May 20, 2020
According to the research report titled ‘Global Underground Truck Market Size study, by Type (Diesel, Electric), by Capacity ( Less Than 18 Tons, 18 Tons to 26 Tons, 26 Tons to 36 Tons, 36 Tons to 65 Tons, 65 Tons or More) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global underground truck market was worth USD 2155.33 million in the year 2019 and is expected to record a 6.5% growth rate during 2020-2026.
Increasing mining activities and rising adoption of underground trucks for mining operations are major factors driving the market growth. The market is expected to further expand owing to growing number of mineral & metal exploration and surging demand for modern processing machinery. According to United States Geological Survey, the production of raw materials from U.S. grew by 3% and generated USD 82.2 billion in the year 2018, rising from USD 79.7 billion in 2017.
Additionally, the integration of automation solutions in underground trucks is also creating lucrative market growth opportunities. Numerous truck manufacturers are focusing on developing autonomous trucks. In March 2020 for instance, Sandvik launched an automated truck haulage system called AutoMine that helps in reducing equipment damage as well as repair work, thereby further improving the efficiency of mining operations. Similarly, in 2016, Volvo introduced an autonomous truck in order to improve the safety and transport flow of mine operations. However, strict regulations regarding emission control and environment conservation coupled with high cost of underground mining activities may act as restraining factor to global underground truck industry.
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Considering the geographical landscape, North America underground truck industry is anticipated to acquire promising returns in the forthcoming years, primarily due to rising metal mining and exploration activities. Meanwhile, the Asia-Pacific market is set to register a remunerative growth rate through 2026. Booming mining activities in India, Australia, and China along with rising number of reserves of graphite, gold, oil, manganese, and coal are favoring the market scenario in APAC.
MoAZ-Vostok LLC, Getman Corp., Bell Equipment Ltd., MacLean Engineering & Marketing Co. Ltd., DUX Machinery Corp., KGHM ZANAM S.A., GHH Fahrzeuge GmbH, Caterpillar Inc., Sandvik AB, and Atlas Copco are the major contenders in global underground truck industry.