July 31, 2021

Underground Mining Trucks Market Estimated To Reach US$ 2.83Bn By 2028

3 min read

According to a new market report published by Acute Market Reports, “Underground Mining Trucks Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2018 – 2028, The global market for underground mining trucks was valued at US$ 1.51Bn in 2019 which is expected to grow at a CAGR of 6.5% through the forecast period 2020 – 2028.

Browse Full Report at https://www.acutemarketreports.com/report/underground-mining-trucks-market

The underground mining trucks market is primarily driven by the rising number underground mining project worldwide. The most significant factor fueling the underground mining activities is the deepening of deposits. As the surface mining operations become worked out, the availability of deposits become deeper beneath the earth’s surface. Subsequently, underground mining has come into the picture and is estimated to account for the larger share of the overall mining activities in the near future. This is expected to drive the market growth of underground mining trucks market. The underground mining equipment manufacturers across the world have identified the risk involved in underground mining operations and collaboratively working with mine operators to improve miners’ safety and match environment protection laws.  This is expected to influence the demand for advanced underground mining trucks integrated with IT and communication technologies. Companies such as Atlas Copco, Sandvik and Caterpillar have realized the potential of underground mining and have already started proceeding into the direction. The companies are aware of the fact that advancement in the related equipment greatly helps gaining the confidence of mine operators. Subsequently, market players have adopted strategies such as partnerships, acquisition and investment on research and development. Rising efforts of underground mining equipment manufacturers towards further advancement is thus, a major factor propelling the penetration of these equipment across the globe.

Underground trucks are among the most useful machines/equipment used in the mining process. We have considered underground trucks used for tools transportation, loading, and dumping applications. Increasing underground mining operations and productivity is expected to increase the demand for underground mining trucks.

In terms of capacity, underground mining trucks having a loading capacity between 36 tons to 45 tons is the most commonly preferred models due to their low operating cost and higher efficiency. In addition, these trucks offer optimum utilization of capacity in underground mining environments.

Underground trucks are available in both diesel and electric version. Although there is less difference in the capacity of both versions, diesel engine trucks are preferred over electric trucks as they offer better ruggedness and convenience of locomotion.

Underground mining has been picking a significant pace for the past few years across the world. Thus, the demand for related equipment is projected to soar considerably in the coming years. Some major players in the global underground mining equipment truck market includes Atlas Copco, Caterpillar, GHH Fahrzeuge, Sandvik, Volvo, Zanam Legmet, DUX, Maclean, Bell, Get-man and MOAZ.

 

Key questions answered in this report

  • What are the current market trends and dynamics in the underground mining trucks market and valuable opportunities for emerging players?
  • Estimated forecast and market projections up to 2029
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which is the largest regional market for underground mining trucks?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • The worldwide market value of the underground mining trucks market in 2019 and 2020
  • Which are the key trends driving the global underground mining trucks market growth?
  • Who are the leading service providers in the underground mining trucks market worldwide?

About Acute Market Reports

Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.

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