Pune, April 06, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Automotive and Transportation market research firm has published a competitive intelligence market research report on the “Electric Drive Mining Truck Market. The Electric Drive Mining Truck Market size was valued at USD 392.2 Mn in 2021. The total Electric Drive Mining Truck Market revenue is expected to grow at a CAGR of 26.5 percent from 2022 to 2029, reaching USD 2571.77 Mn during the forecast period.
| Market Size in 2021 | USD 392.2 Mn |
| Market Size in 2029 | USD 2571.77 Mn |
| CAGR | 26.5 per cent (2022-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 278 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | By Type, Size |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Electric Drive Mining Truck Market Scope and Research Methodology
The Electric Drive Mining Truck Market research report covers technology, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry. The report includes drivers, opportunities and restraints affecting the global market. It covers the impact of these drivers, trends and restraints on the demand of the market during the forecast period. The report also highlights opportunities in the market at the global level. Regional analysis of the Electric Drive Mining Truck Market is conducted at the country, regional and global levels.
The report covers the Electric Drive Mining Truck Market strategies followed by major players with their strategies and investment plans. The primary and secondary research method was used to collect the data from the Electric Drive Mining Truck Market. Key players are identified through secondary research. Secondary research was used to collect information for the extensive, market-oriented, and commercial analysis of the Market.
Electric Drive Mining Truck Market Overview
Electrically driven mining trucks are automated vehicles used for both on-road and off-road transportation, and they have a wide range of applications in mining and construction. These vehicles are used at refineries and disposal sites. Mining truck demand is expected to grow as mining activity increases owing to the continuing need for minerals and ores, which are required for various industries and infrastructure project development. More trained human resources are required in the worldwide mining industry. Moreover, 2021 was a year of transition in which mining operations resumed their recovery phase, displaying enormous development potential.
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Electric Drive Mining Truck Market Dynamics
The Electric Drive Mining Truck Market has seen significant advancements in recent years, thanks to manufacturers investing significant sums in developing electric mining trucks with zero or low tailpipe emissions, which includes the fuel efficiency standard. Key autonomous mining truck market trends include the expansion of the mining sector and the growing need for metals. The establishment of new mining operations, particularly in difficult terrain, is expected to increase demand for Electric Drive Mining Truck Market over the forecast period.
Asia-Pacific region is expected to fuel the Electric Drive Mining Truck Market growth
Asia-Pacific region is expected to dominate to regional Electric Drive Mining Truck Market during the forecast period. The development of mining operations in countries such as China, India, Japan, and Australia is driving the growth of the Asia-Pacific Electric Drive Mining Truck Market.
Increasing mineral demand, lower-grade mineral finds in remote places, and scarcity of trained labour are contributing to Asia Pacific's growing use of autonomous technology in haul trucks. The need for naturally occurring minerals is increasing across a wide range of sectors, pushing up mining operations for the extraction of solid minerals and emphasizing the usage of cutting-edge mining equipment, hence resulting in the increase in the electric drive mining truck market size in Asia Pacific.
Electric Drive Mining Truck Market Segmentation
By Type:
- Rear Dump
- Bottom Dump
- Other
Based on Type, the Rear Dump is expected to dominate the Electric Drive Mining Truck Market during the forecast period. Mining Rear Dump Trucks are used to transport rocks and debris during the mining process. These unusual stones and bits are delivered to end-user sites, fuelling the electric drive mining truck business.
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By Size:
- Small (90-150 Metric Tons)
- Medium (151-250 Metric Tons)
- Large (251-350 Metric Tons)
- Ultra (Above 351 Metric Tons)
Based on Size, the large (251-350 metric tons) segment is expected to dominate the Electric Drive Mining Truck Market. Large (251-350 metric tons) is widely used to manufacture electric drive mining trucks to sustain battery capacity for long time.
Electric Drive Mining Truck Market Key Players Include:
- Terex Corporation
- Hitachi, Ltd.
- OJSC BELAZ
- XCMG Group
- BEML Limited
- Caterpillar Inc.
- Komatsu Ltd.
- Kuhn Schweiz AG
- Voltas Ltd.
- Epiroc Mining India Limited
- Volvo
- BelAZ
- BEML
- Voltas
- Kress
- Xiangtan Electric Manufacturing
Key questions answered in the Electric Drive Mining Truck Market are:
- What is Electric Drive Mining Truck?
- What was the Electric Drive Mining Truck Market size in 2021?
- What is the expected Electric Drive Mining Truck Market size by 2029?
- What is the growth rate of the Electric Drive Mining Truck Market?
- Which are the factors expected to drive the Electric Drive Mining Truck Market growth?
- Which factors are expected to restrain the Electric Drive Mining Truck Market growth?
- Which segment dominated the Electric Drive Mining Truck Market growth?
- What is the demand pattern for the Electric Drive Mining Truck Market?
- Which region held the largest share in the Electric Drive Mining Truck Market?
- Who are the key players in the Electric Drive Mining Truck Market?
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Key Offerings:
- Past Market Size and Market Competitiveness (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Challenges and Key Trends by region
- Market Segmentation – A detailed analysis by Type and Size
- Type Competitive Landscape –A detailed scenario of the competitive environment in the global market
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region based on product Portfolio, End-Users, Revenues, Manufacturing Locations, etc.
- Market Consolidations – Mergers, Acquisitions, Joint Ventures, Partnerships.
- Company Profiles – Business Overview, Financial Overview, Business Strategy, SWOT Analysis, Recent Development.
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Key Takeaways
- Industry Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
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Autonomous Truck Market: The Autonomous Truck Market size was valued at USD 2.1 Bn. in 2021 and the total revenue is expected to grow by 17 % from 2022 to 2029, reaching USD 7.37 Bn. Rising awareness about the benefits of advanced technology such as ADAS systems in their vehicles across the globe.
Pick-Up Truck Market: Pick-Up Truck Market size was valued at USD 178.60 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 3.9 percent through 2022 to 2029, reaching USD 242.55 Bn. The growing demand for enhanced comfort and multi-purpose utility vehicles among the population.
Connected Truck Market: The Connected Truck Market size was valued at USD 25.08 Bn. in 2022 and the total revenue is expected to grow by 16.7 percent from 2022 to 2029, reaching USD 73.95 Bn. The market is driven by the need for improvement in fleet operations and vehicle performance.
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