Revenues generated in the ground support segment of the North America underground mining vehicle market grew by 4.4% CAGR in 2021. Demand for production equipment segment increased by 3.9% between 2020 and 2021, registering year-on-year growth (YoY) of 4.2% in 2021, according to the Future Market Insights’ (FMI’s) report titled: Underground Mining Vehicle Market-North America Industry Analysis, 2016-2020 and opportunity Assessment, 2021-2031.
Rapid improvement in coal, precious and rare-earth minerals mining coupled with increasing investments in capital equipment are the key factors driving the growth of underground mining vehicle market during the forecast period.
As per Future Market Insights, the underground mining vehicle market is projected to be valued at ~US$ 1.9 Bn in 2021, expanding at a CAGR of ~5.0% over the forecast period of 2021-2031. Unprecedented outbreak of COVID-19 pandemic has caused severe impact on the North America’s economy.
Key Takeaways of Underground Mining Vehicle Market Study
- Canada is anticipated to be the leading market in North America owing to the increased mining production. Canada is expected to continue its reign as it’s the highest contributor in the regional GDP as compared to the U.S. and Mexico
- Growing preference of mining companies for improved efficiency and productivity will improve the demand for advanced underground mining equipment
- Rental service providers will be the most preferred owners for underground mining vehicles as manufacturers are looking to reduce high maintenance cost.
- The market is moderately to highly competitive, with regard to scramble for resources and mining machinery. Key players are focusing on introduction of new product lines, fueling the competition in the industry.
- For improved efficiency, key manufacturers are increasing the production of electric underground mining vehicles such as electric trucks which can take the load capacity the same as diesel truck.
- The aftermarket segment is expected to be the most preferred as demand for customized and advanced underground mining vehicles is increasing among owners
”Increasing applications of underground mining vehicles such as coal mining and metal based mining is expected to provide stimulus to underground mining vehicle sales in the forthcoming years. Owing to increasing production rate and hefty rate of CAPEX investments, lucrative growth opportunities lay ahead for key market players,” says Future Market Insights analyst.
Competitive Landscape
The Underground Mining Vehicle market North America specific is moderately fragmented, with leading players accounting for more than half of the market share. Penetration of regional and local players will further intensify the competition. Some of the key players in the market are Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu AB, Boart Longyear Ltd., Hitachi Construction Machinery, Liebherr Group, Sany Heavy Industry Co., Ltd., Volvo Construction Equipment and among others. The aforementioned players have higher shares in the North America’s underground mining vehicles market. Longstanding relationships with key distributors and end users is providing competitive edge to the key players.
2016-2020 North America Underground Mining Vehicle Market Outlook Compared to 2021-2031 Forecast
Driven by increase investment for extraction of minerals and ores in mining industry and rapid industrialization across Canada, Mexico and the U.S., the North America underground mining vehicle market will rise at 5.0% CAGR between 2021 and 2031.
Coal mining has experienced rapid growth in past few years across North America due to which industries are expanding their production capacities. Consumption of coal across North America has increased past few years, leading to increased mining activities to extract the remaining coal for generating power and other sources.
North America Underground Mining Vehicle Market by Category
By Equipment Type:
- Ground Support
- Roof Bolter
- Scalers
- Shotcrete Sprayers
- Shearers
- Production Equipment
- LPDT
- LHD
- Underground Haulers
- Scrapers
- Dozers
- Mining Drills
- Continuous Miners
- Mining Excavators and Shovels
- Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
- Utility Equipment
- Scissor Lift
- Personnel Carrier Truck
- Boom Truck
- Fuel Lube Trucks
- Remixers
- Others
By Ownership:
- Mining Operators
- Rental Service Provider
By Application:
- Coal Mining
- Metallic Mining
- Precious Metals Mining
- Non-Precious Metals Mining
- Non-Metallic Minerals Mining
Key Points Covered in North America Underground Mining Vehicle Market Survey
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on North America Underground Mining Vehicle market and How to Navigate
- Recommendation on Key Winning Strategies