Mining Vehicle AC Kits Market: Introduction
Cabin space in mining equipment has become more sophisticated in the recent past. The installation of mining vehicle AC kits has evolved from an optional feature to a necessary feature. Mining equipment manufacturers have made advancements in technology related to efficiency, performance and cost of air conditioning systems in order to make them affordable and economical to enable low-budget and compact installations without compromising on the overall performance of the vehicle. Contemporary mining vehicle AC kits ensure thermal comfort for vehicle occupants across a wide range of temperatures. The air condition system of any vehicle is an integral factor that influences consumer purchasing behavior.
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Mining Vehicle AC Kits Market: Dynamics
The global mining vehicle AC kits market is highly dependent on the mining industry outlook around the globe. The mining industry is dynamic in nature, and its fluctuation depends upon the performance of various end-use sectors. This makes the mining industry correlated with the overall global economic scenario. The mining vehicle AC kits market has been witnessing slow economic growth, due to political turmoil and growing protectionism, which lead to a decline in mining activities and related markets. In order to better cater to the growing demand for mining vehicle AC kits from the global mining industry, manufacturers are focusing on strategically expanding their capacities. In line with this, capacity expansions have been announced in the Latin America and the Middle East & Africa region are some of the key factors which have led to the growth of the global mining industry in recent past. However, the mining industry in North America and Latin America, especially in countries such as Chile, and Peru, is expected to return to its steady phase in the coming years, creating opportunities for mining and translating the positive effect of the same to the mining vehicle AC kits demand and prices moved towards stabilization towards the end of the forecast period. This, along with an increase in the demand for various minerals across the globe, has led to an upsurge in ore exploration and procurement, driving the demand for equipment equipped with mining vehicle AC kits across various regions.
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The high initial cost and maintenance cost of mining vehicle AC kits may restrain the market growth during the forecast period. Nevertheless, numerous mining companies are increasingly adopting mining vehicle AC kits with an aim to improve the working environment for their workforce products. Also, manufacturers of mining vehicle AC kits are investing in research and development to make mining vehicle AC kits more efficient and economical. However, the ongoing trend of using better equipment in industries is expected to drive the demand for mining vehicle AC kits during the forecast period.
Mining Vehicle AC Kits Market: Segmentation
- Based on equipment type, the mining vehicle AC kits market can be segmented as:
- Crushing, pulverizing, and screening equipment
- Drills & breakers
- Mineral processing equipment
- Surface mining equipment
- Dozers
- Excavators
- Motor graders
- Rigid dump trucks
- Mining trucks
- Wheeled loaders
- Based on operation, the mining vehicle AC kits market can be segmented as:
- Surface mining equipment
- Underground mining equipment
- Based on sales channel, the mining vehicle AC kits market can be segmented as:
- OEM (Original Equipment Manufacturing)
- Aftermarket
Mining Vehicle AC Kits Market: Regional Outlook
Geographically, the mining vehicle AC kits market has been segmented into eight regions: Western Europe, Eastern Europe, Middle East and Africa, North America, Latin America and the East Asia Pacific, South Asia and Oceania. During the forecast period, Europe is expected to hold a major share in the global mining vehicle AC kits market and remain prominent, owing to the existing fleet of large mining equipment, sales of mining vehicles and increased focus of mining companies towards increasing production capacity in this region. Asia Pacific is expected to exhibit high growth in the mining vehicle AC kits market, owing to the increasing demand for energy from rapid industrialization in the economies of South East Asia, such as Indonesia, India, Bangladesh, and Vietnam. The rest of the world is estimated to account for a relatively small share of the mining vehicle AC kits market.
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Mining Vehicle AC Kits Market: Market Participants
Some of the examples of market participants operating across the value chain of the global mining vehicle AC kits market are:
- Robert Bosch GmbH
- The DC Airco Company BV
- ZF Friedrichshafen AG
- Hammond Air Conditioning Ltd.
- HELLA GmbH & Co. KGaA
- ATC
- Red DOT Corporation
- Global Air, Inc.
- Subros Limited
- DENSO
- Lyons Air Conditioning