The global mine rescue vehicle market size is projected to reach USD$ 8.1 Billion in 2032 and exhibit growth at a CAGR of 4.9% in the forecast period from 2022 to 2032. It is anticipated to be valued at US$ 3.6 Billion in 2022. The ever-increasing mining activities across the globe are likely to augment the demand for mine rescue vehicles in the future years.
| Report Attribute | Details |
| Mine Rescue Vehicle Market Estimated Base Year Value (2021) | US$ 2.4 Billion |
| Mine Rescue Vehicle Market Expected Market Value (2022) | US$ 3.6 Billion |
| Mine Rescue Vehicle Market Anticipated Forecast Value (2032) | US$ 8.1 Billion |
| Mine Rescue Vehicle Market Projected Growth Rate (2022-2032) | 4.9% CAGR |
The global mining industry has evolved over the years and endured a long period of sluggishness in the wake of the economic recession and financial crisis. The GDP mainly affects the growth of this industry.
The stabilized prices of metal and the surging demand for various minerals are anticipated to expand the mining industry, thereby driving the sales of mine rescue vehicles.
Mine rescue vehicles help in rescuing the crew by reaching in the remotest parts of the mine. These have eliminated the requirement of breathing apparatus. The ongoing technological advancement in this sector is projected to augment the growth in this market.
The urgent need to explore valuable minerals, such as potash, iron ore, and gold in various parts of the world is likely to propel the market. The rising depths of the underground mining activities are also creating new growth opportunities for key players present in the global market.
The urgent need to gain access to untapped minerals worldwide is projected to bode well for the mine rescue vehicle market growth in the upcoming years. Various companies in the mining industry are investing huge sums in new exploration activities. This is further generating a high demand for rescue vehicles in order to save workers’ lives during emergency situations.
In addition to that, manufacturers operating in the market are striving to develop novel and efficient mine rescue vehicles that are capable of reaching remote areas. The rising launch of new vehicles with sufficient oxygen storage capability in the berating apparatus is another vital factor that is expected to augur well for the market.
Maintaining, running, and setting up driverless mine rescue vehicles require a considerable financial cost. There is an additional cost of mapping various mines for the vehicles to run efficiently. These also require an innovative control center that includes state-of-the-art equipment. These factors may hamper the demand for mine rescue vehicles in the assessment period. However, some of the leading companies are setting up their control centers far away from mines to prevent damage.
Asia Pacific is likely to remain at the forefront in terms of the mine rescue vehicle market share in the evaluation period. The rising mineral production activities in China and India are anticipated to contribute to this growth. The presence of a large number of mines in these countries is also set to bode well for the Asia Pacific market.
As per the India Brand Equity Foundation (IBEF), the number of reporting mines were estimated to be at 1,229 in India as of FY21. Out of these, reporting mines for non-metallic minerals were estimated at 684 and metallic minerals were at 545. These numbers are expected to surge at a fast pace in the coming years, thereby propelling the Asia Pacific market.
The rapid technological advancement in developed countries, such as the U.S., Canada, and Mexico is estimated to fuel the North America mine rescue vehicle market growth in the forthcoming years. The increasing usage of modern techniques for uncovering new mineral reserves in these countries is also set to accelerate the regional market.
Governments of these countries are putting forward stringent norms to reduce the number of accidents that occur in mines. Increasing concerns regarding mine safety are thus likely to influence the North America market in future years.
Some of the renowned companies present in the global mine rescue vehicle market include Astec Industries Inc., Drägerwerk AG & Co. KGaA, Expat Rescue, Baseline Group, Frontline Fire & Rescue Equipment, and Mercedes-Benz among others.
Majority of the key players are focusing on expanding their product portfolios to cater to the high demand from the mining industry. A few other companies are aiming to develop new vehicles by conducting exhaustive research and development activities. Meanwhile, some of the prominent players are striving to keep with the surging demand by focusing on mergers and acquisitions, joint ventures, and collaborations.
| Report Attribute | Details |
| Growth Rate | CAGR of 4.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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By Capacity:
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The global mine rescue vehicle market is anticipated to exceed US$ 8.1 Billion in 2032.
Asia Pacific is likely to lead the mine rescue vehicle market in the forecast period.
Astec Industries Inc., Drägerwerk AG & Co. KGaA, Expat Rescue, Baseline Group, Frontline Fire & Rescue Equipment, and Mercedes-Benz are some of the renowned companies in the mine rescue vehicle market.
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