Global Underground Mining Vehicles Market Size Likely to Reach at a CAGR of 5.6% By 2033

The Global Underground Mining Vehicles Market size was valued at USD 194.11 Billion in 2023 and is expected to reach USD 312.12 Billion by 2032, at a CAGR of 5.6% during the forecast period 2023 – 2032.

Underground Mining VehiclesMarket – Overview

Underground mining vehicles are used in mines for digging, production, transportation and logistics purposes. These vehicles are used in various mining activities such as coal mining, metal mining and mineral mining.

Growing demand for metals, minerals and energy sources is boosting mining activities across the globe, which in turn boosts mining vehicles demand. Rapidly increasing infrastructural activities in developing and developed countries are propelling the demand for metals, minerals and power sources such as coal and others.

This in turn boosted mining activities in China, India, Australia, New Zealand, South Africa and Brazil. For instance, Mining contributed a record $455 billion in export revenue for Australia in the 2022-23 financial year, such a rapidly increasing mining industry is expected to boost the demand for mining vehicles during the forecast period.

However, high initial investment, less adaptation of mining vehicles in underdeveloped countries, and lack of universal directives about the usage of underground mining vehicles are restraining the market growth during the forecast period.

Increasing innovations in mining vehicle technologies such as automation, remote monitoring, and advancement in vehicle battery systems are expected to create lucrative opportunities for the global underground mining vehicles market during the forecast period.

By Vehicle Type, the ground support vehicle segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period. Ground support vehicles include bolters, scalers etc.

By application, the coal mining application segment dominated the global underground mining equipment market with a market share of 72.23% in 2022 and is expected to keep its dominance during the forecast period owing to increasing coal mining activities across the globe.

Due to increasing industrialization in emerging economies demand for raw energy resources such as coal is increasing rapidly, which in turn boosts mining activities, thereby driving market growth of underground mining vehicles.

Asia Pacific held the highest market share in the global underground mining vehicles market in 2022 and is expected to keep its dominance during the forecast period.

Economic growth in emerging markets, such as China, India, Indonesia South Korea, Vietnam and South Asian countries has led to the infrastructural and industrial development in these countries. This trend is expected to boost the demand for metals, minerals, coals etc. and mining activities. This is expected to drive the demand for mining vehicles during the forecast period.

Report Scope

Custom Market Insight has comprehensively analyzed Underground Mining Vehicles market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Underground Mining Vehicles industry.

The competitive landscape includes key innovators, after market service providers, market giants as well and niche players which were studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, the Report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.

List of the prominent players in the Underground Mining Vehicles Market:

• Komatsu
• McLean
• Normet
• Caterpillar Inc.
• Aramine
• Sandvik AB
• Epiroc AB
• Komatsu Ltd.
• Boart Longyear Ltd.
• Hitachi Construction Machinery
• Liebherr Group
• Sany Heavy Industry Co. Ltd.
• Damascus Corporation
• Classic Motors
• MINECAT
• Marcotte Minning
• NPK
• Artisan
• Paus
• Getman Corporation
• BKT Tires
• Mining Technology
• Fermel
• Others

The Underground Mining Vehicles Market is segmented as follows:

By Vehicle Type

• Ground Support Vehicles
  • Roof Bolter Scalers
  • Shotcrete Sprayers
  • Shearers
• Production Vehicles
  • LPDT
  • LHD
  • Underground Haulers
  • Scrapers
  • Dozers
  • Mining Drills
  • Continuous Miners
  • Mining Excavators
  • Shovels Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
• Utility Vehicles
  • Scissor Lift
  • Personnel Carrier Truck
  • Boom Truck
  • Fuel Lube Trucks

By Ownership

• OEM
• Aftermarket

By Application

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

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America