Mining Truck Market CAGR : Repository of Analysis and Information for Every Facet of the Industry by 2023
The growing mining industry is expected to increase the utilization rate of mining trucks across the globe. Furthermore, increasing industrialization is also likely to propel an additional demand for mining trucks worldwide. Increased need for mined minerals and metals is anticipated to fuel an additional global demand for the mining trucks. Furthermore, growing wealth in emerging markets across the world are key factors of growth for mined minerals and metals such as diamond.
Increased consumption of lead in the battery and increased number of end-user applications in bullets, lead-acid batteries and as a radiation shield is likely to increase growth in the lead mining market. Increasing use of coal as an energy source in steel, cement and power sector. The above mentioned industries use mining trucks for transportation of loosened rocks on technological haul roads at open-pit mining sites. Thus, a growth in the mining industry is likely to result in a significant growth in the global mining truck market. Moreover, increased need for energy is expected to augment the global demand for mining truck market.
Mining trucks, also known to as a haul truck, are rigid dump trucks engineered for their use in off-road and off-highway conditions. Innovative design and technology allows the market players to avoid production delays due to slippery roads. This truck is specifically engineered for the use in heavy-duty construction and high-production mining environments. The global mining truck market can be segmented on the basis of their payload capacity, product type, drive options, and number of axles. On the basis of payload capacity, the global mining truck market can be segmented as 90-110 metric tons, 127-150 metric tons, 154-190 metric tons, 218-255 metric tons, 290 metric tons, and 308-363. However, several market players are continually developing their product to increase payload capacity. OJSC Belaz in 2013 launched world’s largest mining truck with a payload capacity of 450 metric tons.
The global mining truck market on the basis of product type can be segmented as bottom dump, rear dump, lube, tow, water and others. The mining dump trucks are large bottom dump truck or rear dump truck which transport or haul large amount of materials. The choice of the type and size of mining dump truck would depend upon numerous factors including size of mine, type of mine, mined minerals, excavation machinery available, and capital investable or invested. This type of dump truck is mostly suited for open-cut operations or open-pit mining. On the contrary, smaller articulated trucks are mostly used for underground mining. Bottom dump trucks discharges mined material below the machine. This type of truck is mostly used for coal transportation to dump stations. They are designed to allow the coal to fall below the truck into a crusher or hooper.
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On the basis of drive options, the global mining truck market can be segmented as a mechanical or electrical drive. The market on the basis of the number of axles can be given as 2, 3, 4 or more axle trucks. Advances in transmission and drive trains in mechanical trucks are likely to boost demand for this market segment in the near future. Stringent production standards set by mining companies to meet the unprecedented demand for materials mined, various equipment manufacturers are laying emphasis on building larger and efficient trucks to suit unique challenges and environment.
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The need for efficient and smooth transfer of large quantity mined material is likely to play an important role in the growth of this market. Technological advances by the market players, such as Autonomous Haulage System (AHS) by Komatsu, are anticipated to provide ample growth opportunities in the global mining truck market. The market is likely to grow at a significant rate in the future. Product development by various market players such as Komatsu, Hitachi, Belaz and Terex is likely to boost growth across all the regions.
Some of the key players in the global mining trucks market include BAS Mining Trucks, Caterpillar, Inc., European Truck Factory GmbH, H-E Parts International, LLC, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, OJSC Belaz, Terex Corporation, and The Parker Bay Company.
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