Global Mining Truck Market Expected to Grow 5% as Electric Vehicles Take Hold

A new report from Technavio forecast the global mining truck market to grow at a CAGR of close to 5%.

Here’s what’s at play: The rising use of electric vehicles (EVs) is one of the major trends being witnessed in the global mining truck market 2018-2022. The demand and popularity of electric vehicles is growing rapidly worldwide.

As the entry of several companies that manufacture EVs has reduced their cost, the use of EVs is increasing and several companies have also started manufacturing electric trucks. The use of electric trucks improves the efficiency and reduce the emission of GHG of mining operations. Thus, the rising use of EVs will fuel the growth of the market.

According to Technavio analysts, one of the key factors contributing to the growth of the global mining truck market is the rising adoption of automation:

Global mining truck market: Rising adoption of automation

Many companies in the market are automating their mining operations to improve productivity and reduce the number of accidents. The vendors are also making significant investments to offer automated solutions. Several leading vendors have launched different autonomous haulage systems. For instance, in 2016, Komatsu launched 830E and 930E Autonomous Haulage Vehicles. They are also equipping their trucks with technologies such as perception technology, global positioning systems (GPS), onboard intelligence, and sensors such as radars and lasers. Thus, the rising adoption of automation is expected to trigger the growth of the market.

According to a senior analyst at Technavio, “With the recovery of commodity prices and the cost-cutting measures of mining companies, the global mining industry is strongly recovering from the financial crisis of 2008. In addition, the investments in mining activities are also increasing across the world. This is expected to fuel the growth of the global mining truck market during the forecast period.”

Global mining truck market: Segmentation analysis

The APAC region held the largest share of the market in 2017, accounting for more than 55% share, followed by the Americas and EMEA respectively. The APAC region is likely to continue dominating the market during the forecast period with the highest incremental growth.

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