Mining Vehicle Market Report 2024 (Global Edition)

Global Mining Vehicle Market Report 2024 Market Size Split by Type (Deep Sea Mining Vehicle , Amphibious Mining Truck), by Application (Ship , Port , Deep Sea , Other), by Propulsion

Mining Vehicle Market Report Description

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Competitive Landscape of the Mining Vehicle Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge products, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Mining Vehicle Industry News

In September 2020, Heavy Engineering Corporation Limited (HEC) and BEML inked a memorandum of understanding (MoU) to work together on producing and selling mining equipment, which includes mining trucks. The goal of the partnership was to increase each company's market share in the mining equipment industry by utilizing their respective capabilities.

(Source: https://alumni.bemlindia.in/Writereaddata/News/30072018.pdf)

In August 2020, Nors Group, a top supplier of machinery, technology, and services to the Nordic mining, forestry, and infrastructure sectors, and Caterpillar announced plans to form a strategic cooperation. The purpose of this partnership was to improve client service and grow the area's distribution system.

(Source: https://www.caterpillar.com/en/news/caterpillarNews/2021/newmont-zero-emissions-mining.html)

Top Companies Market Share in Mining Vehicle Industry: (In no particular order of Rank)

• BEML Limited
• Bryan Industries Pty Ltd
• Caterpillar Inc.
• CNH Industrial N.V.
• Deere & Company
• Doosan Corporation
• Hitachi Construction Machinery Co. Ltd.
• Komatsu Ltd.
• Kress Corporation
• OJSC BelAZ
• Sany Group Co. Ltd.
• Voltas Limited
• Volvo Group
• XCMG Group
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Mining Vehicle

Which Region will dominate the Mining Vehicle Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. Some of the biggest mining operations in the world, especially in the US and Canada, are located in this region. Coal, iron ore, gold, copper, and other minerals are extracted at these mining operations. Because of the volume of mining activity in this area, there is a strong demand for dependable and efficient products. In addition, North America is at the forefront of technological development, which is promoting the use of electric and autonomous mining trucks to increase output and lessen their negative effects on the environment. Furthermore, this region's desire for cutting-edge mining truck technologies is fueled by strict safety laws and an emphasis on sustainable mining operations.

Which is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase in sales. The swift expansion of infrastructure and industrialization in nations like Australia, Indonesia, China, and India. The need for large trucks to transport coal, iron, copper, aluminum, and other commodities is fueled by the fact that these nations are significant producers and consumers of a wide range of minerals and metals. The demand for raw materials is further increased by the expansion of the region's industrial, construction, and automotive sectors, making effective raw material delivery with these trucks necessary. The market in this region is anticipated to expand significantly as Asian nations continue to upgrade their mining operations and invest in mining projects.

The current report Scope analyzes Mining Vehicle Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Mining Vehicle Market

According to Cognitive Market Research, the global Mining vehicle market size was estimated at USD 196251.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 78500.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. Urbanization and the world's expanding population are increasing demand for metals and minerals, which is stimulating the mining industry in North America. New and inventive mining vehicles are becoming more and more necessary as a result of increased funding from public and commercial entities for mining projects in North America. In an effort to increase efficiency, production, and safety, mining corporations are progressively implementing automation technologies like machine learning and artificial intelligence. This is driving the need for autonomous mining vehicles.

• According to Cognitive Market Research, the US had a major share in the mining vehicle market, with a market size of USD 61936.88 million in 2024. The market is projected to grow at a CAGR of 4.0% during the forecast period. The US government is investing in infrastructure projects, which will require a significant amount of mined materials. This is expected to boost demand for mining vehicles.
• The Canadian mining vehicle market had a market share of USD 9420.06 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. One of the key trends in the Canadian mining vehicle market is the adoption of electric vehicles (EVs).
• The Mexico Mining vehicle market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 7143.54 million in 2024.

 

Europe Mining Vehicle Market

According to Cognitive Market Research, with a market value of USD 196251.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 58875.36 million. The demand for mining equipment is being driven by Europe's reliance on different metals and minerals for industries, including consumer electronics, renewable energy, and construction. The goal of mining businesses' operations is to increase productivity and safety. The need for autonomous mining vehicles—which can function without the need for human drivers—and for cars with cutting-edge technologies that boost output is rising as a result of this. Environmental effects and emissions laws in Europe are getting more stringent. Because they emit less pollution than conventional diesel-powered vehicles, electric mining vehicles are being developed and adopted as a result of this.

• The United Kingdom Mining vehicle market had a market share of USD 9891.06 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. The UK government might introduce stricter regulations on emissions or safety standards, further propelling the adoption of advanced mining vehicles.
• The French mining vehicle market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 5416.53 million in 2024.
• According to Cognitive Market Research, the German mining vehicle market size was valued at USD 11657.32 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. Germany is a major player in adopting autonomous technologies across industries. This trend is impacting the mining sector as well, with a growing demand for autonomous mining vehicles like haul trucks.
• The Italy Mining vehicle market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 5063.28 million in 2024.
• The Russian mining vehicle market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 9125.68 million in 2024.
• The Spain Mining vehicle market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 4827.78 million in 2024.
• The Luxembourg Mining vehicle market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 1825.14 million in 2024.
• The Portugal Mining vehicle market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 1236.38 million in 2024.
• The Greece Mining vehicle market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 706.50 million in 2024.
• The rest of Europe's Mining vehicle market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 9125.68 million in 2024.

Asia Pacific Mining Vehicle Market

According to Cognitive Market Research, the global Mining vehicle market size was estimated at USD 196251.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 45137.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031. The demand for minerals like iron ore, coal, and copper is rising due to the region's huge and expanding population, which is found throughout the Asia Pacific. The construction of infrastructure, manufacturing, and other sectors depend on these minerals. In the Asia Pacific area, a large portion of the readily accessible mineral reserves have already been exhausted. Deep mining operations are increasing as a result, necessitating the use of specialist mining trucks. The mining industry is receiving assistance from numerous governments in the Asia Pacific area. This involves making tax benefits available, easing rules, and funding the construction of infrastructure.

• According to Cognitive Market Research, the China Mining vehicle market size was valued at USD 20312.00 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. The Chinese government is actively promoting the development of smart mining technologies, including autonomous vehicles.
• The Japan Mining vehicle market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 6229.01 million in 2024.
• The India Mining vehicle market had a market share of USD 5416.53 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. Indian mining companies are increasingly looking to adopt more efficient and safer technologies.
• The South Korean mining vehicle market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 4513.78 million in 2024.
• The Australian mining vehicle market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 2347.16 million in 2024.
• The Southeast Asia Mining vehicle market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 3114.51 million in 2024.
• The Rest of the Asia Pacific Mining vehicle market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 3204.78 million in 2024.

South America Mining Vehicle Market

According to Cognitive Market Research, the global Mining vehicle market size was estimated at USD 196251.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 9812.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. Copper, iron ore, lithium, gold, and other metals and minerals are among the many products produced in large quantities in Latin America. The need for mining vehicles will increase along with the world's demand for these commodities. Latin American governments are beginning to understand the value of the mining industry to their economies. Consequently, they are making investments in the development of infrastructure and fostering a more hospitable regulatory climate for mining firms. Due to this, both domestic and foreign businesses are investing, which is creating new mines and enabling the expansion of already-existing ones.

• According to Cognitive Market Research, the Brazil Mining vehicle market size was valued at USD 4199.78 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Brazil's mining vehicle market is poised for growth due to the electrification trend, rising demand for minerals, and a focus on sustainable mining practices.
• The Argentina Mining vehicle market had a market share of USD 1648.51 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Argentina has a rich endowment of minerals like lithium, copper, gold, and silver. Growing global demand for these minerals is expected to fuel expansion in the mining sector, leading to a need for more mining vehicles.
• The Colombia Mining vehicle market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 873.32 million in 2024.
• The Peru Mining vehicle market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 804.63 million in 2024.
• The Chile Mining vehicle market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 706.50 million in 2024.
• The Rest of the Latin America Mining vehicle market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 1579.82 million in 2024.

Middle East and Africa Mining Vehicle Market

According to Cognitive Market Research, the global Mining vehicle market size was estimated at USD 196251.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 3925.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. Natural resource deposits are abundant in the Middle East and Africa (MEA) region; Saudi Arabia, South Africa, and Botswana, for example, have sizable reserves of gold, copper, and diamonds. The demand for dependable and effective mining vehicles rises as these sectors develop. The MEA region's governments are making significant investments in infrastructure development initiatives. Large amounts of raw materials are needed for this, which increases the need for mining equipment. There is a particular need for loaders, excavators, and utility vehicles that are appropriate for underground mining activities due to the increase in these operations. In addition, the need for heavy-duty haul trucks is growing due to the necessity of efficiently transporting extracted minerals.

• According to Cognitive Market Research, the GCC Countries Mining vehicle market size was valued at USD 1679.91 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Mining companies in the GCC are increasingly looking to adopt advanced technologies to improve efficiency, safety, and productivity.
• The Egypt Mining vehicle market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 412.13 million in 2024.
• The South African mining vehicle market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 620.15 million in 2024. South Africa has a well-established automotive manufacturing industry with a growing focus on producing mining equipment locally
• The Turkey Mining vehicle market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 337.55 million in 2024.
• The Nigeria Mining vehicle market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 412.13 million in 2024.
• The Rest of the MEA Mining vehicle market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 463.15 million in 2024.

Mining Vehicle Market Analysis

Mining Vehicle Type Segment Analysis

According to Cognitive Market Research, amphibious mining trucks held the major market share over the forecast period. The creation of amphibious mining trucks is one of the most intriguing developments in the mining vehicle industry. The fact that these vehicles can function both on land and in the water can be a huge benefit for mining operations that are close to bodies of water. For instance, ore from an island mine could be transported to a processing facility on the mainland using an amphibious mining truck.

Deep sea mining vehicles have been the fastest-growing category over the forecast period. Within the mining vehicle market as a whole, the deep sea mining vehicle market is a smaller but quickly expanding segment. Specialized robots called deep-sea mining vehicles are made to remove commodities and minerals from the ocean floor. As we search for new sources of metals and minerals to meet the escalating demand from our modern sectors, these vehicles are becoming more and more crucial.

• Deep Sea Mining Vehicle 
• Amphibious Mining Truck

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Mining Vehicle Industry. Request a Free Sample PDF!

Mining Vehicle Application Segment Analysis

According to Cognitive Market Research, ships hold a prominent market share. Ships are utilized to move extracted commodities from mines to processing facilities or ports for export, even though there is no direct link between mining vehicles and ships. Iron ore, coal, and bauxite are among the many dry goods that can be transported in bulk by dedicated bulk carrier vessels. These vessels, which are vital to the world's mining sector, are capable of carrying hundreds of thousands of tons of cargo.

The deep sea is the fastest-growing category over the forecast period. In the mining vehicle industry as a whole, the deep sea mining vehicle market is a niche segment that is projected to increase significantly in the upcoming years. The growing need for minerals like cobalt and lithium, which are used in batteries for electric cars and other electrical gadgets, is one of the many reasons for this. A common theory is that these essential minerals could be found in deep sea mineral reserves.

• Ship 
• Port 
• Deep Sea 
• Other

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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