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The North America underground mining vehicle market value reached USD 4,891.72 million in 2023. During the forecast period between 2024 and 2032, the market is expected to grow at a CAGR of 6.1% to reach around USD 8,334.89 million by 2032.
North America Underground Mining Vehicle Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | 4,891.72 |
Market Size 2032 | USD Million | 8,334.89 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 6.1% |
CAGR 2024-2032 - Market by Region | USA | 6.7% |
CAGR 2024-2032 - Market by Region | Canada | 5.5% |
CAGR 2024-2032 - Market by Power Source | Electric | 6.8% |
CAGR 2024-2032 - Market by Application | Metal Mining | 6.7% |
Market Share by Region | USA | XX% |
In 2022, Canada’s mining, quarrying, and oil extracting sectors contributed nearly 7.8% to the country’s GDP, where mining services and downstream metal manufacturing contributed around USD 10.1 billion and USD 30.4 billion, showcasing a 50% and 23% increasing from 2021. These figures are expected to further increase in 2024 due to rising mining investments. This showcases that the rising demand for precious minerals and metals and the thriving mining industry across United States and Canada are the major factors driving growth of the North America underground mining vehicle market.
Furthermore, the use of AI, ML, and automation in making underground mining vehicles is enhancing productivity, efficiency, and the overall labour safety, thus driving market’s expansion. In June 2024, MacLean and Sandvik, leading underground mining vehicle manufacturers, collaborated to integrate Sandvik’s AutoMine system in MacLean’s utility vehicles. Such collaborations provide lucrative North America underground mining vehicle market opportunities.
Moreover, the use of Internet of Things (IoT) in vehicles operating in underground mining sector has further driven market’s growth by improving vehicle operation and reducing the rate of machine failures. McKinsey & Company stated in a study that the use of IoT in mining can increase productivity by 10-20%.
The North America underground mining vehicle market is segmented by application into coal mining, metal mining, mineral mining, and others. Metal mining ranks first with a CAGR of 6.7%. This segment experiences high underground mining vehicle demand for procurement of metals such as gold, copper, and iron, and due to increased investments in mining operations to enhance productivity.
Coal mining follows closely with a CAGR of 6.50%, supported by steady demand for coal and advancements in mining technology improving operational efficiency. Mineral mining shows a CAGR of 5.9%, driven by the growing demand for industrial minerals and a focus on sustainable mining practices. Other types of mining activities contribute to the market with a CAGR of 5.50%, further bolstering overall market growth.
CAGR 2024-2032 - Market by | Application |
Metal Mining | 6.7% |
Coal Mining | 6.5% |
Mineral Mining | 5.9% |
Others | 5.5% |
Electric vehicles lead with a forecasted CAGR of 6.8%. The shift towards electric vehicles is driven by increasing environmental concerns, advancements in battery technology reducing operational costs, and regulatory pressures to lower emissions. As per North America underground mining vehicle industry analysis, diesel vehicles maintain a significant presence with a CAGR of 6.4%, owing to their high energy density and established infrastructure in mining operations. Other power sources, including hybrid technologies, contribute with a CAGR of 5.8%, catering to niche applications within the market.
CAGR 2024-2032 - Market by | Power Source |
Electric | 6.8% |
Diesel | 6.4% |
Others | 5.8% |
Geographically, the United States dominates the market with a CAGR of 6.7%. The U.S. market benefits from its large mining industry, significant investments in modernisation, and automation of mining operations to enhance efficiency and safety. Canada follows with a CAGR of 5.5%, leveraging its rich mineral resources, strong emphasis on sustainable mining practices, and supportive government policies to drive North America underground mining vehicle market revenue.
CAGR 2024-2032 - Market by | Region |
USA | 6.7% |
Canada | 5.5% |
Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the North America underground mining vehicle market spanning from 2018 to 2032.
The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the North America underground mining vehicle market.
Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the North America underground mining vehicle market.
The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.
Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the North America underground mining vehicle market landscape.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Vehicle Type |
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Breakup by Application |
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Breakup by Power Source |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Underground Mining Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 North America Underground Mining Vehicle Historical Market (2018-2023)
8.3 North America Underground Mining Vehicle Market Forecast (2024-2032)
9 North America Underground Mining Vehicle Market by Vehicle Type
9.1 Load Haul Dump (LHD)
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Underground Trucks
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Utility Vehicles
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 Others
10 North America Underground Mining Vehicle Market by Application
10.1 Coal Mining
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Metal Mining
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Mineral Mining
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 North America Underground Mining Vehicle Market by Power Source
11.1 Diesel
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Electric
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Others
12 North America Underground Mining Vehicle Market by Country
12.1 United States
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Canada
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Sandvik AB
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Caterpillar Inc.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Epiroc AB.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Komatsu Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 GHH Fahrzeuge GmbH
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Key Trends and Developments in the Market
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