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.
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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
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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.
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Mining Truck Market Report Highlights:
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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.
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This article was originally published by a finance.yahoo.com . Read the Original article here. .