Rise in demand for smart mining and surge in demand for technologically-advanced mining equipment have boosted the growth of the global autonomous mining truck market.
PORTLAND, Ore., Nov. 11, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Autonomous Mining Truck Market by Size (Small, Medium, Large), by Propulsion (Diesel, Electric and Hybrid), by Level of Autonomy (Level 1 and 2, Level 3, Level 4 and 5), by Type (Underground LHD Loaders, Autonomous Hauling Trucks, Others): Global Opportunity Analysis and Industry Forecast, 2025-2035″. As per the report, the global autonomous mining truck industry was pegged at $1.6 billion in 2019, and is expected to reach $12.5 billion by 2031, growing at a CAGR of 23.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.
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Major determinants of the market growth
Rise in demand for smart mining and surge in demand for technologically-advanced mining equipment have boosted the growth of the global autonomous mining truck market. However, surge in application of environmental laws about mining industry and software failure and sensor related issues in autonomous vehicles hamper the market growth. On the contrary, increase in demand for automation in mining equipment and growth of connected infrastructure would open new opportunities in the future.
Covid-19 scenario:
The Covid-19 pandemic majorly affected the automotive market due to strict regulations regarding lockdown and ban on the import-export of essential raw materials.
The sudden decline in availability of important raw materials for vehicle components hampered the market.
However, the use of advanced analytics is expected to boost and escalate the success of hedging strategies. This is expected to open new opportunities in the future.
The large segment to showcase the highest CAGR through 2031
By size, the large segment is estimated to register the highest CAGR of 24.0% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to nearly two-fifths of the global autonomous mining truck market, due to rise in demand for automated mining trucks because of the benefits they provide such as increased productivity, reduced operating costs and accidents.
The electric and hybrid segment to manifest the highest CAGR through 2031
By propulsion, the electric and hybrid segment is expected to portray the highest CAGR of 27.2% during the forecast period, due to increase in development of autonomous electric mining trucks to make mining emission free. However, the diesel segment held the largest share in 2021, contributing to more than two-thirds of the global autonomous mining truck market, due to increase in use of diesel mining trucks to increase the efficiency as diesel can use less fuel and provides high mileage.
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The level 1 and 2 segment dominated the market
By level of autonomy, the level 1 and 2 segment held the lion’s share in 2021, accounting for more than two-fifths of the global autonomous mining truck market, owing to incorporation of automation technology in vehicles to maintain a safe following distance between vehicle and traffic ahead without driver intervention. However, the level 4 and 5 segment is estimated to register the highest CAGR of 27.0% during the forecast period, due to underdevelopment of autonomous driving technologies providing a remarkable opportunity for players.
Asia-Pacific dominated the market
By region, the global autonomous mining truck market across Asia-Pacific held the lion’s share in 2021, accounting for more than one-third of the market. In addition, the region is estimated to register the highest CAGR of 24.0% during the forecast period, owing to increase in mining industry of the region due to favorable government policies for mining.
Key market players
Daimler AG
AB VOLVO
Aptiv
Bosch Ltd.
CONTINENTAL AG
DENSO CORPORATION
EMBARK
MAN SE
Nvidia
PACCAR Inc.
QUALCOMM
Scania
Tesla
TUSIMPLE
WAYMO
The report analyzes these key players in the global autonomous mining truck market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Similar Reports We Have on Autonomous Vehicle Industry:
Mining Truck Market Research Report 2022-2030
Semi-Autonomous and Autonomous Truck Market Research Report 2022-2030
Electric Drive Mining Truck Market Research Report 2022-2030
Autonomous Vehicle Market Research Report 2022-2030
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