Lack of skilled operators a challenge to the growth of the Global Mining Truck Market states new study
Fast Market Research announces the availability of Technavio's new report "Global Mining Truck Market 2015-2019" on their comprehensive research portal.
Mining trucks, often referred to as haul trucks, are rigid dump trucks exclusively engineered for use in off-road operations such as mining and heavy-duty construction. Mining trucks are classified based on capacity, number of axles, drive options, and dump types. Mining trucks account for 45.27% of the entire mining equipment market. The capacity of mining trucks range from 90 to 363 metric tons. Mining trucks with capacities ranging from 308-363 metric tons are classified as ""ultra-class"" trucks.
Technavio's analysts forecast the global mining truck market to grow at a CAGR of 1.99% over the period 2014-2019.
Get More Details on this Report and a Full Table of Contents at Global Mining Truck Market 2015-2019
Commenting on the report, an analyst from Technavio’s team said: “One trend that is expected to bolster the market is the rise of mining truck rental business. Vendors such as Caterpillar and Komatsu are offering rental and leasing services to meet the growing demand. The lease period is often less than the average lifetime of the equipment. This allows construction companies to use high-cost mining trucks without major monetary investment.”
According to the report, increase in mining activities in emerging economies is a major driver that promotes growth in this market. The mining industry is the foundation of industrial and economic growth as it enables self-reliance and contributes directly to the GDP of a country. The growth of the mining equipment industry is directly proportional to the growth of the mining industry.
Further, the report states that the shortage of skilled operators is one of the many challenges faced by this market. Mining truck operators are required to undergo rigorous training to earn a certification to operate the equipment. Furthermore, mining truck operators have to contend with high risks involved when working in challenging topographic and climatic conditions.
The key players in the Global Mining Truck Market are Caterpillar Inc., Hitachi Construction Machinery Co., and Komatsu Ltd. while other prominent vendors include BelAZ and Liebherr.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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