Mining Truck Market To Reach USD 38.4 Billion By 2032, Says DataHorizzon Research

The mining truck market size was valued at USD 26.5 Billion in 2023 and is expected to reach a market size of USD 38.4 Billion by 2032 at a CAGR of 4.2%.

Fort Collins, Colorado, May 08, 2024 (GLOBE NEWSWIRE) —

Rising urbanization and excavation activities drive the mining trucks market

The mining truck market is experiencing a notable upsurge in demand, primarily propelled by rising exploration and extraction activities worldwide. As economies undergo development and urbanization, the demand for essential raw materials like coal, iron ore, and precious metals has surged. According to the United States Geological Survey (USGS), global iron ore production soared to 2.7 billion metric tons in 2021, underscoring the heightened requirement for mining equipment. Furthermore, infrastructure development initiatives, particularly in emerging economies, fuel the need for efficient transportation of mined materials, amplifying the demand for mining trucks.

Another pivotal driving factor is the mining industry’s emphasis on operational efficiency and productivity. Advanced mining trucks outfitted with expanded hauling capacities, enhanced fuel efficiency, and superior safety systems are increasingly being embraced to optimize mining operations. The U.S. Energy Information Administration (EIA) highlights that the mining sector accounts for roughly 10% of total energy consumption in the United States, underscoring the significance of energy-efficient mining equipment.

Request Sample Report: 

https://bit.ly/3QDn2wN

Segmentation Overview:

The mining truck market has been segmented into type, capacity, drive, application, and region.

Rear dump mining trucks registered a significant market share in 2023

  • Based on the market segmentation by type, the rear dump segment held the largest market share in the mining truck market by type. Rear dump mining trucks are widely preferred due to their ability to transport large volumes of materials efficiently and their suitability for various mining operations.

The coal mining segment contributed a significant share in 2023.

Based on the market segmentation by application, the coal mining segment dominated the mining truck market by application in 2023. The sustained demand for coal as a primary energy source, particularly in developing economies with rapidly growing industrial sectors, has driven the need for efficient mining equipment, including mining trucks. 

Ask For Discount 

https://bit.ly/3WB3JYL

Mining Truck Market Report Highlights:

  • The mining truck market growth is anticipated at a CAGR of 4.2% by 2032.
  • The rise in excavation activities worldwide drives industry growth.
  • The Asia-Pacific region is expected to experience the fastest growth in the mining truck market in the near future.
  • Some prominent players in the mining truck market report include Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Liebherr Group, Volvo Group, Belaz, Terex Corporation, Scania AB, Ashok Leyland, and SANY Group. 

Looking Exclusively For Region/Country Specific Report? 

https://bit.ly/3WwYfhH

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

Contact:

Mail: sales@datahorizzonresearch.com

Ph: +1-970-672-0390

Website: https://datahorizzonresearch.com/

Follow Us: LinkedIn 

 

Recent Publications

Africa 4PL Logistics Market 2024 to 2032

EV Cables Market 2024 to 2032

Hydrogen Fuel Cell Vehicle Market 2024 to 2032

Vehicle Roadside Assistance Market 2024 to 2032

Used Car Market 2024 to 2032

CONTACT: Mail: sales@datahorizzonresearch.com Ph: +1-970-672-0390 Website: https://www.datahorizzonresearch.com 

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy