The shift of manufacturing industries toward clean and efficient electric vehicles, and the development of autonomous trucks drive the global electric drive mining truck market. Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global electric drive mining truck market share.
Portland, OR, Feb. 06, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global electric drive mining truck market garnered $487.5 million in 2021 and is estimated to generate $815.4 million by 2031, manifesting a CAGR of 5.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $487.5 million |
| Market Size in 2031 | $815.4 million |
| CAGR | 5.5% |
| No. of Pages in Report | 202 |
| Segments Covered | type, size, and region |
| Drivers | Increase in mining activities
Increase in demand for raw materials Reduced cost of EV batteries leads to the higher green vehicle adoption rate |
| Opportunities | The shift of manufacturing industries toward clean and efficient electric vehicles
Development of autonomous truck |
| Restraints | High manufacturing cost
The surge in environmental laws & protests against the mining industry |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global electric drive mining truck market, owing to the implementation of global lockdown which resulted to hamper the mining industry.
- Lockdown imposed globally affected the mining industry due to the closure of mining sites across the globe which, in turn, hampered the growth of the overall market.
- Truck manufacturing was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor as well as an unavailability of raw materials.
- The electric drive mining truck market has a high scope of growth opportunities in the future because the electric drive system used in mining trucks increases the efficiency of the trucks which has an increased application in the mining industry.
The research provides detailed segmentation of the global electric drive mining truck market based on type, size, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the rear dump segment held the highest share in 2021, accounting for more than two-thirds of the global electric drive mining truck market, and is expected to continue its leadership status during the forecast period, Meanwhile, the others type of truck holds the highest CAGR of 6.3% from 2022 to 2031.
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Based on the size, the large (251-350 metric tons) segment accounted for the highest share in 2021, contributing to around 30% of the global electric drive mining truck market, and is expected to maintain its lead in terms of revenue during the forecast period followed by the manifestation of the highest CAGR of 6.2% from 2022 to 2031.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifth of the global electric drive mining truck market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA is expected to manifest the fastest CAGR of 9.0% during the forecast period.
Leading market players of the global electric drive mining truck market analyzed in the research include Kuhn Schweiz AG, EPIROC, Voltas, Terex Corporation, Komatsu Ltd., Hitachi, Ltd., OJSC BELAZ, Caterpillar, BEML Limited and XCMG Group.
The report provides a detailed analysis of these key players in the global electric drive mining truck market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Similar Reports We Have on Automotive Industry:
Mining Truck Market Research Report 2023-2035
Mining Locomotive Market Research Report 2023-2035
Autonomous Mining Truck Market Research Report 2023-2035
Electric Truck Market Research Report 2023-2035
Heavy Duty Truck Market Research Report 2023-2035
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