Revenues generated in the ground support segment of the North America underground mining vehicle market grew by 4.4% CAGR in 2021. Demand for production equipment segment increased by 3.9% between 2020 and 2021, registering year-on-year growth (YoY) of 4.2% in 2021, according to the Future Market Insights’ (FMI’s) report titled: Underground Mining Vehicle Market-North America Industry Analysis, 2016-2020 and opportunity Assessment, 2021-2031.
Driven by increase investment for extraction of minerals and ores in mining industry and rapid industrialization across Canada, Mexico and the U.S., the North America underground mining vehicle market will rise at 5.0% CAGR between 2021 and 2031.
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Coal mining has experienced rapid growth in past few years across North America due to which industries are expanding their production capacities. Consumption of coal across North America has increased past few years, leading to increased mining activities to extract the remaining coal for generating power and other sources.
Underground mining vehicle are gaining popularity due to their durability and wide range of applications in diverse end-use industries. As per Future Market Insights, rental service providers are the preferred owners in various sectors due to easy availability and cost-effectiveness.
Leading manufacturers are focusing on expansion of their product portfolio. Increasing investments on research & development activities to improve the durability and efficiency will aid the growth.
The underground mining vehicles are also being most popular for their LPDT, LHD, and underground haulers for transporting the materials from the mine to the preferred location where the material is then further processed. Shearers are the major ground support/production unit which used for the extraction of the coal and ore form the mine and also used to make small granules of the metal/material rocks.
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Unprecedented outbreak of COVID-19 has impacted the North American economy by directly influencing manufacturing and demand, through disruption of supply chain, and by its financial impact on companies and financial market.
The Underground mining vehicle market has been affected owing to the global shutdown, resulting in halt of mining activities. This led to short-term supply and demand uncertainties in the market. Hence, the short- and medium-term outlook for high-cost producers, smallholders and high-debt businesses appears to be more challenging than ever.
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Inefficient, heavily indebted businesses can experience a liquidity crisis, with some of them being forced out of business. Some large firms may change or accelerate their diversification plans in other segments, leading to a change in business model.
However, with resurgence in mining industry and construction activities, the market is set to recover in the upcoming decade.