Market Snapshot:
The Mining truck is a specialized truck in the mining industry, with a huge dump body, gigantic wheels and several tons capacity with weight over 500 tons. Which is specifically engineered for high- production mining and heavy-duty construction, used for transporting construction equipment. Increase the development of mining truck technology across the globe with growing mined minerals, increasing the use of coal, with an increasing need for energy. The global mining truck mostly used for underground mining especially for coal transportation to dump stations.The research analyst at AMA estimates Mining Truck market to grow at a compounded annual growth rate of 4.8%
Segment Analysis
AMA Research have segmented the market of Global Mining Truck market by Type, Application and Region. On the basis of Type, 90 - 150 Tons are dominating the market in the year 2020
On the basis of geography, the market of Mining Truck has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia pacific region held largest market share in the year 2020. North America, EMEA on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Rising Use of Electric Vehicle, Advanced Aerodynamics Designed and Safety Technology
Market Drivers
Increasing Industrialization and Smart Equipment Mining Demand
Opportunities
Mining Manufactures Are Investing In Autonomous Trucks, Drills and Dozers
In addition to the aforementioned factor, Increasing Industrialization
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
For instance, in Mar 2018, Liebherr established a new facility in France. It would provide sales, rental, and service of earthmoving, material handling, and construction machines. New product development, which provides a competitive edge in the market, was another major strategy adopted by industry players. Additionally, in Nov 2018, Volvo construction has launched rigid haulers. The range consists of four machines, starting at the 45-ton r45d and extending up to 100-ton r100e.
The key Vendors profiled in the study are BAS Mining Trucks (Europe), Caterpillar (United States), European Truck Factory GmbH, H-E Parts International (United States), Hitachi Construction Machinery Co. (Japan), Komatsu Ltd. (Japan), Liebherr (United States), OJSC Belaz (Belarus), Terex Corporation (United States) and The Parker Bay Company (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.