The North American underground mining vehicle industry is expected to reach USD 4,891.72 million in 2023 and grow to USD 8,795.08 million by 2033, with a compound annual growth rate (CAGR) of 6% during the forecast period.

This growth is primarily driven by increasing investments in mining and industrialization, along with the adoption of advanced technologies such as artificial intelligence (AI) and machine learning. The automation of mining vehicles offers various benefits, including enhanced safety, improved fuel efficiency, increased productivity, better maintenance, improved working conditions, optimized vehicle utilization, and reduced driver fatigue.

A significant shift toward electrically powered underground mining vehicles is also fueling market expansion. Traditional diesel vehicles produce emissions that contribute to greenhouse gases and climate change. As electric vehicle technology progresses, particularly with decreasing costs of lithium and other essential minerals for battery systems and inverters, there is a notable increase in electric mining vehicles. Projections suggest that by 2030, around 58% of automobiles in the U.S. will be electric.

Moreover, the integration of the Internet of Things (IoT) in the underground mining sector enhances productivity and presents significant growth opportunities. IoT technology enables autonomous, unmanned vehicles to communicate and operate efficiently, optimizing performance and reducing fuel costs. It also facilitates predictive maintenance, allowing for timely servicing of equipment. These advancements contribute to improved operational efficiency and drive growth in the North American underground mining vehicle market.

Key Takeaways from the North America Underground Mining Vehicle Industry Report:

• The United States’ underground mining vehicle market is expected to grow with a CAGR of 6.2% during the forecast period.
• The demand for underground mining vehicles in copyright is expected to grow with a CAGR of 6% during the forecast period.
• By equipment type, the ground support segment is projected to grow with a CAGR of 6.5% during the forecast period.
• Mexico is expected to grow with a CAGR of 5.8% throughout the forecast period.

In-Depth Market Analysis: A Complete Report

Competitive Landscape:
The market for North America underground mining vehicles is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players are Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu Ltd., Boart Longyear Ltd., Hitachi Construction Machinery, Hermann Paus Maschienfabrik GmbH, Timberland Equipment, Getman Corporation, Kovatera Inc., Maccaferri Inc. Liebherr Group, Sany Heavy Industry Co. Ltd., Volvo Construction Equipment, Astec Industries Inc, J.C. Bamford Excavators Ltd. (JCB), Normet, Maclean Engineering and Marketing Co., J.H. Fletcher and Co.

Key Developments:

• In February 2022, Sandvik AB obtained a USD 213.3 million contract from BHP Group Ltd for underground mining equipment and automation products at the Jansen Potash project in copyright. The delivery of equipment is scheduled to commence in Q3 2023 and continue until 2026.
• In October 2021, Komatsu Ltd. partnered with Proterra Inc. to electrify their next-generation underground mining machines. Proterra will provide its H Series battery system technology for the development of battery-electric LHDs, drills, and bolters for underground hard rock mining. This collaboration enables Komatsu to offer zero-emissions mining solutions in underground hard rock operations.
• In September 2021, Caterpillar launched several new offerings, including a battery-electric loader, electric and diesel drive technologies, and expansions to its automation platform. The electric Cat R1700 XE Load Haul Dump (LHD) provides 100% battery-electric propulsion, while the portable Cat MEC500 Mobile Equipment Charger enables fast charging.
• In March 2021, Liebherr unveiled the T 274, a 305-ton mining truck. The T 274 features a powerful dynamic braking system of 4,500 kW/6,035 HP, enabling efficient operation during downhill hauls.

North America Underground Mining Vehicle Industry Segmentation:

By Equipment Type:

• Ground Support
• Production Equipment
• Utility Equipment

By Ownership:

• Mining Operators
• Rental Service Provider

By Application:

• Coal Mining
• Metallic Mining
• Precious Metals Mining
• Non-Precious Metals Mining
• Non-Metallic Minerals Mining

By Country:

• United States
• copyright