North America Underground Mining Vehicle Market

2021 Analysis and Review: North America Underground Mining Vehicle Market by Ownership – Mining Operators and Rental Service Providers for 2021 – 2031

North America Underground Mining Vehicle Market Snapshot

[206 Pages Report] 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.

Key Points Covered in North America Underground Mining Vehicle Market Survey

  • Market estimates and forecast 2015-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on North America Underground Mining Vehicle market and How to Navigate
  • Recommendation on Key Winning Strategies

2016-2020 North America Underground Mining Vehicle Market Outlook Compared to 2021-2031 Forecast

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.

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.

What Is the Impact of COVID-19 Crisis on North America Underground Mining Vehicle Market?

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.

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.

Country-wise Insights

How big is the Opportunity for Underground Mining Vehicle Market in the U.S.?

The U.S. is expected to hold prominent share during the forecast period, according to Future Market Insights. The U.S. is expected to account for nearly 37%of the North America market through 2031.

The United States' mining and excavation industry is one of the main factors supporting the market growth. Presence of numerous rental service providers across the U.S. will aid the growth.

As underground mining vehicle owners are looking to curb the maintenance cost, key players are eyeing the U.S. underground mining vehicle market through long term partnerships with small mine operator.

The metal mining application segment will witness steady growth and outpace the coal mining segment in the coming years as the demand for precious metals is rising in the U.S.

Why is Demand for Underground Mining Vehicles Increasing in Canada?

Demand for underground mining vehicles in Canada is expected to rise at nearly 5.4% CA GR over the forecast period. Owing to its development in the mining sector, Canada is one of the prominent nation in the mining industry.

With increasing mining activities across Canada, the market outlook is expected to witness steady growth. Increasing production of coal across the country will increase the sales of underground mining vehicles. As per FMI, production equipment shows moderate growth in as other applications such as non-metallic minerals mining are also expected to increase.

What is driving the Growth of Underground Mining Vehicle across Mexico?

The market is expected to witness steady growth as underground mining activities across Mexico gains traction. It is expected to account for over 20%of North America’s underground mining vehicles sales throughout the forecast period.

The market outlook in the Mexico is moderate as the sales of ground support equipment and production equipment rises in the country. Due to lack of government support for mining activities, preference for rental underground mining vehicles service is driving the adoption.

Category-wise Insights

Why is the Demand for Ground Support in Underground Mining Vehicle Rising?

Based on underground mining vehicles equipment, ground support is leading the segment, accounting for nearly 40% of the market in 2021.Increasing demand for roof bolter, shearers, and scalers in the underground mining for extraction of the metals, coal and other ores is driving the segment growth.

Which type of Application have Higher Growth in the Future?

Metal mining and non-metallic mining is expected to witness higher growth in the future as the application of coal mining is increasing. Rising metallic and non-metallic mining activities such as mining of precious metals and others are growing rapidly, boosting the segment growth. Metallic and non-metallic mining, collectively, will have a market share of nearly 60%.

Why are Rental Service Providers Gaining Popularity in the Market?

The rental service providers segment will contribute for over 38% of market share. The segment share is expected to increase in near future as the new vehicles prices are high. Due to the high presence of local players in mining industry, to cut down the high initial investment and reduce maintenance cost, owners opt for rental service for underground mining vehicles.

Competitive Landscape

Companies operating in North America underground mining vehicle market intend to expand their product portfolio through increasing research & development activities. Manufacturers are targeting end users to expand their customer base by providing customized products for specific application which is also improving their market share.

Companies are focusing towards strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capabilities catering surging demand.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report



Forecast Period


Historical Data Available for


Market Analysis

USD Million for Value

Key Regions Covered

North America

Key Countries Covered

US, Canada, and Mexico

Key Segments Covered

Equipment Type, Application, Ownership, and Country

Key Companies Profiled

  • Caterpillar Inc.
  • Sandvik AB
  • Epiroc AB
  • Komatsu Ltd.
  • Boart Longyear Ltd.
  • Hitachi Construction Machinery
  • Liebherr Group
  • Sany Heavy Industry Co. Ltd.
  • Volvo Construction Equipment
  • Astec Industries Inc
  • J.C. Bamford Excavators Ltd. (JCB)
  • Normet
  • Maclean Engineering and Marketing Co.
  • J.H. Fletcher and Co.
  • Hermann Paus Maschienfabrik GmbH
  • Timberland Equipment
  • Getman Corporation
  • Kovatera Inc.
  • Maccaferri Inc.

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

North America Underground Mining Vehicle Market by Category

  • Which Is the Highest Grossing North America underground mining vehicle market?

    Canada currently dominates the North America underground mining vehicle market, accounting for over 38% of market share in 2021.

  • Which is the Top-selling Major Equipment in the North America underground mining vehicle market?

    Ground support will remain top-selling equipment in the market, accounting for over 45% of revenue generated throughout the forecast period. Growth uptick can be attributed to the increasing application of ground support underground equipment in mining industry.

  • Which are the top five companies operating in North America underground mining vehicle market?

    Some of the leading companies in this landscape are Komatsu Ltd., Caterpillar, Sandvik AB, Volvo CE and Sany. FMI reports that, Komatsu Ltd. accounts for 11%, caterpillar around 8%, Sandvik AB over 9%, Volvo CE about 8.5% and Sany nearly 8% for total market share.

  • Which is the Leading Application of North America underground mining vehicle? 

    Coal mining sector is expected to dominate the market over the forecast period, generating revenue of US$ 1,269.4 Mn by 2031. However, metallic mining application segment is expected to gain traction with expansion of mining industry and as mining activities increases across the globe.

  • What is North America underground mining vehicle market size?

    Driven by growing sales of attachable accessories and product customization, the North America underground mining vehicle market size is forecast to reach US$ 1.9 Billion in 2021 with a CAGR of 5.0%.

  • At what rate did the North America underground mining vehicle market expand in the last five years?

    Between 2016 and 2020, underground mining vehicle sales in North America grew at 1.7% CAGR.

  • What are the key trends shaping the North America underground mining vehicle market?

    Growing focus on rental and aftersales services directly by OEMs, design and sales of attachable accessories, and product customization are few of the key trends shaping the North America underground mining vehicle market.

  • What is the year-on-year growth rate in the North America underground mining vehicle market for 2020-2021?

    The North America underground mining vehicle market grew at 5.0% CAGR between 2020 and 2021.

  • What is the U.S. underground mining vehicle market outlook?

    Demand registered in North America will continue rising, backed by rise in mining activities in U.S., the U.S. market is anticipated to expand at 5.1% CAGR during the forecast period.

  •  At what rate will underground mining vehicle sales increase in Canada?

    Underground mining vehicle sales will increase at 5.40% CAGR in Canada, backed by presence of leading market players and rising popularity of rental services in the country.

North America Underground Mining Vehicle Market by Category

By Equipment Type:

  • Ground Support
    • Roof Bolter
    • Scalers
    • Shotcrete Sprayers
    • Shearers
  • Production Equipment
    • LPDT
    • LHD
    • Underground Haulers
    • Scrapers
    • Dozers
    • Mining Drills
    • Continuous Miners
    • Mining Excavators and Shovels
    • Others (Shaft Sinking Equipment, Feeder Breaker, etc.)
  • Utility Equipment
    • Scissor Lift
    • Personnel Carrier Truck
    • Boom Truck
    • Fuel Lube Trucks
    • Remixers
    • Others

By Ownership:

  • Mining Operators
  • Rental Service Provider

By Application:

  • Coal Mining
  • Metallic Mining
    • Precious Metals Mining
    • Non-Precious Metals Mining
  • Non-Metallic Minerals Mining

By Country:

  • U.S.
  • Canada
  • Mexico

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North America Underground Mining Vehicle Market