Underground Mining Vehicles Market Size, Trends and Insights By Vehicle Type (Ground Support Vehicles, Roof Bolter Scalers, Shotcrete Sprayers, Shearers, Production Vehicles, LPDT, LHD, Underground Haulers, Scrapers, Dozers, Mining Drills, Continuous Miners, Mining Excavators, Shovels Others (Shaft Sinking Equipment, Feeder Breaker, etc.), Utility Vehicles, Scissor Lift, Personnel Carrier Truck, Boom Truck, Fuel Lube Trucks), By Ownership (OEM, Aftermarket), By Application (Coal Mining, Metallic Mining, Precious Metals Mining, Non-Precious Metals Mining, Non-Metallic, Minerals Mining), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI39795

Published Date: January 2024

Pages: 320+

Category: Machinery & Equipment

Report Snapshot

CAGR: 5.6%
181B
2022
194.11B
2023
312.12B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Komatsu
  • McLean
  • Normet
  • Caterpillar Inc.
  • Aramine
  • Sandvik AB
  • Others

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Reports Description

The Global Underground Mining Vehicles Market was valued at USD 194.11 Billion in 2023 and is expected to reach USD 312.12 Billion by 2032, at a CAGR of 5.6% during the forecast period 2023 – 2032.

Underground Mining vehicles are the machines and equipments are all-wheel drive vehicles specifically designed for underground mining and are available in various designs and loading capacities. Underground mining vehicles comprise various product lines such as ground support, production equipment and utility vehicles.

These vehicles are used in the extraction, transportation, and processing of minerals, metals, commodities and geological materials from the Earth’s surface.

Underground Mining Vehicles Market – Significant Growth Factors

Increasing Underground Mining Activities across the Globe

The increasing demand for various metals across the globe is propelling the demand for underground mining vehicles. Increasing investment infrastructural development initiatives, in many emerging economies such as China, India, South Africa and Brazil are driving the demand for minerals such as iron ore, limestone, and copper and aluminium, which in turn boosts the mining activities, thereby driving market growth.

For instance, the Indian government is preparing a new plan to triple the output from underground coal mines by 2028, preparing to auction new blocks, accelerate environmental clearance and roll out incentives to promote foreign investment and domestic underground vehicle manufacturing.

Through this plan government of India is planning to increase the production from underground mines to 100 million tonnes by 2028 to phase out imports. Such initiatives and supportive government policies are expected to boost the demand for underground mining equipment vehicles during the forecast period.

Increasing Power and Metals demand across the Globe

Electricity consumption across the globe is increasing rapidly owing to growing industrial and commercial developments. Due to increasing development in many developed and developing countries demand for energy resources such as coal, and metals is also increasing, which in turn drives the demand for underground mining vehicles.

Industrial development requires massive amounts of thermal, electrical, renewable and nuclear energy. These energies are developed by using raw materials and substances from various mining resources, which in turn boosts the mining energy, thereby driving the mining vehicles market.

For instance, total U.S. electricity consumption in 2022 was about 4.07 trillion kWh, the highest amount recorded and 14 times greater than electricity use in 1950. Thus, such increasing consumption of power is expected to drive the market during the forecast period.

Market Restraints

Stringent regulations about underground mining are creating challenges for market growth. Underground mining causes depletion of environmental resources, so to avoid it many countries have implemented stringent regulations about underground mining, which in turn halt the mining activities, thereby restraining market growth.

Furthermore, a high initial investment is required to purchase underground mining vehicles. Operation and maintenance of underground mining vehicles require heavy costs. Thus, such factors are restraining the market during the forecast period.

Less adaptation of underground mining vehicles in many underdeveloped countries, and lack of universal directives about usage of underground mining vehicles are also restraining the market growth.

However, a significant challenge to market growth is the elevated cost of mining equipment due to technological advancements, higher fuel prices, and modern machinery components.

Market Opportunities

Growing Usage of Electrical and Autonomous Mining Vehicles

The emphasis on vehicle electrification by automobile manufacturers is further propelling mining equipment demand. Key players such as Komatsu, MacLean, and Normet are offering electrical mining vehicles. These companies are increasing their production capacities of electrical mining vehicles to meet the heightened demand for various vehicle categories like bolters, trucks, scalers and other utility vehicles.

For instance, In May 2023, Toyota and Komatsu launched a joint project to develop an autonomous light vehicle (ALV) that will run on Komatsu’s GPS enabled Autonomous Haulage System (AHS).

The joint project seeks to alleviate one of the main drawbacks of AHS-enabled autonomous haul trucks when they work alongside manual light vehicles. Thus, such initiatives are expected to create lucrative opportunities for the market during the forecast period.

Furthermore, constantly improving technologies in mining vehicles have recently gained traction. The current high levels of investment in new technology recommend that for large metal mining operations, there is a focus on long-term value.

In addition, new technologies will be integrated into mining vehicles for exploitation to maximize production cost-effectively.  Thus, constant innovations in underground mining vehicles are expected to create lucrative for the market during the forecast period.

Global Underground Mining Vehicles Market 2023–2032 (By Ownership)

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Underground Mining Vehicles Market Segmentation Analysis

The Global Underground Mining Vehicles market is segmented by vehicle type, ownership and region. By vehicle type underground mining vehicle market is further sub segmented into ground support vehicles, production equipment vehicles and utility vehicles.

Among all of these ground support vehicles held the highest market share in 2022 and are expected to keep their dominance during the forecast period. Ground support vehicles include roof bolter scalers, shotcrete sprayers and shearers. The bolters provide cutting-edge ground support solutions for almost any application such as coal mining, metal mining and non- metallic mining.

By application, coal mining held the highest market share of 72.23% in 2022 and is expected to keep its dominance during the forecast period. Increasing demand for power and electricity is boosting coal mining across the globe, which in turn boosts the demand for underground mining vehicles.

According to the report published by Centre for Research on Energy and Clean Air (CREA), in China, more than 50GW of coal power capacity started in 2022, more than 50% more than the year before. In total, the coal power capacity starting construction in China was six times larger than the rest of the world combined. Such factors are expected to propel the demand for underground mining vehicles market during the forecast period.

By ownership global underground mining vehicle market is segmented into OEM and Aftermarket. The OEM segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period. The OEM is the original producer of mining vehicle components.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 194.11 Billion
Projected Market Size in 2032 USD 312.12 Billion
Market Size in 2022 USD 181 Billion
CAGR Growth Rate 5.6% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Vehicle Type, Ownership, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Underground Mining Vehicles Market Regional Insight

By region, Underground Mining Vehicles market is segmented into Asia Pacific, Europe, North America, Middle East & Africa and Latin America. Asia Pacific held the highest market share of 40.00% in 2022 and is expected to keep its dominance during the forecast period.

Factors such as increasing demand for metals such as iron, copper, and alloys in many end use industries are expected to boost the mining activities in this region, thereby driving the mining vehicles market.

Many emerging countries such as China, India, Japan, South Korea, Indonesia, Singapore, Australia, New Zealand, Guinea, Papua and Vietnam are key contributors in the growth of the market in this region.

North America held the second largest market share in 2022 and is expected to keep its position during the forecast period owing to increasing demand for Underground Mining Vehicles in the U.S. and Canada. Increasing investment in metals and minerals mining in this region is mainly propelling the market growth of North America.

Furthermore, the increasing production of coal in Canada is expected to create substantial opportunities for underground mining vehicles during the forecast period.

Europe held the third largest market share in 2022 and is expected to grow at a significant CAGR during the forecast period. Major countries such as Germany, France, Russia, Spain, the UK and the Netherlands are prominent consumers of underground mining vehicles in this region.  Middle East & Africa and Latin America region are expected to grow at a steady growth rate during the forecast period.

Global Underground Mining Vehicles Market 2023–2032 (By Billion)

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Underground Mining Vehicles Market Competitive Landscape

  • Komatsu
  • McLean
  • Normet
  • Caterpillar Inc.
  • Aramine
  • Sandvik AB
  • Epiroc AB
  • Komatsu Ltd.
  • Boart Longyear Ltd.
  • Hitachi Construction Machinery
  • Liebherr Group
  • Sany Heavy Industry Co. Ltd.
  • Damascus Corporation
  • Classic Motors
  • MINECAT
  • Marcotte Minning
  • NPK
  • Artisan
  • Paus
  • Getman Corporation
  • BKT Tires
  • Mining Technology
  • Fermel
  • Others

These key players are adopting various organic and inorganic growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

Recent Developments in Market

  • In Oct 2021, The Komatsu and Proterra Inc., a leading innovator in commercial vehicle electrification technology made a collaboration to electrify next-generation underground mining machines using Proterra’s battery technology. Through this collaboration, Komatsu is enhancing and strengthening their mining vehicle product portfolio.
  • In Dec 2022, Komatsu acquired Gelsenkirchen, Germany-based GHH Group GmbH (GHH), in a deal that will see it significantly expand its underground mining equipment market share.

Global Underground Mining Vehicles Market 2023–2032 (By Application)

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The Underground Mining Vehicles Market is segmented as follows:

By Vehicle Type

  • Ground Support Vehicles
    • Roof Bolter Scalers
    • Shotcrete Sprayers
    • Shearers
  • Production Vehicles
    • LPDT
    • LHD
    • Underground Haulers
    • Scrapers
    • Dozers
    • Mining Drills
    • Continuous Miners
    • Mining Excavators
    • Shovels Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
  • Utility Vehicles
    • Scissor Lift
    • Personnel Carrier Truck
    • Boom Truck
    • Fuel Lube Trucks

By Ownership

  • OEM
  • Aftermarket

By Application

  • Coal Mining
  • Metallic Mining
    • Precious Metals Mining
    • Non-Precious Metals Mining
    • Non-Metallic
  • Minerals Mining

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Underground Mining Vehicles Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Underground Mining Vehicles Market: snapshot
  • Chapter 3. Global Underground Mining Vehicles Market – Industry Analysis
    • 3.1 Underground Mining Vehicles Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing Underground Mining Activities across the Globe
      • 3.2.2 Increasing Power and Metals Demand across the Globe
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Vehicle Type
      • 3.7.2 Market Attractiveness Analysis By Ownership
      • 3.7.3 Market Attractiveness Analysis By Application
  • Chapter 4. Global Underground Mining Vehicles Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Underground Mining Vehicles Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Underground Mining Vehicles Market – Vehicle Type Analysis
    • 5.1 Global Underground Mining Vehicles Market Overview: By Vehicle Type
      • 5.1.1 Global Underground Mining Vehicles Market Share, By Vehicle Type, 2022 and 2032
    • 5.2 Ground Support Vehicles
      • 5.2.1 Global Underground Mining Vehicles Market by Ground Support Vehicles, 2023 – 2032 (USD Billion)
    • 5.3 Roof Bolter Scalers
      • 5.3.1 Global Underground Mining Vehicles Market by Roof Bolter Scalers, 2023 – 2032 (USD Billion)
    • 5.4 Shotcrete Sprayers
      • 5.4.1 Global Underground Mining Vehicles Market by Shotcrete Sprayers, 2023 – 2032 (USD Billion)
    • 5.5 Shearers
      • 5.5.1 Global Underground Mining Vehicles Market by Shearers, 2023 – 2032 (USD Billion)
    • 5.6 Production Vehicles
      • 5.6.1 Global Underground Mining Vehicles Market by Production Vehicles, 2023 – 2032 (USD Billion)
    • 5.7 LPDT
      • 5.7.1 Global Underground Mining Vehicles Market by LPDT, 2023 – 2032 (USD Billion)
    • 5.8 LHD
      • 5.8.1 Global Underground Mining Vehicles Market by LHD, 2023 – 2032 (USD Billion)
    • 5.9 Underground Haulers
      • 5.9.1 Global Underground Mining Vehicles Market by Underground Haulers, 2023 – 2032 (USD Billion)
    • 5.10 Scrapers
      • 5.10.1 Global Underground Mining Vehicles Market by Scrapers, 2023 – 2032 (USD Billion)
    • 5.11 Dozers
      • 5.11.1 Global Underground Mining Vehicles Market by Dozers, 2023 – 2032 (USD Billion)
    • 5.12 Mining Drills
      • 5.12.1 Global Underground Mining Vehicles Market by Mining Drills, 2023 – 2032 (USD Billion)
    • 5.13 Continuous Miners
      • 5.13.1 Global Underground Mining Vehicles Market by Continuous Miners, 2023 – 2032 (USD Billion)
    • 5.14 Mining Excavators
      • 5.14.1 Global Underground Mining Vehicles Market by Mining Excavators, 2023 – 2032 (USD Billion)
    • 5.15 Shovels Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
      • 5.15.1 Global Underground Mining Vehicles Market by Shovels Others (Shaft Sinking Equipment, Feeder Breaker, etc.), 2023 – 2032 (USD Billion)
    • 5.16 Utility Vehicles
      • 5.16.1 Global Underground Mining Vehicles Market by Utility Vehicles, 2023 – 2032 (USD Billion)
    • 5.17 Scissor Lift
      • 5.17.1 Global Underground Mining Vehicles Market by Scissor Lift, 2023 – 2032 (USD Billion)
    • 5.18 Personnel Carrier Truck
      • 5.18.1 Global Underground Mining Vehicles Market by Personnel Carrier Truck, 2023 – 2032 (USD Billion)
    • 5.19 Boom Truck
      • 5.19.1 Global Underground Mining Vehicles Market by Boom Truck, 2023 – 2032 (USD Billion)
    • 5.20 Fuel Lube Trucks
      • 5.20.1 Global Underground Mining Vehicles Market by Fuel Lube Trucks, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Underground Mining Vehicles Market – Ownership Analysis
    • 6.1 Global Underground Mining Vehicles Market Overview: By Ownership
      • 6.1.1 Global Underground Mining Vehicles Market Share, By Ownership, 2022 and 2032
    • 6.2 OEM
      • 6.2.1 Global Underground Mining Vehicles Market by OEM, 2023 – 2032 (USD Billion)
    • 6.3 Aftermarket
      • 6.3.1 Global Underground Mining Vehicles Market by Aftermarket, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Underground Mining Vehicles Market – Application Analysis
    • 7.1 Global Underground Mining Vehicles Market Overview: By Application
      • 7.1.1 Global Underground Mining Vehicles Market Share, By Application, 2022 and 2032
    • 7.2 Coal Mining
      • 7.2.1 Global Underground Mining Vehicles Market by Coal Mining, 2023 – 2032 (USD Billion)
    • 7.3 Metallic Mining
      • 7.3.1 Global Underground Mining Vehicles Market by Metallic Mining, 2023 – 2032 (USD Billion)
    • 7.4 Precious Metals Mining
      • 7.4.1 Global Underground Mining Vehicles Market by Precious Metals Mining, 2023 – 2032 (USD Billion)
    • 7.5 Non-Precious Metals Mining
      • 7.5.1 Global Underground Mining Vehicles Market by Non-Precious Metals Mining, 2023 – 2032 (USD Billion)
    • 7.6 Non-Metallic
      • 7.6.1 Global Underground Mining Vehicles Market by Non-Metallic, 2023 – 2032 (USD Billion)
    • 7.7 Minerals Mining
      • 7.7.1 Global Underground Mining Vehicles Market by Minerals Mining, 2023 – 2032 (USD Billion)
  • Chapter 8. Underground Mining Vehicles Market – Regional Analysis
    • 8.1 Global Underground Mining Vehicles Market Regional Overview
    • 8.2 Global Underground Mining Vehicles Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Underground Mining Vehicles Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Underground Mining Vehicles Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032
      • 8.4.1 North America Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032 (USD Billion)
    • 8.5 North America Underground Mining Vehicles Market, by Ownership, 2023 – 2032
      • 8.5.1 North America Underground Mining Vehicles Market, by Ownership, 2023 – 2032 (USD Billion)
    • 8.6 North America Underground Mining Vehicles Market, by Application, 2023 – 2032
      • 8.6.1 North America Underground Mining Vehicles Market, by Application, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Underground Mining Vehicles Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Underground Mining Vehicles Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032
      • 8.8.1 Europe Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032 (USD Billion)
    • 8.9 Europe Underground Mining Vehicles Market, by Ownership, 2023 – 2032
      • 8.9.1 Europe Underground Mining Vehicles Market, by Ownership, 2023 – 2032 (USD Billion)
    • 8.10 Europe Underground Mining Vehicles Market, by Application, 2023 – 2032
      • 8.10.1 Europe Underground Mining Vehicles Market, by Application, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Underground Mining Vehicles Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Underground Mining Vehicles Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032
      • 8.12.1 Asia Pacific Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Underground Mining Vehicles Market, by Ownership, 2023 – 2032
      • 8.13.1 Asia Pacific Underground Mining Vehicles Market, by Ownership, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Underground Mining Vehicles Market, by Application, 2023 – 2032
      • 8.14.1 Asia Pacific Underground Mining Vehicles Market, by Application, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Underground Mining Vehicles Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Underground Mining Vehicles Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032
      • 8.16.1 Latin America Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Underground Mining Vehicles Market, by Ownership, 2023 – 2032
      • 8.17.1 Latin America Underground Mining Vehicles Market, by Ownership, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Underground Mining Vehicles Market, by Application, 2023 – 2032
      • 8.18.1 Latin America Underground Mining Vehicles Market, by Application, 2023 – 2032 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Underground Mining Vehicles Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Underground Mining Vehicles Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Underground Mining Vehicles Market, by Vehicle Type, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Underground Mining Vehicles Market, by Ownership, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Underground Mining Vehicles Market, by Ownership, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Underground Mining Vehicles Market, by Application, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Underground Mining Vehicles Market, by Application, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Komatsu
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 McLean
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Normet
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Caterpillar Inc.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Aramine
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Sandvik AB
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Epiroc AB
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Komatsu Ltd.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Boart Longyear Ltd.
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Hitachi Construction Machinery
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Liebherr Group
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Sany Heavy Industry Co. Ltd.
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Damascus Corporation
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Classic Motors
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 MINECAT
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Marcotte Minning
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 NPK
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 Artisan
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 Paus
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 Getman Corporation
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
    • 9.21 BKT Tires
      • 9.21.1 Overview
      • 9.21.2 Financials
      • 9.21.3 Product Portfolio
      • 9.21.4 Business Strategy
      • 9.21.5 Recent Developments
    • 9.22 Mining Technology
      • 9.22.1 Overview
      • 9.22.2 Financials
      • 9.22.3 Product Portfolio
      • 9.22.4 Business Strategy
      • 9.22.5 Recent Developments
    • 9.23 Fermel
      • 9.23.1 Overview
      • 9.23.2 Financials
      • 9.23.3 Product Portfolio
      • 9.23.4 Business Strategy
      • 9.23.5 Recent Developments
    • 9.24 Others.
      • 9.24.1 Overview
      • 9.24.2 Financials
      • 9.24.3 Product Portfolio
      • 9.24.4 Business Strategy
      • 9.24.5 Recent Developments
List Of Figures

Figures No 1 to 43

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Komatsu
  • McLean
  • Normet
  • Caterpillar Inc.
  • Aramine
  • Sandvik AB
  • Epiroc AB
  • Komatsu Ltd.
  • Boart Longyear Ltd.
  • Hitachi Construction Machinery
  • Liebherr Group
  • Sany Heavy Industry Co. Ltd.
  • Damascus Corporation
  • Classic Motors
  • MINECAT
  • Marcotte Minning
  • NPK
  • Artisan
  • Paus
  • Getman Corporation
  • BKT Tires
  • Mining Technology
  • Fermel
  • Others

FAQs

The stringent regulation pertaining to underground mining is major restraint in global Underground Mining Vehicles market.

The growing demand for metals and power is major driver in global Underground Mining Vehicles market.

The “Ground Support Vehicles” category dominated the market in 2022.

The key players in the market are Komatsu, McLean, Normet, Caterpillar Inc., Aramine, Sandvik AB, Epiroc AB, Komatsu Ltd., Boart Longyear Ltd., Hitachi Construction Machinery, Liebherr Group, Sany Heavy Industry Co. Ltd., Damascus Corporation, Classic Motors, MINECAT, Marcotte Minning, NPK, Artisan, Paus, Getman Corporation, BKT Tires, Mining Technology, Fermel, Others.

“Asia Pacific” had the largest share in the Underground Mining Vehicles Market.

The global market is projected to grow at a CAGR of 5.6% during the forecast period, 2023-2032.

The Underground Mining Vehicles Market size was valued at USD 194.11 Billion in 2023.

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