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The growing mining industry is expected to increase the utilization rate of mining trucks across the globe. Furthermore, increasing industrialization is also likely to propel an additional demand for mining trucks worldwide. Increased need for mined minerals and metals is anticipated to fuel an additional global demand for the mining trucks. Furthermore, growing wealth in emerging markets across the world are key factors of growth for mined minerals and metals such as diamond. 

Increased consumption of lead in the battery and increased number of end-user applications in bullets, lead-acid batteries and as a radiation shield is likely to increase growth in the lead mining market. Increasing use of coal as an energy source in steel, cement and power sector. The above mentioned industries use mining trucks for transportation of loosened rocks on technological haul roads at open-pit mining sites. Thus, a growth in the mining industry is likely to result in a significant growth in the global mining truck market. Moreover, increased need for energy is expected to augment the global demand for mining truck market. 

Mining trucks, also known to as a haul truck, are rigid dump trucks engineered for their use in off-road and off-highway conditions. Innovative design and technology allows the market players to avoid production delays due to slippery roads. This truck is specifically engineered for the use in heavy-duty construction and high-production mining environments. The global mining truck market can be segmented on the basis of their payload capacity, product type, drive options, and number of axles. On the basis of payload capacity, the global mining truck market can be segmented as 90-110 metric tons, 127-150 metric tons, 154-190 metric tons, 218-255 metric tons, 290 metric tons, and 308-363. However, several market players are continually developing their product to increase payload capacity. OJSC Belaz in 2013 launched world’s largest mining truck with a payload capacity of 450 metric tons.

The global mining truck market on the basis of product type can be segmented as bottom dump, rear dump, lube, tow, water and others. The mining dump trucks are large bottom dump truck or rear dump truck which transport or haul large amount of materials. The choice of the type and size of mining dump truck would depend upon numerous factors including size of mine, type of mine, mined minerals, excavation machinery available, and capital investable or invested. This type of dump truck is mostly suited for open-cut operations or open-pit mining. On the contrary, smaller articulated trucks are mostly used for underground mining. Bottom dump trucks discharges mined material below the machine. This type of truck is mostly used for coal transportation to dump stations. They are designed to allow the coal to fall below the truck into a crusher or hooper.

On the basis of drive options, the global mining truck market can be segmented as a mechanical or electrical drive. The market on the basis of the number of axles can be given as 2, 3, 4 or more axle trucks. Advances in transmission and drive trains in mechanical trucks are likely to boost demand for this market segment in the near future. Stringent production standards set by mining companies to meet the unprecedented demand for materials mined, various equipment manufacturers are laying emphasis on building larger and efficient trucks to suit unique challenges and environment.

The need for efficient and smooth transfer of large quantity mined material is likely to play an important role in the growth of this market. Technological advances by the market players, such as Autonomous Haulage System (AHS) by Komatsu, are anticipated to provide ample growth opportunities in the global mining truck market. The market is likely to grow at a significant rate in the future. Product development by various market players such as Komatsu, Hitachi, Belaz and Terex is likely to boost growth across all the regions.

Some of the key players in the global mining trucks market include BAS Mining Trucks, Caterpillar, Inc., European Truck Factory GmbH, H-E Parts International, LLC, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr, OJSC Belaz, Terex Corporation, and The Parker Bay Company.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Mining Truck Market

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