Global Mining Truck Market 2018-2022 | Rising Adoption of Automation to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 27, 2018-- analysts forecast the global mining truck market to grow at a CAGR of close to 5% during the forecast period, according to their latest market research report.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181227005283/en/
Technavio has released a new market research report on the global mining truck market for the period 2018-2022. (Graphic: Business Wire)
The rising use of electric vehicles (EVs) is one of the major trends being witnessed in the . The demand and popularity of electric vehicles is growing rapidly worldwide. As the entry of several companies that manufacture EVs has reduced their cost, the use of EVs is increasing and several companies have also started manufacturing electric trucks. The use of electric trucks improves the efficiency and reduce the emission of GHG of mining operations. Thus, the rising use of EVs will fuel the growth of the market.
According to Technavio analysts, one of the key factors contributing to the growth of the global mining truck market is the rising adoption of automation:
Global mining truck market: Rising adoption of automation
Many companies in the market are automating their mining operations to improve productivity and reduce the number of accidents. The vendors are also making significant investments to offer automated solutions. Several leading vendors have launched different autonomous haulage systems. For instance, in 2016, Komatsu launched 830E and 930E Autonomous Haulage Vehicles. They are also equipping their trucks with technologies such as perception technology, global positioning systems (GPS), onboard intelligence, and sensors such as radars and lasers. Thus, the rising adoption of automation is expected to trigger the growth of the market.
According to a senior analyst at Technavio, “With the recovery of commodity prices and the cost-cutting measures of mining companies, the global mining industry is strongly recovering from the financial crisis of 2008. In addition, the investments in mining activities are also increasing across the world. This is expected to fuel the growth of the global mining truck market during the forecast period.”
Global mining truck market: Segmentation analysis
The global mining truck market research report provides market segmentation by product (90-150 tons, 154-255 tons, and 290-363 tons) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for more than 55% share, followed by the Americas and EMEA respectively. The APAC region is likely to continue dominating the market during the forecast period with the highest incremental growth.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181227005283/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
KEYWORD: EUROPE ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA MIDDLE EAST
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING NATURAL RESOURCES MINING/MINERALS AUTOMOTIVE PROFESSIONAL SERVICES FLEET MANAGEMENT OTHER PROFESSIONAL SERVICES
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 12/27/2018 11:13 AM/DISC: 12/27/2018 11:12 AM