Autonomous Mining Truck Market to Reach $10.3 Billion by 2030 Says Cognitive Market Research

CHICAGO, Feb. 22, 2023 /PRNewswire/ -- The Global Autonomous Mining Truck Market size was valued at USD 6.8 Billion in 2022 and is projected to be USD 10.3 Billion by 2030 growing at a CAGR of 24.2 % from 2023 to 2030, as per a recent market analysis report published by Cognitive Market Research. Rising demand for smart mining and technologically advanced mining equipment is expected to drive the growth of the global autonomous mining trucks market. For instance, in October 2022, Scania and Rio Tinto jointly developed more flexible autonomous haul trucks at a mine in Western Australia's Pilbara region.

Major findings during the study of the Autonomous Mining Truck Market:

• Rising concerns about carbon emissions and demand for passenger safety and comfort through effective integration of new technologies are expected to drive market growth over the forecast period
• In addition, government initiatives to promote the use of autonomous trucks in mining are contributing to the growth of the market. Nonetheless, growing awareness about the advantages of autonomous mining trucks is expected to create lucrative opportunities for the players in the global market
• The need for automation of mining equipment and the growth of interconnected infrastructure will bring new opportunities in the future
• Based on the size, the market is segmented into small, medium, and large. Compared to other size segments, the autonomous mining truck market holds the highest revenue share at 36.4% and is expected to register a significant CAGR in the global market. This is attributed to the increased demand for automated mining trucks due to their advantages of better productivity, reduced operating costs, and lower accident rate
• In propulsion, the market is segmented into electric, hybrid, and diesel. The electric and hybrid segment is expected to register the highest CAGR of 28.2% over the forecast period, owing to increasing development of autonomous electric mining trucks, enabling emission-free mining
• Based on the level of autonomy, the market is divided into Level 1 and 2, Level 3, and Levels 4 and 5. The level 1 and 2 segments are expected to register the largest share of 58.2% in the global market. This is attributed to the incorporation of automation technology in vehicles to maintain a safe distance between vehicle and traffic ahead without driver intervention
• Based on market type, the market is segmented into OEM and aftermarket. The OEM segment is expected to increase its revenue share by 64.2% over the forecast period owing to the increasing demand from OEMs for autonomous mining trucks
• Based on type, the market is segmented into underground LHD loaders, autonomous hauling trucks, and others. The underground LHD loader segment is expected to lead the global autonomous mining trucks market owing to low noise electric LHD, zero-emission, durable, fast, and easy maintenance

View Detailed Report Description:

Autonomous Mining Truck Market by Size (Small, Medium, Large), By Propulsion (Electric and Hybrid, Diesel), By Level of Autonomy (Level 1 and 2, Level 3, and Level 4 and 5) By Market Type (OEM, Aftermarket), By Type (Underground LHD Loaders, Autonomous Hauling Trucks and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2023 – 2030

 Autonomous Mining Truck Industry Statistics:

What are the Growth, Drivers, and Opportunities for the Autonomous Mining Truck Market?

The increasing need for smart mining and rising demand for technologically advanced mining equipment is one of the factors driving the growth of the global market. The growing integration of technologies such as IoT and artificial intelligence with various mining automation equipment and software is a factor expected to fuel the growth of the global market. Increasing demand for metals, minerals, coal, ores, etc., from various processing and discrete industries, is another major factor contributing to the growth of the autonomous mining trucks market. Nonetheless, growing awareness about the advantages of autonomous mining trucks is expected to create lucrative opportunities for the players in the global market. The need for automation of mining equipment and the growth of interconnected infrastructure will bring new opportunities.

Check Full Report including Global, Regional and Country Level Analysis:

https://www.cognitivemarketresearch.com/autonomous-mining-truck-market-report

How the COVID-19 impacted Autonomous Mining Truck Market?

The global COVID-19 outbreak, and lockdown restrictions have affected industrial activity around the world. Some of the effects of the lockdown include supply chain disruptions, insufficient availability of raw materials used in the manufacturing process, labor shortages, price fluctuations that can cause final product production to inflate and exceed budget, transportation issues, etc. The outbreak of COVID-19 has triggered the demand for automation and is expected to increase in the long run, mainly in response to labor shortages and rising costs.

Autonomous Mining Truck Market Report Scope

• Autonomous Mining Truck Size Outlook (Revenue, USD Billion, 2018 – 2030)
• Small
• Medium
• Large
• Autonomous Mining Truck Propulsion Outlook (Revenue, USD Billion, 2018 – 2030)
• Electric and Hybrid
• Diesel
• Autonomous Mining Truck Level of Autonomy Outlook (Revenue, USD Billion, 2018 – 2030)
• Level 1 and 2
• Level 3
• Level 4 and 5
• Autonomous Mining Truck OEM and Aftermarket Outlook (Revenue, USD Billion, 2018 – 2030)
• OEM
• Aftermarket
• Autonomous Mining Truck Type Outlook (Revenue, USD Billion, 2018 – 2030)
• Underground LHD Loaders
• Autonomous Hauling Trucks
• Others
• Autonomous Mining Truck Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
• Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)

List of Key Players in Autonomous Mining Truck Industry

• Scania
• Caterpillar Inc.
• Autonomous Solutions Inc.
• Hitachi, Ltd
• Komatsu Ltd.
• AB Volvo
• Daimler AG
• Aptiv
• Bosch Ltd.
• CONTINENTAL AG
• DENSO CORPORATION
• EMBARK
• MAN SE
• Nvidia
• PACCAR Inc.
• QUALCOMM
• Tesla
• TUSIMPLE
• WAYMO

Related Reports on Autonomous Mining Truck Industry:

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The global industrial automation services market is expected to reach USD 112.4 billion by 2030 growing at a CAGR of 9.2%. The need for industrial automation in manufacturing is increasing because organizations are increasingly concerned about worker safety. However, high implementation cost is expected to hamper the growth of the global market. However, the growing development of industrial robotics and the adoption of Industry 4 is expected to fuel the market growth in the coming year. Also various industries are expected to offer lucrative growth opportunities to players in the target market.

• Global Process Automation and Instrumentation Market is expected to reach USD 6,454.2 million by 2030.

The global process automation and instrumentation market is expected to reach USD 6,454.2 million by 2030 growing at a CAGR of 6.1%. Increasing adoption of digital technologies such as artificial intelligence, industrial internet of things, and machine learning, along with increasing emphasis on industrial automation, is one of the significant factors contributing to the growth of the global market. Also, the increasing importance of cost optimization, energy efficiency, increased productivity, better scalability, and reduced errors support the development of the global market. Furthermore, the focus on reducing time to market and achieving zero waste production is boosting the growth of the global market.

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Explore All Automobile & Transportation Industry Reports Published by Cognitive Market Research

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SOURCE Cognitive Market Research