Electric Drive Mining Truck Market Report 2022: Increasing Mining Activities Fuel 5.5% Annual Growth
Dublin, March 10, 2023 (GLOBE NEWSWIRE) -- The "Electric Drive Mining Truck Market by Type, Size: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Electric Drive Mining Truck Market is expected to experience a significant growth rate of 5.5% from 2022 to 2031, owing to rise in mining activities across different countries.
The key factors driving the growth of the electric drive mining market include increase in mining activities, increase in demand of raw materials and reduced cost of EV batteries leads to higher green vehicle adoption rate which creates a wider scope for the growth of the market across the globe.
For instance, in October 2022, a lithium mine with the capacity to supply 700,000 electric car batteries per year was expected to open in France. The massive mining project launched by French minerals company, Imerys will operate on the site of the Beauvoir kaolin quarry in Central France. The site contains 1 million tons of lithium.
Moreover, the market also offers growth opportunities to the key players operating in the market due to factors such as shift of manufacturing industries toward clean and efficient electric vehicles and development of autonomous trucks, which creates a wider scope for the growth of the market across the globe.
For instance, in April 2022, Chilean copper mining group Codelco announced that the company is making steady progress with autonomous haulage implementation of four autonomous 363 t 797F trucks. The command for hauling system has been implemented at the Ministro Hales copper mine through collaboration between Codelco, Caterpillar, and Chilean Finning.
Also, Scania and Rio Tinto are developing agile autonomous haul trucks at a mine in Western Australia's Pilbara region to pursue potential environmental and productivity benefits. Such development may further help in growing demand for the electric drive mining truck market across the globe. Similarly, in January 2019, ABB Ltd. launched the ability smart sensor for measuring the condition of mounted bearings to avoid the downtime in mining during material handling.
However, the market is affected by numerous restraining factors such as high manufacturing cost and surge in environmental laws as well as protests against the mining industry, which hampers the growth of the market across the globe. According to the International Labor Office (ILO), small-scale mining is growing quickly and often uncontrollably in several developing countries, employing large number of women and children in dangerous conditions and generating a workplace fatality rate up to 90 times higher than mines in industrialized countries.
The increase in mining activities around the world also attracts some opposition. For instance, in January 2022, the environmental protests in Serbia led the government to revoke the licenses for permits of the lithium mine of Rio Tinto, which is Europe's biggest lithium project. Furthermore, several countries are making stringent laws against the mining industry. The increasing environmental law and protests against the mining industry is expected to restrain the electric drive mining truck market.
Key Market Segments
Small (90-150 Metric Tons)
Medium (151-250 Metric Tons)
Large (251-350 Metric Tons)
Ultra (Above 351 Metric Tons)
Rest of Europe
Rest of Asia-Pacific
Key Market Players
Kuhn Schweiz AG
Epiroc Mining India Limited
Key Market Insights
By type, the rear dump segment was the highest revenue contributor to the market, and is estimated to reach $543.3 million by 2031, with a CAGR of 5.7%. However, the others segment is estimated to be the fastest growing segment with a CAGR of 6.3% during the forecast period.
By size, the large (251-350 Metric Tons) segment was the highest revenue contributor to the market, and is estimated to reach $269.8 million by 2031, with a CAGR of 6.2%.
By region, Asia-Pacific was the highest revenue contributor, accounting for $193.4 million in 2021, and is estimated to reach $292.6 million by 2031, with a CAGR of 4.4% from 2022 to 2031.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC DRIVE MINING TRUCK MARKET, BY TYPE
CHAPTER 5: ELECTRIC DRIVE MINING TRUCK MARKET, BY SIZE
CHAPTER 6: ELECTRIC DRIVE MINING TRUCK MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Kuhn Schweiz AG
Epiroc Mining India Limited
For more information about this report visit https://www.researchandmarkets.com/r/nfb6u1
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