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Globally, in the coming years, the mining industry is likely to grow and develop as an attractive end-use industry, as mining companies are focusing on expanding their production capacity in order to meet the growing demand for minerals in the manufacturing industry. Large mining companies such as BHP Billiton and Rio Tinto are investing heavily in mine automation, which is expected to drive the demand for autonomous mining trucks. With the development of cloud data and artificial intelligence, the autonomous mining trucks will be able to function safely on the roads with some manual assistance from the operator. These trucks can work for a long durations without interruption, subsequently the work efficiency can be improved. Therefore, owing to the widespread use of automated transport trucks in mines and the increasing investments by prominent truck manufacturers and technology companies, the autonomous mining trucks market are expected to positively impact the logistics and mining industries. Moreover, the increasing importance of intelligent transportation and vehicle connectivity by the automotive industry has encouraged the automotive manufacturers to focus on the development of autonomous mining trucks.
Key Market Driver -
Increasing concern of carbon emission is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
High cost of vehicles and lack of infrastructure may hinder the growth of the market during the forecast period.
Globally, the Autonomous Mining Trucks market is segmented by type, by market type, and by geographic coverage. Based on type, the market is further segmented into small (90-150 metric tons), medium (145-190 metric tons), large (218-290 metric tons), and ultra large (308-363 metric tons). The large (218-290 metric tons) holds the largest share in the global market owing to the high preference by mining companies for high capacity mining trucks in order to carry out the tasks on field. Autonomous mining trucks involves minimal manual intervention and helps to mine safely and productively as well as transport the ore and other materials safely and effectively. The demand for autonomous mining trucks is growing for deep mining and surface mining areas owing to the advantages provided by the trucks such as improved productivity, reductions in operating costs and accidents, increased life span of the trucks, and lower fuel consumption.
Major players operating in the global Autonomous Mining Trucks market include Scania, Caterpillar Inc., Autonomous Solutions Inc., Hitachi, Ltd, Komatsu Ltd., and AB Volvo among others.
Geographically, the autonomous mining trucks market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America holds the largest share in the global market owing to the high percentage of commercialization in this region. The rapid expansion of the industrial sector, growth in the mining sector are the main reasons for the high demand for autonomous mining trucks in this region. USA and Canada are the technology leaders in autonomous technology. Increased per capita income, Lack of availability of labours, availability of advanced technology, increased preference for enhancing mine productivity and solutions providers have boosted the adoption of automated vehicles in the mining industry. Also, in the United States, testing of autonomous vehicles has begun in certain states. This will create opportunities for the further development of autonomous mining trucks. Australia also holds a significant share in the global market owing to the presence of prominent global mining companies such as Rio Tinto. These companies have a major focus on the development of advanced mining solutions to enhance the productivity capacity, thereby driving the demand for automated mining trucks. For example, mining company Rio Tinto is making use of 73 autonomous mining trucks in its iron mines in Australia in order to improve the safety of the workers. The use of autonomous mining trucks are increasing to minimize the human intervention, thereby reducing accidents. Therefore, the increasing awareness towards the safety of mine workers is expected to promote the development of the market.
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