Global Mining Truck Market 2015-2019 - Growth of Mining Truck Rental Business with Caterpillar, Hitachi Construction Machinery & Komatsu Dominating

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Oct 13, 2015, 08:10 ET

DUBLIN, Oct. 7, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/9pxhkf/global_mining) has announced the addition of the "Global Mining Truck Market 2015-2019" report to their offering.

The global mining truck market to grow at a CAGR of 1.99% over the period 2014-2019.

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Mining trucks account for 45.27% of the entire mining equipment market. The capacity of mining trucks range from 90 to 363 metric tons. Mining trucks with capacities ranging from 308-363 metric tons are classified as "ultra-class" trucks.

This report covers the present scenario and the growth prospects of the global mining truck market for the period 2015-2019. The report includes historical sales of mining trucks in the global mining industry. The market size is determined by the number of units sold. The performance of the mining truck market is forecast with the help of the predicted CAGR after an analysis of the present condition of the market.

Furthermore, a geographical analysis has been performed and key leading countries have been identified. In addition, the report discusses the major drivers that influence growth, the challenges faced by vendors and the market at large, as well as the key trends that are emerging in the market. However, the report does not include the revenue generated from the sales of mining trucks.

One trend that is expected to bolster the market is the rise of mining truck rental business. Vendors such as Caterpillar and Komatsu are offering rental and leasing services to meet the growing demand. The lease period is often less than the average lifetime of the equipment. This allows construction companies to use high-cost mining trucks without major monetary investment.

According to the report, increase in mining activities in emerging economies is a major driver that promotes growth in this market. The mining industry is the foundation of industrial and economic growth as it enables self-reliance and contributes directly to the GDP of a country. The growth of the mining equipment industry is directly proportional to the growth of the mining industry.

Further, the report states that the shortage of skilled operators is one of the many challenges faced by this market. Mining truck operators are required to undergo rigorous training to earn a certification to operate the equipment. Furthermore, mining truck operators have to contend with high risks involved when working in challenging topographic and climatic conditions.

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