Underground Mining Vehicle Market to Reach $53.6 Billion, Globally, by 2032 at 4.9% CAGR: Allied Market Research

The growing population, rising urbanization, and industrialization are some of the prominent factors driving the growth of the underground mining vehicle market. In addition, the growing demand for metal in global manufacturing, automotive, and construction industries among others, is also expected to drive the underground mining vehicle market.

WILMINGTON, Del., Jan. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Underground Mining Vehicle Market by Type (Hydraulic Excavators, Mining Dozers, Underground Haulers, and Others), Application (Metal Mining, Mineral Mining, and Coal Mining), and Propulsion Type (ICE and Electric): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global underground mining vehicle industry generated $32,974.5 million in 2022 and is anticipated to generate $53,649.4 million by 2032, witnessing a CAGR of 4.9% from 2023 to 2032.

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Prime determinants of growth

The underground mining vehicle market is expected to witness notable growth owing to increase in the popularity of robust and compact equipment, growth in demand for underground mining products, and rise in the construction and infrastructure industry. Moreover, technological advancements are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high investment costs limit the growth of the underground mining vehicle market.

Report coverage & details:

Analysis of the impact of inflation on the market

• The underground mining vehicle market is experiencing slow-paced growth due to various global events such as the economic downturn, and the COVID-19 pandemic. Formerly, the COVID-19 pandemic forced countries across the world to halt all industrial and trade activities, which severely impacted market growth. This led to reduced output from the key players in the underground mining vehicle market and resulted in lower demand from various end users. However, the COVID-19 pandemic has mostly subsided, and the probability of its severe negative impact on the underground mining vehicle market is relatively low.
• Currently, the market is mainly impacted by the worldwide economic downturn, which is a big restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as the quantitative easing that was performed in various countries across the world to tackle the economic downturn during the coronavirus outbreak.

The hydraulic excavators segment to maintain its leadership status throughout the forecast period

By type, the hydraulic excavators segment held the highest market share in 2022, accounting for nearly half of the global underground mining vehicle market. An excavator is a type of underground mining vehicle used for digging the ground and handling materials such as soil, sand, aggregate, and other similar materials. An excavator comprises a boom, dipper, bucket, and cab on a rotating platform. Excavators are mainly used in mines, forestry, construction, demolition, and material handling. They are popularly known as diggers, or mechanic shovels. However, the underground haulers segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032. Underground haulers are designed to move rock material safely, efficiently, and reliably, even in extreme conditions. The trucks are rugged, compact, and powerful, offering payloads from 15 to 63 tons and a low cost per ton. The latest i-Series trucks are equipped with intelligent inside and smart solutions.  It offers high capacity in a compact form. It is highly maneuverable with a small turning radius and operates at high speed.

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The metal mining segment to maintain its leadership status throughout the forecast period.

Based on application, the metal mining segment held the highest market share in 2022, accounting for more than two-fifths of the global underground mining vehicle market. The major drivers for the underground mining vehicle are growth in mining activity, increase in demand for metal and mineral commodities, and rapid urbanization. Mining is one of the most important sectors in the world. Globally, the demand for metal has increased; thus, the mining of metal ores has also increased. For instance, iron ore exports of India reached $2.23 billion for 2021, registering an increase of 21.8% YoY. Moreover, the transition from traditional fossil-based fuels to lower carbon alternatives has increased the mining for different types of minerals such as lithium, cobalt, and alternative battery materials. Hence, the expected growth in the mining sector will increase the demand for equipment used in mining. 

The ICE segment to maintain its lead position during the forecast period

By propulsion type, the ICE segment accounted for the largest share in 2022, contributing more than four-fifths of the global underground mining vehicle market revenue, and is projected to maintain its lead position during the forecast period. Internal combustion engine (ICE) underground mining vehicles continue to be driven by several key factors. One significant factor is the established infrastructure and familiarity with traditional engine technologies. Many mining operations already have the necessary infrastructure in place for fueling, maintaining, and servicing ICE vehicles. The existing support systems, including fueling stations and maintenance facilities, contribute to the continued use of ICE vehicles in underground mining. However, the electric segment is expected to portray the largest CAGR of 11.0% from 2023 to 2032. The growth of electric underground mining vehicles, owing to their various features such as sustainability, safety, efficiency, and reducing the carbon footprint of mining operations. Electric vehicles offer a more environment-friendly alternative to traditional diesel-powered vehicles, as they produce lower or zero emissions.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global underground mining vehicle market revenue, and is projected to dominate the market during the forecast period. The major share of the underground mining vehicle market in Asia-Pacific is held by China, in terms of utilization and manufacturing. However, developing countries such as India, Vietnam, Indonesia, and others have been recognized as important markets, owing to rapid infrastructural growth. Some of the key players operating in the Asian market include Komatsu (Japan), and Jinan Fucheng Hydraulic Equipment Co., Ltd. Moreover, major players are adopting various strategies such as acquisitions, product launches, and collaboration to sustain the intense competition. For instance, in October 2021, Komatsu announced a collaboration with Proterra to electrify underground mining machines using Proterra's battery technology. Proterra supplies H series battery system technology to Komatsu for the development of battery electric LHDs, drills, and bolsters for underground hard rock mining. Furthermore, growth in the construction of tunnels, subways, and other sectors is expected to create opportunities for the growth of the underground mining vehicle market in this region. However, the LAMEA region is expected to witness the fastest CAGR of 5.5% from 2023 to 2032. The rapid growth in the economy coupled with the increase in population is positively affecting the growing industrial and construction sectors. In addition, a rise in the construction of infrastructure is expected to boost growth. Furthermore, the adoption of underground mining vehicles can witness a rise in the Middle East, owing to the demand from industries, mainly oil & gas, mining, and the construction sectors.

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Leading Market Players: -

• AB Volvo
• Caterpillar
• Epiroc AB
• Fucheng Underground Mining Equipment Manufacturer
• Hermann Paus Maschinenfabrik GmbH
• Johnson Industries
• Komatsu Ltd.
• MacLean Engineering & Marketing Co.
• Normet
• Sany Group Co Ltd.

The report provides a detailed analysis of these key players in the global underground mining vehicle market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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