Global Mining Truck Market 2017-2021
About Mining Truck
Mining trucks are defined as specialized trucks used for carrying and hauling mining materials such as minerals, metals, and coal. The global truck mining market is segmented into light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles. When the gross weight of the vehicle is more than 33,069 lbs., it is termed as a heavy-duty vehicle. Mining trucks are heavy-duty machines, which are used to haul minerals and other mining materials from one place to another.Technavio’s analysts forecast the global mining truck market to grow at a CAGR of 5.90% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mining truck market for 2017-2021. To calculate the market size, the report considers only new demand to be generated in the coming years.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mining Truck Market 2017-2021
Technavio recognizes the following companies as the key players in the global mining truck market: Caterpillar, Hitachi Construction Machinery, Komatsu, Liebherr, and Terex Trucks.
Other Prominent Vendors in the market are: Ashok Leyland, Asia Motors, Atlas Copco, BELAZ, BEML, BharatBenz, CNH Industrial, Deere & Company, KRESS CORPORATION, Mack Trucks, MAN Truck & Bus, PACCAR Australia Pty, Sandvik, SANY GROUP, Scania, Tata Motors, and TATRA TRUCKS.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise in rental equipment. Purchasing new equipment is expensive. Therefore, small and medium enterprises (SMEs) often rent equipment to save on costs. Mining equipment, such as trucks, require a large sum for down payment and insurance, license fees, and taxes, further adding to the cost.”
According to the report, one driver in the market is smart mining equipment demand. The World Bank has predicted a growth of only 0.5% for the global mining industry in the coming years. Since the mining sector is in the midst of a gradual recovery, most mining companies are adopting advanced and automated technologies to boost productivity. Lower grade ores, precarious commodity markets, the decline in productivity, spiraling operational costs, and declining resource pools have remained major threats for the mining sector.
Further, the report states that one challenge in the market is over-dependence on China. China is the largest producer and consumer of steel and therefore, plays a crucial role in controlling key commodities through subsidies and production capacity. For instance, steel factories in China receive subsidies for their power and petroleum utilization, which enables these factories to export their steel at lower rates than those in other countries. China is responsible for nearly 70% of global iron ore demand and roughly for 40% of global copper demand. Furthermore, 12 of the top 40 mining companies are based in China.
Caterpillar, Hitachi Construction Machinery, Komatsu, Liebherr, Terex Trucks, Ashok Leyland, Asia Motors, Atlas Copco, BELAZ, BEML, BharatBenz, CNH Industrial, Deere & Company, KRESS CORPORATION, Mack Trucks, MAN Truck & Bus, PACCAR Australia Pty, Sandvik, SANY GROUP, Scania, Tata Motors, and TATRA TRUCKS.