IDTechEx Finds Electric Haul Trucks to Become a US$15 Billion Industry

BOSTON, April 23, 2024 /PRNewswire/ -- Electric haul trucks will be key to achieving meaningful emissions reduction in the mining industry and assisting mining companies to meet their sustainability objectives. Haul trucks make up almost a quarter of the global mining vehicle population but are by far the largest and most emitting vehicles, contributing to over 90% of vehicular emissions in mining or over 174 megatonnes of CO₂ annually. Electrification of these vehicles is steadily progressing at a rate that is drawing the attention of key players across the industry, including mining companies, OEMs, and battery suppliers. IDTechEx's new report, "Electric Vehicles in Mining 2024-2044: Technologies, Players, and Forecasts", explores the facets drawing key stakeholders into the space, why electric haul trucks are expected to be a success, and what is still needed as part of the electric transition.

Compared to other mining vehicles, and especially to on-highway vehicle segments, haul truck electrification is still in its nascent stages. Only one or two electric haul trucks have been made per year, and only in 2023 did the total number of these vehicles tip into the double digits. The majority of these have been prototypes and testing models developed by the mining companies themselves and independent retrofitters instead of OEMs. They repurpose existing diesel machines to install batteries or fuel cells for zero-emission operation. First Mode and WAE have been the two most active players in this area and are expanding their retrofitting capacities in the near term.

More recently, major mining OEMs have moved into the electric haul truck space, seeking to develop and commercialize electric models of their existing vehicles in-house. This includes the two largest mining OEMs globally, Caterpillar and Komatsu. Caterpillar has built the 793 Electric prototype, currently in testing and with aims for commercialization by 2027. Komatsu is at a similar stage of development with its 830E electric, aiming for production pre-2030.

What can electric haul trucks offer?

The ramp-up in interest from OEMs in electric haul trucks can be attributed to the rising demand from mining companies. Many of the world's largest miners have signed agreements with retrofitters and now OEMs for the supply of EV haul trucks when the technology is commercially available. These companies are increasingly realizing that not only are electric haul trucks greener and provide safer working conditions, but they can also generate huge savings in total cost of ownership.