London, 27 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global mining truck market 2015-2019, which is expected to grow at a CAGR of 1.99% during the forecast period of 2014-2019.
The recent increase in the number of mining projects is expected to boost growth in this market. Increase in the number of mining projects can be attributed to factors such as growing population, rapid urbanization, and widespread infrastructure development in regions where the market is developing. Rapid urbanization and industrialization in regions like China, India, Indonesia, UAE, and Africa will result in the increasing consumption of metals and minerals such as iron, copper, limestone, and shale gas. This increase in the consumption of iron ore and copper is expected to boost the demand for mining trucks during the forecast period.
“The global mining truck market is facing a major challenge due to an increase in the prices of raw materials. To counter this challenge and improve sales, manufacturers are providing customers with attractive incentives, such as free attachments and supporting equipment,” says Faisal Ghaus, Vice President of Technavio.
“Manufacturers are providing organizations with attractive financing options. The availability of financing options provides mining companies with the opportunity to own equipment with minimal initial investment.”
Key Market Drivers:
- Need for Equipment to meet New Mining Standards.
- Demand for Technologically Advanced Mining Trucks.
- Increase in Mining Activities in Emerging Economies.
Key Market Trends:
- Rise of Mining Truck Rental Business.
- Availability of Attractive Incentives and Financing Options.
Key Market Vendors:
- Caterpillar Inc.
- Hitachi Construction Machinery Co.
- Komatsu Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
