LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global mining truck market report. This research report also lists 17 other prominent vendors that are expected to impact the market during the forecast period.
The global mining truck market is expected to grow at a steady rate supported by the slow recovery in the mining sector. The positive policies for the mining sector in different countries are expected to help the mining sector recover from the downturn of the past few years. The mining sector is already regaining its momentum, with the increasing demand of metal from developing countries, such as India, Indonesia, China, Malaysia, and others.
Competitive vendor landscape
The mining sector consists of various tasks out of which the transportation of materials from one site to another is the major segment. The transportation of mining material from the site to the desired location requires productivity and cost efficiency. Mining companies trust the global mining truck market vendors to provide an efficient machinery which can increase the profit margin.
“The mining truck vendors are developing a fourth-generation system to integrate every mining equipment with a common network and implement the idea of Internet of Things. This would provide few international vendors, such as Komatsu and Caterpillar, a huge leap in the market share,” says Gaurav Mohindru, a lead construction research analyst from Technavio.
The mining sector consists of several challenges. Therefore, to increase the productivity, automation is the next solution. Mining companies are adopting methods of automation to boost their productivity and eliminate excess cost. The development of smart mining trucks is the future of the global mining truck market.
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Top five mining truck market vendors
Caterpillar
Caterpillar markets and sells financial products and insurance through a dedicated network of channel partners worldwide. It is a leading manufacturer of construction and mining equipment, electric diesel locomotives, diesel and natural gas engines, and industrial gas turbines.
Hitachi Construction Machinery
Hitachi Construction Machinery focuses on the manufacture and supply of a range of excavators. Its wide range of excavators includes mini excavators, medium excavators, wheeled excavators, large excavators and loading shovels, and on-barge excavators. The company also manufactures and supplies wheel loaders, off-road dump trucks, compact wheel loaders, tunnel boring machines, and other products.
Komatsu
Komatsu is involved in the manufacturing and selling of construction and mining equipment, forest machinery, and utilities and industrial machinery. The company comprises 180 companies and subsidiaries under it, out of which, 141 are listed as consolidated subsidiaries.
Liebherr
Liebherr is a Swiss-based manufacturer of large equipment. The decentrally organized Liebherr has eleven companies under it. The company also has existence in the hospitality sector; it has hotel properties in Germany, Austria, and Ireland. The company has experience in the manufacturing of cranes.
Terex Trucks
Terex Trucks is a global producer of construction equipment, material handling equipment, and utilities, crushing, and washing systems. The major brands under the company include Terex, Genie, Powerscreen, and Demag. It also offers financial products and services for the purchasing and acquisition of Terex equipment. The corporation was founded in 1933 under the name Euclid company by the Armington brothers.
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