copper mining, aluminum mining, and other related activities.
The mining truck market research report is one of a series of new reports from The Business Research Company that provides mining truck market statistics, including mining truck industry global market size, regional shares, competitors with a mining truck market share, detailed mining truck market segments, market trends, and opportunities, and any further data you may need to thrive in the mining truck industry. This mining truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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. For instance, in September 2022, Sandvik, a Sweden-based engineering company, introduced the TH660E, an electric dump truck intended for underground mining. This vehicle features advanced Lithium-Iron Phosphate (LiFePO4) battery technology, which eliminates exhaust emissions and reduces heat output, offering a greener alternative to traditional diesel-powered trucks. The TH660E provides 630 kW of continuous power for rapid acceleration and efficient operation underground. It also includes a patented AutoSwap system for quick battery changes, enhancing productivity and reducing downtime. This electric dump truck is designed to support mining operations in meeting sustainability goals while improving efficiency and safety.
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.
Major companies operating in the mining truck market are 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
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.
The mining trucks market consists of sales of ultra-class haul trucks, electric and hybrid haul trucks, rigid-frame haul trucks, and articulated dump trucks. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mining Truck Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mining truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mining truck ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mining truck market global report from the Business Research Company answers all these questions and many more.
The 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 impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.