Wilmington, Delaware, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Global Autonomous Mining Truck Market was valued at US$ 2.97 billion in 2023 and is expected to grow at a significant CAGR of over 23.2% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
An autonomous mining truck, also known as an autonomous haul truck or autonomous dump truck, is a heavy-duty vehicle used in the mining sector that runs without the assistance of a human driver. These vehicles are outfitted with cutting-edge technology such as sensors, cameras, GPS systems, and computer algorithms, allowing them to autonomously navigate mining sites, deliver commodities, and perform other jobs.
Autonomous mining trucks are equipped with advanced sensor technology, including LiDAR (Light Detection and Ranging), radar, cameras, and ultrasonic sensors. These sensors provide real-time data on the truck's surroundings, enabling it to navigate complex terrain, detect obstacles, and make decisions to ensure safe operation. These advanced technologies propelling the growth of the market.
Mining businesses are investing in self-driving technologies in order to acquire a competitive advantage in the industry. The use of self-driving vehicles can help businesses streamline operations, decrease expenses, and enhance profitability.
- According to a deep-dive market assessment by RationalStat, the global autonomous mining truck market has been analyzed on the basis of market segments, including type, propulsion, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global autonomous mining truck market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global autonomous mining truck market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Autonomous Mining Truck Market: Segmental and Market Share Analysis
- On the basis of type, autonomous hauling trucks segment accounted for the majority of the market share in 2020. Increase in demand for advanced and smart technologies in the mining industry is expected to propel this segment.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 2.97 billion |
| Market Size Forecast | US$ 12.8 billion |
| Growth Rate | 23.2% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Prominent companies and leading brands adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global autonomous mining truck market include,
- In August 2023, EACON and LGMG signed a strategic collaboration agreement. Collaboration on an extra 300 units of 102 EL100 (EACON136) mining vehicles. This collaboration supports the intelligent development of the mining sector, based on LGMG's superior production capabilities and EACON's leading technology and solutions in the field of mining autonomous driving.
- In July 2023, EACON, China's top provider of comprehensive autonomous mining technology and haulage services, hosted a ceremony to mark the start of the deployment of 100 hybrid autonomous mining trucks. EACON deploy these trucks to TBEA's South pit, China's largest capacity coal mine, creating the world's largest fleet of autonomous mining trucks within a single mine.
- In May 2023, Komatsu Ltd and Toyota Motor Corporation of Japan announced the start of a collaboration to build an Autonomous Light Vehicle (ALV) that run on Komatsu's Autonomous Haulage System (AHS).
- In January 2023, Roy Hill has stated that it expands its autonomous haulage system (AHS) commencing in March 2023, transforming its current fleet of 96 conventional haul trucks to driverless operation and establishing the world's largest autonomous mine.
Some of the prominent players and suppliers operating and contributing significantly to the global autonomous mining truck market growth include Bosch Ltd, MAN SE, Scania, DENSO CORPORATION, Nvidia, AB VOLVO, CONTINENTAL AG, EMBARK, Tesla, and QUALCOMM, among others.
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RationalStat has segmented the global autonomous mining truck market based on type, propulsion, and region
- Global Autonomous Mining Truck Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Underground LHD Loaders
- Autonomous Hauling Trucks
- Others
- Global Autonomous Mining Truck Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Propulsion
- Electric and Hybrid
- Diesel
- Global Autonomous Mining Truck Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Autonomous Mining Truck Market
- US
- Canada
- Latin America Autonomous Mining Truck Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Autonomous Mining Truck Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Autonomous Mining Truck Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Autonomous Mining Truck Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Autonomous Mining Truck Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Autonomous Mining Truck Market
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Key Questions Answered in the Autonomous Mining Truck Report:
- What will be the market value of the global autonomous mining truck market by 2030?
- What is the market size of the global autonomous mining truck market?
- What are the market drivers of the global autonomous mining truck market?
- What are the key trends in the global autonomous mining truck market?
- Which is the leading region in the global autonomous mining truck market?
- What are the major companies operating in the global autonomous mining truck market?
- What are the market shares by key segments in the global autonomous mining truck market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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