The North America Underground Mining Vehicle Market is expected to attain a valuation of USD 4,891.72 million in 2023 and is projected to reach USD 8,795.08 million by 2033, trailing a CAGR of 6% during the forecast period.
The demand for mining tools, such as surface mining tools, crushers, drills, and breakers, is rising, leading to an increase in the equipment used. Manufacturers are primarily focused on developing environmentally friendly mining equipment and highly reliable machines that do not harm the environment.
Developing countries are also adopting hybrid technology in the manufacturing of mining equipment to promote sustainability. This trend supports the market for environmentally friendly equipment and drives its further growth.
The steady economic growth in developed and developing regions, along with increased disposable income and a growing middle-class population, has led to a substantial increase in demand for various minerals, such as iron, gold, copper, coal, lead, aluminum, and silver. Consequently, there is a surge in demand for underground mining machinery.
The United States regularly mines a wide range of commodities, including crushed rock, cement, gold, construction materials, industrial sand, gravel, iron ore, copper, and more. The industry is expected to experience growth driven by increasing demand for coal, gas, and oil sands, coupled with ongoing technological advancements.
The mining industry necessitates significant energy for resource extraction and protection, involving various refining and concentration processes. With the decrease in average copper ore grade, energy consumption and total material production have increased, driving the demand for high-performance mining vehicle and equipment in the United States.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 4,891.72 million |
| Anticipated Forecast Value (2033) | USD 8,795.08 million |
| Projected Growth Rate (2023 to 2033) | CAGR of 6% |
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The North America underground mining vehicle market was worth USD 3,550 million in 2018. It accumulated a market value of USD 4,286.7 million in 2022 while growing at a CAGR of 4.8% during the historical period.
Driven by increase investment for extraction of minerals and ores in mining industry and rapid industrialization across Canada, Mexico and the USA, the North America underground mining vehicle market will rise at 6% CAGR between 2023 and 2033.
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.
Underground mining vehicle are gaining popularity due to their durability and wide range of applications in diverse end-use industries. As per Future Market Insights, rental service providers are the preferred owners in various sectors due to easy availability and cost-effectiveness.
Leading manufacturers are focusing on expansion of their product portfolio. Increasing investments on research & development activities to improve the durability and efficiency will aid the growth.
The underground mining vehicles are also being most popular for their LPDT, LHD, and underground haulers for transporting the materials from the mine to the preferred location where the material is then further processed.
Shearers are the major ground support/production unit which used for the extraction of the coal and ore form the mine and also used to make small granules of the metal/material rocks.
The United States is expected to hold prominent share during the forecast period, according to Future Market Insights. The United States is expected to account for nearly 38%of the North America market through 2033. The market in this region is expected to grow with a CAGR of 6.2% during the forecast period.
The United States' mining and excavation industry is one of the main factors supporting the market growth. Presence of numerous rental service providers across the United States will aid the growth.
As underground mining vehicle owners are looking to curb the maintenance cost, key players are eyeing the United States underground mining vehicle market through long term partnerships with small mine operator.
The metal mining application segment will witness steady growth and outpace the coal mining segment in the coming years as the demand for precious metals is rising in the United States.
Demand for underground mining vehicles in Canada is expected to rise at nearly 6% CAGR over the forecast period. Owing to its development in the mining sector, Canada is one of the prominent nation in the mining industry.
With increasing mining activities across Canada, the market outlook is expected to witness steady growth. Increasing production of coal across the country will increase the sales of underground mining vehicles.
As per FMI, production equipment shows moderate growth in as other applications such as non-metallic minerals mining are also expected to increase.
The market is expected to witness steady growth as underground mining activities across Mexico gains traction. It is expected to account for over 22%of North America’s underground mining vehicles sales throughout the forecast period.
The demand in for mining vehicles in this region is expected to grow with a CAGR of 5.8% during the forecast period.
The market outlook in the Mexico is moderate as the sales of ground support equipment and production equipment rises in the country. Due to lack of government support for mining activities, preference for rental underground mining vehicles service is driving the adoption.
Principal Consultant
Based on underground mining vehicles equipment, ground support is leading the segment, accounting for nearly 42% of the market in 2023. The demand from this segment is expected to rise with a CAGR of 6.5% during the forecast period.
Increasing demand for roof bolter, shearers, and scalers in the underground mining for extraction of the metals, coal and other ores is driving the segment growth.
Metal mining and non-metallic mining is expected to witness higher growth in the future as the application of coal mining is increasing. Rising metallic and non-metallic mining activities such as mining of precious metals and others are growing rapidly, boosting the segment growth.
Metallic and non-metallic mining, collectively, will have a market share of nearly 65%. The demand from metal mining is expected to grow with a CAGR of 6.8% during the forecast period.
The rental service providers segment are expected to contribute for over 40% of market share in 2023. The segment share is expected to increase in near future as the new vehicles prices are high.
Due to the high presence of local players in mining industry, to cut down the high initial investment and reduce maintenance cost, owners opt for rental service for underground mining vehicles.
Start-ups play a vital role in identifying growth opportunities in the North America underground mining vehicle market. Their ability to convert inputs into outputs and navigate market uncertainties contributes to the industry's growth. A few of the startups are as follows:
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The market for North America underground mining vehicle is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players 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.
Some key developments in the North America underground mining vehicle market are:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 4,891.72 million |
| Market Value in 2033 | USD 8,795.08 million |
| Growth Rate | CAGR of 6% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Equipment Type, Ownership, Application, Country |
| Regions Covered | North America |
| Key Countries Profiled | United States, Canada |
| Key Companies Profiled | Caterpillar Inc.; Sandvik AB; Epiroc AB; Komatsu Ltd.; Boart Longyear Ltd.; Hitachi Construction Machinery; 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.; Hermann Paus Maschienfabrik GmbH; Timberland Equipment; Getman Corporation; Kovatera Inc.; Maccaferri Inc. |
| Customization & Pricing | Available Upon Request |
The global market size is predicted to be worth USD 3,885.7 million by 2033.
Caterpiller Inc, Normet and Sandvik AB are the key players in the global market.
The growth potential of the market is 6% through 2033.
The rising costs are likely to restrain market growth.
The United States is expected to secure a share of 38% by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Equipment Type 5.1. Ground Support 5.1.1. Roof Bolter 5.1.2. Scalers 5.1.3. Shotcrete Sprayers 5.1.4. Shearers 5.2. Production Equipment 5.2.1. LPDT 5.2.2. LHD 5.2.3. Underground Haulers 5.2.4. Scrapers 5.2.5. Dozers 5.2.6. Mining Drills 5.2.7. Continuous Miners 5.2.8. Mining Excavators and Shovels 5.2.9. Others 5.3. Utility Equipment 5.3.1. Scissor Lift 5.3.2. Personnel Carrier Truck 5.3.3. Boom Truck 5.3.4. Fuel Lube Trucks 5.3.5. Others 6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Ownership 6.1. Mining Operators 6.2. Rental Service Provider 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Coal Mining 7.2. Metallic Mining 7.2.1. Precious Metals Mining 7.2.2. Non-Precious Metals Mining 7.3. Non-Metallic Minerals Mining 8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Key Countries Underground Mining Vehicle Market Analysis 11. Market Structure Analysis 12. Competition Analysis 12.1. Caterpillar Inc. 12.2. Sandvik AB 12.3. Epiroc AB 12.4. Komatsu Ltd. 12.5. Boart Longyear Ltd. 12.6. Hitachi Construction Machinery 12.7. Liebherr Group 12.8. Sany Heavy Industry Co. Ltd. 12.9. Volvo Construction Equipment 12.10. Astec Industries Inc 12.11. J.C. Bamford Excavators Ltd. (JCB) 12.12. Normet 12.13. Maclean Engineering and Marketing Co. 12.14. J.H. Fletcher and Co. 12.15. Hermann Paus Maschienfabrik GmbH 12.16. Timberland Equipment 12.17. Getman Corporation 12.18. Kovatera Inc. 12.19. Maccaferri Inc. 13. Assumptions & Acronyms Used 14. Research Methodology
Industrial Automation
May 2024
REP-LA-68
221 pages
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North America Underground Mining Vehicle Market
