Autonomous Mining Truck

Autonomous Mining Truck Market

Autonomous vehicles have several advantages over traditional vehicles from improved safety to reduction in fuel consumption and emissions.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, April 2, 2024 / -- 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 market is expected to be valued at $1.6 billion in 2025, and is projected to reach $12.5 billion by 2035, growing at a CAGR of 23.2% from 2025 to 2035. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐š๐ ๐ž๐ฌ ๐๐จ๐ฐ:

There are prominent key factors that drive the growth of the autonomous mining truck market, such as increase in demand for smart mining, and rise in demand for technologically advanced mining equipment. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the construction and mining sector witnessesโ€™ prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the mining equipment industry. This in turn is expected to fuel the market. Also, in some undeveloped countries, there is an increase in the R&D expenditure for autonomous vehicle, which is expected to boost the autonomous mining truck industry.

๐“๐จ๐ฉ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

The key players that operate in this autonomous mining truck market are AB Volvo, Aptiv, Continental AG, Daimler Truck AG, DENSO Corporation, Embark Truck Inc., MAN SE, Nvidia Corporation, PACCAR Inc., Qualcomm Technologies Inc., Robert Bosch GmbH, SCANIA, Tesla Inc., Tusimple Holdings Inc., and Waymo Llc.

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.

๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ:

The autonomous mining truck market is segmented on the basis of size, propulsion, level of autonomy, type, and region. On the basis of size, it is divided into small, medium, and large. On the basis of propulsion, it is segmented into diesel, and electric & hybrid. By level of autonomy, the market is divided into Level 1 & 2, Level 3, and Level 4 & 5. By type, the market is divided into underground LHD loaders, autonomous hauling trucks, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

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.

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ:

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.

๐ˆ๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ๐ž๐ ๐ญ๐จ ๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ? ๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐๐ž๐Ÿ๐จ๐ซ๐ž ๐๐ฎ๐ฒ๐ข๐ง๐ :

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 share, 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.

๐Š๐„๐˜ ๐…๐ˆ๐๐ƒ๐ˆ๐๐†๐’ ๐Ž๐… ๐“๐‡๐„ ๐’๐“๐”๐ƒ๐˜

By size, the large segment is expected to register a significant growth during the forecast period.

By propulsion, the electric & hybrid segment is projected to lead the global autonomous mining truck market

By level of autonomy, the Level 4 & 5segment is projected to lead the global autonomous mining truck market

By type, the underground LHD loaders segment is projected to lead the global autonomous mining truck market

Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

๐‚๐ก๐ž๐œ๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ž ๐ซ๐ž๐ฅ๐š๐ญ๐ž๐ ๐ฌ๐ญ๐ฎ๐๐ข๐ž๐ฌ ๐ฉ๐ฎ๐›๐ฅ๐ข๐ฌ๐ก๐ž๐ ๐›๐ฒ ๐€๐Œ๐‘ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

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David Correa
Allied Market Research
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