At 4.6% CAGR, Europe Mining Remanufacturing Components Market is Projected to be Worth US$ 1,545.78 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe mining remanufacturing components market was valued at US$ 1,082.78 million in 2022 and is expected to reach US$ 1,545.78 million by 2030, recording a CAGR of 4.6% from 2022 to 2030. Additive manufacturing in remanufacturing industry and rising adoption of electric and autonomous vehicles in mining industry are among the critical factors attributed to drive the Europe mining remanufacturing components market growth.

The mining sector is beginning to profit from a new generation of low-emission "driverless" mine vehicles that are changing the industry's image and moving it toward decarbonization. Electric vehicles (EVs) are added to fleets for use in both open pit and underground operations by purchasing or refitting existing diesel engine vehicle fleets. Toyota Motor Corp. is at the forefront of developing these new mining vehicles. Toyota and Komatsu launched a cooperative effort in May 2023 to build an autonomous light vehicle (ALV) that will run on Komatsu's GPS-enabled Autonomous Haulage System (AHS). Cool Planet Group, a decarbonization solutions company, announced a US$ 54.2 million deal with a "leading global mining company" in May 2023 to convert 8,500 diesel mining trucks to electric vehicles over the next three years. According to the firm's CEO, up to 1 million diesel mining vehicles must be converted to electricity by 2030. The company is now collaborating with five or six of the world's major mining companies.

In addition, WAE Technologies is currently working on the world's largest battery. The battery is intended for use in an electric mining transport vehicle with zero emissions. The company, currently controlled by the Australian mining conglomerate Fortescue Metals Group, is collaborating with the Swiss-German equipment manufacturer-Liebherr-to build an electric mine haul truck weighing up to 240 ton. Further, in March 2023, Volvo Trucks and mining company Boliden collaborated to develop electric truck transportation in underground locations. Boliden, a Swedish mining company, is among the first to use battery-electric trucks for heavy underground hauling. According to the new collaboration agreement between Boliden and Volvo Trucks, two heavy, electric Volvo trucks will be employed in Boliden's Kankberg mine in Skellefte in northern Sweden.

The abovementioned activities by mining and truck manufacturing companies are projected to increase the adoption of electric trucks in the mining industry. This increased demand for electric trucks will directly boost the demand for the truck's components, such as battery packs, motors, and transmissions, which is expected to create lucrative opportunities for the mining remanufacturing component market during the forecast period.

On the contrary, quality issues and technological barriers hurdle the growth of Europe mining remanufacturing components market.

Based on component, the Europe mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held 46.2% market share in 2022, amassing US$ 500.06 million. It is projected to garner US$ 725.23 million by 2030 to register 4.8% CAGR during 2022-2030.

In terms of equipment, the Europe mining remanufacturing components market is segmented into excavator, wheel loader, wheel dozer, crawler dozer, haul truck, and others. The crawler dozers segment held 25.3% share of Europe mining remanufacturing components market in 2022, amassing US$ 273.94 million. It is anticipated to garner US$ 411.90 million by 2030 to expand at 5.2% CAGR during 2022-2030.

By industry, the Europe mining remanufacturing components market is divided into coal, metal, and others. The metal segment held 46.2% share of Europe mining remanufacturing components market in 2022, amassing US$ 500.61 million. It is projected to garner US$ 760.89 million by 2030 to expand at 5.4% CAGR from 2022 to 2030.

Based on country, the Europe mining remanufacturing components market is categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 27.0% share of Europe mining remanufacturing components market in 2022. It was assessed at US$ 292.57 million in 2022 and is likely to hit US$ 431.27 million by 2030, registering a CAGR of 5.0% during 2022-2030.

Key players operating in the Europe mining remanufacturing components market are Atlas Copco AB, J C Bamford Excavators Ltd, Caterpillar Inc, Epiroc AB, Swanson Industries Inc, Komatsu Ltd, Liebherr-International AG, AB Volvo, and Hitachi Construction Machinery Co Ltd, among others.

• In May 2023, Komatsu and Toyota are collaborating on a joint project to develop an Autonomous Light Vehicle (ALV) using Komatsu's Autonomous Haulage System (AHS). The aim is to enhance safety and productivity in mines by running autonomous haul trucks and automated ALVs.
  
  

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