Global Underground Mining Vehicles

Market 2024–2033
Underground Mining Vehicles Market Size, Trends
and Insights 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), and By Region - Global
Industry Overview, Statistical Data, Competitive
Analysis, Share, Outlook, and Forecast 2024–2033

Report Code: CMI39795

Published Date: January 2024
Pages: 320+
Category: Machinery & Equipment

 Product Description
 Table of Contents
 Methodology
 Key Players

Report Snapshot

CAGR: 5.6%
181B
2022
 194.11B
2023
312.12B
2032
Source: CMI

2024-
Study Period:
2033

Fastest Growing
Asia-Pacific
Market:

Largest Market: Europe

Major Players

 Komatsu
 McLean
 Normet
 Caterpillar Inc.
 Aramine
 Sandvik AB
 Others

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Reports Description
The Global Underground Mining Vehicles Market 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 vehicles are the machines and equipments are all-wheel drive
vehicles specifically designed for underground mining and are available in various
designs and loading capacities. Underground mining vehicles comprise various product
lines such as ground support, production equipment and utility vehicles.
These vehicles are used in the extraction, transportation, and processing of minerals,
metals, commodities and geological materials from the Earth’s surface.
Underground Mining Vehicles Market – Significant Growth Factors
Increasing Underground Mining Activities across the Globe
The increasing demand for various metals across the globe is propelling the demand for
underground mining vehicles. Increasing investment infrastructural development
initiatives, in many emerging economies such as China, India, South Africa and Brazil
are driving the demand for minerals such as iron ore, limestone, and copper and
aluminium, which in turn boosts the mining activities, thereby driving market growth.
For instance, the Indian government is preparing a new plan to triple the output from
underground coal mines by 2028, preparing to auction new blocks, accelerate
environmental clearance and roll out incentives to promote foreign investment and
domestic underground vehicle manufacturing.
Through this plan government of India is planning to increase the production from
underground mines to 100 million tonnes by 2028 to phase out imports. Such initiatives
and supportive government policies are expected to boost the demand for underground
mining equipment vehicles during the forecast period.
Increasing Power and Metals demand across the Globe
Electricity consumption across the globe is increasing rapidly owing to growing industrial
and commercial developments. Due to increasing development in many developed and
developing countries demand for energy resources such as coal, and metals is also
increasing, which in turn drives the demand for underground mining vehicles.
Industrial development requires massive amounts of thermal, electrical, renewable and
nuclear energy. These energies are developed by using raw materials and substances
from various mining resources, which in turn boosts the mining energy, thereby driving
the mining vehicles market.
For instance, total U.S. electricity consumption in 2022 was about 4.07 trillion kWh, the
highest amount recorded and 14 times greater than electricity use in 1950. Thus, such
increasing consumption of power is expected to drive the market during the forecast
period.
Market Restraints
Stringent regulations about underground mining are creating challenges for market
growth. Underground mining causes depletion of environmental resources, so to avoid it
many countries have implemented stringent regulations about underground mining,
which in turn halt the mining activities, thereby restraining market growth.
Furthermore, a high initial investment is required to purchase underground mining
vehicles. Operation and maintenance of underground mining vehicles require heavy
costs. Thus, such factors are restraining the market during the forecast period.
Less adaptation of underground mining vehicles in many underdeveloped countries,
and lack of universal directives about usage of underground mining vehicles are also
restraining the market growth.
However, a significant challenge to market growth is the elevated cost of mining
equipment due to technological advancements, higher fuel prices, and modern
machinery components.
Market Opportunities
Growing Usage of Electrical and Autonomous Mining Vehicles
The emphasis on vehicle electrification by automobile manufacturers is further
propelling mining equipment demand. Key players such as Komatsu, MacLean, and
Normet are offering electrical mining vehicles. These companies are increasing their
production capacities of electrical mining vehicles to meet the heightened demand for
various vehicle categories like bolters, trucks, scalers and other utility vehicles.
For instance, In May 2023, Toyota and Komatsu launched a joint project to develop an
autonomous light vehicle (ALV) that will run on Komatsu’s GPS enabled Autonomous
Haulage System (AHS).
The joint project seeks to alleviate one of the main drawbacks of AHS-enabled
autonomous haul trucks when they work alongside manual light vehicles. Thus, such
initiatives are expected to create lucrative opportunities for the market during the
forecast period.
Furthermore, constantly improving technologies in mining vehicles have recently gained
traction. The current high levels of investment in new technology recommend that for
large metal mining operations, there is a focus on long-term value.
In addition, new technologies will be integrated into mining vehicles for exploitation to
maximize production cost-effectively. Thus, constant innovations in underground
mining vehicles are expected to create lucrative for the market during the forecast
period.
Global Underground Mining Vehicles Market 2023–2032 (By Ownership)
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Underground Mining Vehicles Market Segmentation Analysis
The Global Underground Mining Vehicles market is segmented by vehicle type,
ownership and region. By vehicle type underground mining vehicle market is further sub
segmented into ground support vehicles, production equipment vehicles and utility
vehicles.
Among all of these ground support vehicles held the highest market share in 2022 and
are expected to keep their dominance during the forecast period. Ground support
vehicles include roof bolter scalers, shotcrete sprayers and shearers. The bolters
provide cutting-edge ground support solutions for almost any application such as coal
mining, metal mining and non- metallic mining.
By application, coal mining held the highest market share of 72.23% in 2022 and is
expected to keep its dominance during the forecast period. Increasing demand for
power and electricity is boosting coal mining across the globe, which in turn boosts the
demand for underground mining vehicles.
According to the report published by Centre for Research on Energy and Clean Air
(CREA), in China, more than 50GW of coal power capacity started in 2022, more than
50% more than the year before. In total, the coal power capacity starting construction in
China was six times larger than the rest of the world combined. Such factors are
expected to propel the demand for underground mining vehicles market during the
forecast period.
By ownership global underground mining vehicle market is segmented into OEM and
Aftermarket. The OEM segment held the highest market share in 2022 and is expected
to keep its dominance during the forecast period. The OEM is the original producer of
mining vehicle components.
Report Scope

Feature of the
Details
Report

Market Size in 2023 USD 194.11 Billion

 Projected Market Size in
USD 312.12 Billion
2032

Market Size in 2022 USD 181 Billion

CAGR Growth Rate 5.6% CAGR

Base Year 2023

Forecast Period 2024-2033

Key Segment By Vehicle Type, Ownership, Application and Region

Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and
Report Coverage
Recent Trends

Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America

Buying Options Request tailored purchasing options to fulfil your requirements for research.

Underground Mining Vehicles Market Regional Insight

By region, Underground Mining Vehicles market is segmented into Asia Pacific,
Europe, North America, Middle East & Africa and Latin America. Asia Pacific held the
highest market share of 40.00% in 2022 and is expected to keep its dominance during
the forecast period.
Factors such as increasing demand for metals such as iron, copper, and alloys in many
end use industries are expected to boost the mining activities in this region, thereby
driving the mining vehicles market.
Many emerging countries such as China, India, Japan, South Korea, Indonesia,
Singapore, Australia, New Zealand, Guinea, Papua and Vietnam are key contributors in
the growth of the market in this region.
North America held the second largest market share in 2022 and is expected to keep its
position during the forecast period owing to increasing demand for Underground Mining
Vehicles in the U.S. and Canada. Increasing investment in metals and minerals mining
in this region is mainly propelling the market growth of North America.
Furthermore, the increasing production of coal in Canada is expected to create
substantial opportunities for underground mining vehicles during the forecast period.
Europe held the third largest market share in 2022 and is expected to grow at a
significant CAGR during the forecast period. Major countries such as Germany, France,
Russia, Spain, the UK and the Netherlands are prominent consumers of underground
mining vehicles in this region. Middle East & Africa and Latin America region are
expected to grow at a steady growth rate during the forecast period.
 Global Underground Mining Vehicles Market 2023–2032 (By Billion)
www.custommarketinsight.com
Underground Mining Vehicles Market Competitive Landscape

 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
These key players are adopting various organic and inorganic growth strategies such as
mergers & acquisitions, joint ventures, expansion, strategic alliances, new product
launches, etc. to enhance their business operations and revenues.
Recent Developments in Market

 In Oct 2021, The Komatsu and Proterra Inc., a leading innovator in commercial
vehicle electrification technology made a collaboration to electrify next-generation
underground mining machines using Proterra’s battery technology. Through this
collaboration, Komatsu is enhancing and strengthening their mining vehicle
product portfolio.

 In Dec 2022, Komatsu acquired Gelsenkirchen, Germany-based GHH Group GmbH

(GHH), in a deal that will see it significantly expand its underground mining
equipment market share.
Global Underground Mining Vehicles Market 2023–2032 (By Application)
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 The Underground Mining Vehicles Market is segmented as follows:
By Vehicle Type

 Ground Support Vehicles

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

 OEM
 Aftermarket
By Application

 Coal Mining
 Metallic Mining
o Precious Metals Mining
o Non-Precious Metals Mining
o 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