North America Underground Mining Vehicle Market Set for Rapid Growth by 2031

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. As per Future Market Insights, the underground mining vehicle market is projected to be valued at ~US$ 1.9 Bn in 2021, expanding at a CAGR of ~5.0% over the forecast period of 2021-2031. Unprecedented outbreak of COVID-19 pandemic has caused severe impact on the North America’s economy. 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.