Underground mining transport vehicle market projected to grow at 7.5% CAGR

The global underground mining transport vehicle market is expected to expand from 1.13 billion USD in 2025 to 1.86 billion USD by 2032, according to a report by LP Information Co., Ltd. This represents a compound annual growth rate (CAGR) of approximately 7.49% between 2026 and 2032.

Growth is driven by the increasing mechanization of underground mines, the need for equipment replacement, and a focus on productivity. The industry is shifting from traditional mechanical transport to smarter, high-reliability products with lower energy consumption. Mining operators are increasingly prioritizing lifecycle costs, including maintenance intervals, energy efficiency, and operational reliability, over initial purchase prices.

North America currently holds the largest regional market share, followed by significant demand in China. Latin America and Australia also remain key markets. Major industry players include Sandvik AB, Epiroc, Caterpillar, Beijing Anchises Technology, and XCMG Construction Machinery Co., Ltd.