According to a new report published by Allied Market Research, titled, “Electric Drive Mining Truck Market,” The electric drive mining truck market was valued at $487.50 million in 2021, and is estimated to reach $815.4 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/2932
Electric drive mining trucks are specially designed hybrid trucks that are used for mining applications and at the same time offer higher efficiency which the vehicle is in propulsion. These heavy-duty vehicles use internal combustion engine (ICE) for the propulsion of the vehicle and at the same time are equipped with an electric drive system, which is used to power the vehicle on steep slopes along with heavy loads on the back of the vehicle. Moreover, with the advancement in technology, truck manufacturers have been developing advanced technologies such as higher efficiency electric drive system, dedicated to be used in mining trucks, which creates ample opportunities for the growth of the market across the globe.
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.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/2932
In addition, the electric drive mining market has witnessed significant growth in recent years, owing to the growing mining activities, which supplements the growth of the market across the globe. Moreover, with the increased mining activities, the demand for efficient mining trucks has increased which creates a wider scope for the growth of the market across the globe. The sector is also projected to see significant changes during the upcoming decades. The importance of mining activities in developing countries shows a considerable contribution to economic development of the nation and create revenues for governments across the globe. Mining corporations can generate employment, economic growth, and profits, in low-income countries followed by partnerships with the government and civil society, they can safeguard the profits of mining; thus, creating a positive impact on the natural environment, climate change, and social capital of the country.
According to McKinsey, continued growth of Li-ion batteries over the next decade at an annual compound rate of approximately 30%. By 2030, electric vehicles (EVs), along with energy-storage systems, e-bikes, electrification of tools, and other battery-intensive applications, could account for 4,000 to 4,500 GWh of Li-ion demand. The battery value chain is expected to increase by as much as ten times between 2020 and 2030 to reach annual revenue as high as $410 billion. The world will need more critical minerals and raw materials to power the global economy of the future and these resources will need to be mined sustainably. The increase in the requirement of raw material around the world will further boost the demand in the global electric drive mining truck market.
Moreover, with the increasing demand for raw materials such as bauxite, iron ore, copper, coal, diamonds, tin, or rare earth metals, the demand for electric mining trucks has increased drastically across Europe and the U.S. For instance, in October 2022, a lithium mine with the capacity to supply 700,000 electric car batteries per year is set to open in France. The massive mining project launched by French minerals company, Imerys will operate on the site of the Beauvoir kaolin quarry in Central France. The site contains one million tons of lithium.
The leading players operating in the electric drive mining truck market are Kuhn Schweiz AG, EPIROC, Voltas, Terex Corporation, Komatsu Ltd., Hitachi, Ltd., OJSC BELAZ, Caterpillar, BEML Limited and XCMG Group.
KEY FINDINGS OF THE STUDY
- By type, the others segment dominated the global electric drive mining truck market in terms of growth rate.
- By size, the large (251-350 metric tons) segment dominated the global electric drive mining truck market in terms of growth rate.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/electric-drive-mining-truck-market/purchase-options