Evolve Business Intelligence has published a research report on the Global Surface and Underground Mining In EV market, 2023–2033. The global Surface and Underground Mining In EV market is projected to exhibit a CAGR of around 4.41% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Surface and Underground Mining In EV market: Komatsu, Caterpillar, Liebherr, Sandvik, Hitachi Construction Machinery, Scania, Epiroc, Sany, Normet and Kovatera.
More Information: https://evolvebi.com/report/global-surface-and-underground-mining-in-ev-market-analysis/
Market Highlights
The Global Surface and Underground Mining In EV market is projected to be valued at USD 22600.5 Million by 2034, recording a CAGR of around 4.41% during the forecast period. The global Surface & Underground Mining Market in relation to Electric Vehicles (EVs) refers to the sector focused on extracting raw materials essential for the production of electric vehicles. This includes mining operations both on the surface (surface mining) and below ground (underground mining). The materials typically targeted include lithium, cobalt, nickel, and rare earth elements, all of which are critical for manufacturing EV batteries and other components.
As the demand for EVs increases globally, the mining industry is adapting to supply these necessary materials, often leading to innovations in mining practices and increased focus on sustainable and ethical extraction methods.
The COVID-19 pandemic had a significant impact on the global Surface & Underground Mining Market. The pandemic caused widespread disruptions in global supply chains, impacting the extraction, processing, and transportation of key raw materials like lithium, cobalt, and nickel. Lockdowns and restrictions in major mining regions delayed mining activities and reduced output, leading to shortages and increased prices for these critical materials. The pandemic caused delays in the development of new mining projects and the expansion of existing ones. Investments in new mining infrastructure were postponed, affecting the future supply of materials necessary for EV production. Initially, there was a decline in the demand for EVs as the global economy slowed down and consumer spending decreased. This, in turn, reduced the immediate demand for mined materials. However, as economies began to recover, the demand for EVs surged, leading to a renewed focus on securing a stable supply of critical minerals. The pandemic highlighted the vulnerabilities in global supply chains, leading to a stronger emphasis on sustainable and localized mining practices. There has been growing pressure on mining companies to ensure ethical sourcing and reduce environmental impacts, aligning with the broader sustainability goals of the EV industry.
Segmental Analysis
The global Surface and Underground Mining In EV market has been segmented based on Equipment Type, Ownership, Vehicle Type and Application.
Based on Equipment Type, the Global Surface and Underground Mining In EV market is segmented into Ground Support, Production Equipment and Utility Equipment. The Utility Equipment segment is anticipated to dominate the market.
Based on Ownership, the global Surface and Underground Mining In EV market has been divided into Mining Operators and Rental Service Providers. The Mining Operators segment is anticipated to dominate the market.
Based on Vehicle Type, the global Surface and Underground Mining In EV market has been divided into Electric Surface Trucks, Trolley-assist Trucks, Battery-Powered Trucks and Electric Underground Loaders (LHDs) & Trucks. The Electric Surface Trucks segment is anticipated to dominate the market.
Based on Application, the global Surface and Underground Mining In EV market has been divided into Coal Mining, Metallic Mining and Non-Metallic Minerals Mining. The Coal Mining segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/global-surface-and-underground-mining-in-ev-market-analysis/
Regional Analysis
The Global Surface and Underground Mining In EV market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America is a key player in the global mining sector, particularly for materials like lithium, cobalt, and nickel. The U.S. and Canada have substantial reserves of these critical minerals, and there is a growing focus on securing domestic supply chains to reduce dependence on foreign sources. The region is also investing in sustainable mining practices and advanced technologies, supported by favorable government policies and incentives aimed at boosting EV production. Europe is focused on reducing its reliance on imported critical minerals by developing domestic mining projects. Countries like Germany and Finland have been exploring and expanding their lithium and cobalt mining capabilities. The European Union’s push for green energy and EV adoption is driving demand for locally sourced materials. The Asia-Pacific region is a dominant force in the global mining market. China is a major producer and processor of rare earth elements and has significant influence over the global supply chain for EV materials. Australia is a leading producer of lithium and has extensive reserves of other critical minerals like nickel and cobalt. Indonesia is a key player in nickel production, which is vital for EV battery manufacturing. Latin America, particularly the “Lithium Triangle” comprising Chile, Argentina, and Bolivia, is a major source of lithium, which is essential for EV batteries. Chile and Argentina are among the largest lithium producers globally, while Brazil has significant reserves of nickel and cobalt. The region is expected to see continued investment in mining infrastructure to meet the growing global demand. The Middle East, traditionally known for its oil reserves, is gradually exploring mining opportunities for critical minerals as part of its economic diversification strategies. Countries like Saudi Arabia are investing in mining to reduce their dependence on oil and support the global EV supply chain and Africa is rich in mineral resources, particularly cobalt, which is crucial for EV batteries. The DRC is the world’s largest producer of cobalt, while South Africa and Zambia have significant reserves of nickel and other minerals. However, the region faces challenges related to political instability, ethical concerns, and infrastructure limitations.
