Underground Truck Market

On 23 April 2025 Sandvik booked the largest battery-electric equipment order in its history, about SEK 750 million from South32 for the Hermosa zinc and manganese project in Arizona, with battery-electric and conventional underground trucks, loaders and drills delivered from the fourth quarter of 2026 through 2030, according to the Sandvik release. A greenfield mine planning its haulage around batteries from day one shows how the underground truck is changing. Douglas Insights values the underground truck market at USD 2.29 billion in 2025 and forecasts USD 3.94 billion by 2035, a compound annual growth rate of 5.57%. The receipt is about 2,640 underground trucks shipped in 2025 at an average USD 868,000 each. The volume leg adds 3.1% a year as copper and gold mines go deeper and contractors renew fleets, and the price leg adds 2.4% a year as battery packs, larger payloads and automation raise the value of each truck. The study sits within Douglas Insights coverage of mining equipment and services and follows the published Douglas Insights research methodology.

What counts as an underground truck, and which machines sit outside this study?

An underground truck is a low-profile articulated dump truck built to haul ore and waste rock through mine declines and tunnels, and about 2,640 were shipped worldwide in 2025. The underground truck study splits value by payload class into Up to 20 tonnes, 21 to 30 tonnes, 31 to 45 tonnes, 46 to 55 tonnes, and Above 55 tonnes. It splits value by powertrain into Diesel, Battery-electric, and Diesel-electric and trolley-assist, and by application into Underground metal mining, Underground coal and industrial minerals, and Tunnelling and civil construction.

New trucks, factory-fitted automation kits and on-board batteries are counted at manufacturer prices. Loaders, drill rigs, utility vehicles, chargers, spare parts, rebuilds and service contracts are excluded. The electrified share of loaders and trucks together is sized in the Mining Equipment Electrification Market report.

What did South32’s SEK 750 million Hermosa order signal for underground truck makers?

The Hermosa order signalled that new underground truck fleets will be mixed, with battery-electric haulers bought alongside diesel units rather than as trials. South32 expects first production at Hermosa in 2027, and most deliveries fall in 2026 and 2027, so the order lifts Sandvik’s North American underground truck shipments in exactly the years this forecast starts. Sandvik said lower fuel and maintenance costs and longer equipment life justified the choice.

Hermosa was not alone. Eldorado Gold’s Lamaque mine in Quebec ordered battery-electric trucks and loaders worth SEK 160 million on 19 December 2025, taking its Sandvik battery fleet from 2 to 12 machines, according to a second Sandvik release. Douglas Insights estimates Battery-electric underground trucks took about 15% of 2025 underground truck value, and the Hermosa order runs through the drivers, company shares and 2035 outlook below.

Which exhaust laws and mine safety rules shape underground truck fleets?

Two exhaust laws shape underground truck design, and the US diesel particulate limit matters most: 160 micrograms of total carbon per cubic metre of air in underground metal and nonmetal mines since 20 May 2008 under 30 CFR 57.5060. Mines meet it with cleaner engines, filters and more ventilation air, and each diesel underground truck needs its own share of that air.

In the European Union, Regulation (EU) 2016/1628 sets Stage V emission limits for non-road engines, including particle number limits for engines from 19 kW to 560 kW that push makers to fit diesel particulate filters. Mine safety codes in Australia, Canada, Chile and South Africa add collision avoidance, fire suppression and cab standards. Douglas Insights estimates exhaust and safety equipment adds about USD 60,000 to the price of a 50-tonne diesel underground truck.

What drives underground truck orders from mines and contractors?

Four forces add about 3.8 points a year to underground truck shipments before restraints, and the move from open pits to deep underground mines is the largest. Ore grades at many open-pit copper and gold mines have fallen, and operators such as Codelco at Chuquicamata and El Teniente, Rio Tinto at Oyu Tolgoi and Newmont at its Australian and Canadian gold mines now reach ore through declines and block caves. A block cave producing 100,000 tonnes a day needs a fleet of 40 to 60 large haulers or conveyors. Douglas Insights estimates the shift underground adds about 1.2 points a year to underground truck unit growth, concentrated in the 46 to 55 tonnes and Above 55 tonnes classes.

Electrification is the second driver, and the 23 April 2025 Hermosa order sets its pace. Ventilation can take 40% to 50% of an underground mine’s energy use, and a battery-electric truck removes diesel exhaust from the airflow plan. Sandvik’s Lamaque customer is growing its battery fleet from 2 to 12 machines. Douglas Insights estimates electrification adds about 0.8 points a year to underground truck unit growth, because new mines buy extra battery trucks to cover charging time, and adds about 1.1 points to the price leg.

Strong metal prices and contractor fleets are the third driver. Epiroc reported equipment orders up 30% organically and group orders of SEK 17.3 billion in the second quarter of 2026, citing historically high copper and gold prices, in its 17 July 2026 interim report. Contract miners such as Barminco in Australia, which placed a SEK 350 million Sandvik order in June 2026, renew trucks on five- to seven-year cycles. Douglas Insights estimates contractor and price-led buying adds about 0.9 points a year to underground truck unit growth.

Automation and fleet replacement are the fourth driver. An autonomous underground truck can run through shift changes and blasting re-entry, lifting hours worked by 15% to 25%, and mines that automate replace older trucks that cannot take the kit. Epiroc demonstrated a Minetruck MT66 S eDrive diesel-electric model at its June 2026 World Expo. Douglas Insights estimates automation-led replacement adds about 0.9 points a year to underground truck unit growth. Together the four drivers, less the restraints below, take underground truck shipments from about 2,640 in 2025 to about 3,580 in 2035.

What holds back underground truck replacement?

Three restraints hold underground truck growth to 5.57% a year, and the metal price cycle is the first. Several Australian nickel mines went into care and maintenance in 2024 when nickel prices fell, and lithium projects slowed in 2024 and 2025, idling trucks that then flow to the used market. Douglas Insights removes about 0.3 points a year from the underground truck unit leg for commodity cycles.

Charging infrastructure is the second restraint. A battery-electric underground truck needs chargers, stronger power lines and changed haul plans, and older mines with long ramps and limited power often keep diesel. Douglas Insights removes about 0.2 points a year from underground truck unit growth for mines that delay electrification.

Longer truck life is the third restraint. Mid-life rebuilds let an underground truck run beyond 30,000 operating hours, delaying new purchases by two to four years. Douglas Insights removes about 0.2 points a year from underground truck unit growth for rebuilds.

Which payload class carries the value in underground trucks?

The 46 to 55 tonnes class carries the most underground truck value, USD 649 million or 28.3% in 2025. The Above 55 tonnes class grows fastest, at 7.64% a year.

Up to 20 tonnes underground trucks are worth USD 312 million in 2025. Narrow-vein gold mines and Chinese and Indian metal mines use these small trucks in drifts under 4 metres wide, so this class grows slowest at 3.24%.

21 to 30 tonnes underground trucks are worth USD 410 million in 2025. Mid-sized zinc, lead and gold mines in Europe, Mexico and Peru favour this class where declines are tight.

31 to 45 tonnes underground trucks are worth USD 568 million in 2025. The Caterpillar AD45 and similar models serve mid-depth mines, and Epiroc’s 42-tonne battery Minetruck sits in this class.

46 to 55 tonnes underground trucks are worth USD 649 million in 2025. This class is the workhorse of large sublevel stoping mines in Australia, Canada and Chile, where haul distance favours a 50-tonne box.

Above 55 tonnes underground trucks are worth USD 353 million in 2025 and grow fastest at 7.64% a year to USD 737 million by 2035. Block caves and deep copper mines need the lowest cost per tonne-kilometre, and 60- to 65-tonne battery and diesel haulers now deliver it.

How do diesel, battery-electric and trolley underground trucks split the fleet?

Diesel underground trucks take about 78% of 2025 underground truck value, some USD 1.79 billion. Battery-electric trucks take about 15%, some USD 344 million, and gain about 16 points of share by 2035 as new mines such as Hermosa plan around them. Diesel-electric and trolley-assist trucks take about 7%, some USD 160 million, led by trolley lines on long ramps such as Boliden’s Kankberg trial with ABB and Epiroc.

Which applications buy underground trucks?

Underground metal mining buys about 81% of 2025 underground truck value, some USD 1.86 billion. Underground coal and industrial minerals buy about 6.5%, some USD 149 million, since most coal mines move coal by conveyor and use trucks for waste and supplies. Tunnelling and civil construction buy about 12.5%, some USD 286 million, for rail, road and hydropower tunnels in Europe and Asia.

Which mining region buys the most underground trucks, and which is catching up?

Asia Pacific buys the most underground truck value, USD 784 million in 2025 or 34.2% of the total, and grows 5.76% a year to USD 1.37 billion by 2035. Australian gold and copper mines, Chinese metal mines and Mongolia’s Oyu Tolgoi drive the region, and Australian contractors are early buyers of 60-tonne and battery-electric trucks. China alone takes about 850 underground trucks a year, mostly under 30 tonnes from domestic makers, which keeps the regional average price below the global figure.

North America buys USD 495 million in 2025 and grows 5.46% a year to USD 843 million, with Canadian gold mines and US projects such as Hermosa leading battery adoption. Latin America buys USD 408 million and grows fastest at 6.26% a year to USD 749 million, as Chilean block caves, Peruvian polymetallic mines and Mexican contractors expand deep fleets. The Middle East and Africa buys USD 305 million and grows 5.96% a year to USD 544 million, led by South African platinum and gold mines and copper mines in Zambia and the Democratic Republic of the Congo. Europe buys USD 300 million and grows slowest at 3.76% a year to USD 434 million, as Nordic mines electrify but few new European mines open.

Which companies build underground trucks, and what share do Sandvik and Epiroc hold?

Douglas Insights estimates Sandvik holds about 27.5% of 2025 underground truck value and Epiroc about 25.8%, and the top three makers with Caterpillar hold about 67.4%.

Advantage in underground trucks rests on service reach and automation, because a mine that runs one maker’s autonomy system across loaders and trucks rarely mixes brands. Sandvik and Epiroc sell full fleets with drills and loaders and win most battery-electric orders, while Caterpillar leads where mines already run its surface trucks and MineStar. Komatsu competes in low-profile trucks through GHH, and Chinese makers win price-led tenders in Asia and Africa. The Hermosa order shows the leaders using battery fleets to lock in mines for decades of parts and service.

What price does an underground truck carry, from 20-tonne diesel to 65-tonne battery hauler?

An underground truck sold for an average USD 868,000 in 2025, and Douglas Insights expects about USD 1.10 million by 2035. A Chinese 15- to 20-tonne diesel truck sells for USD 150,000 to USD 350,000, and a Western 20- to 30-tonne model for USD 450,000 to USD 750,000. A 45- to 51-tonne diesel truck sells for USD 1.3 million to USD 1.8 million, and a 60- to 65-tonne diesel hauler for USD 1.9 million to USD 2.6 million. A battery-electric underground truck carries a premium of 30% to 50% over the diesel equivalent before chargers. A factory automation kit adds USD 150,000 to USD 300,000 per truck. The average underground truck price rises 2.4% a year as the mix shifts to larger, battery-electric and autonomous trucks.

Why do battery-electric underground trucks cut mine ventilation bills?

Battery-electric underground trucks can cut a deep mine’s ventilation airflow by 30% to 50%. A diesel truck needs roughly 0.06 cubic metres per second of fresh air for every kilowatt of engine power, so a 400-kilowatt hauler needs about 24 cubic metres per second of its own, and fan power rises with the cube of airflow, so energy savings are larger still. Douglas Insights estimates a deep mine running 30 battery-electric underground trucks saves USD 4 million to USD 8 million a year in ventilation and fuel, repaying the battery premium in three to five years. Hermosa sizes its shafts and fans around a battery fleet from the start, which is cheaper than converting a working mine whose ventilation raises were built for diesel. Douglas Insights estimates greenfield mines are about three times as likely as operating mines to specify battery-electric underground trucks for their first fleet.

How large could underground truck revenue grow by 2035?

Underground truck revenue reaches USD 3.94 billion by 2035 in the base case, inside a range from USD 3.00 billion to USD 5.02 billion. The lower path assumes copper and gold prices fall back, new block caves slip and battery adoption stalls after early projects, setting the legs at 1.4% for units and 1.3% for price for USD 3.00 billion. The upper path assumes more greenfield mines follow Hermosa with battery fleets and Chilean and Mongolian caves reach full output, setting the legs at 4.6% and 3.4% for USD 5.02 billion. Each 1-point change in unit growth moves the 2035 underground truck figure by about USD 400 million. Published growth estimates for underground trucks range from about 4.2% to 7.3% a year, and the Douglas Insights figure of 5.57% sits inside that band because it counts new trucks only and excludes parts and service.

Douglas Exclusive: the underground truck payload-and-powertrain fleet map

The underground truck payload-and-powertrain fleet map records about 21,400 underground trucks at 640 mines and tunnel projects in 38 countries by maker, model, payload, powertrain, year and automation status. The map shows that battery-electric trucks made up about 6% of the working fleet in 2025 but about 17% of trucks ordered for delivery in 2026 and 2027, led by North American greenfield mines such as Hermosa. It also shows that 44% of trucks in Latin America are older than eight years, the largest replacement pool in the forecast. Related coverage sits in the Mining Equipment Electrification Market, Lithium Mining Market and Wet High Intensity Magnetic Separators (WHIMS) Market reports.

Methodology and receipts: how do 2,640 trucks add up to USD 2.29 billion?

The underground truck model multiplies about 2,640 trucks shipped in 2025 by an average USD 868,000, giving USD 2.29 billion. Units come from maker order releases, the 21,400-truck fleet map, mine plans and replacement cycles of 5 to 8 years, split across 5 payload classes, 3 powertrains, 3 applications and 5 regions. Prices come from order values and tender awards. The forecast compounds 3.1% unit growth and 2.4% price growth from the 2025 base to about 3,580 trucks and USD 3.94 billion in 2035.

Sources

1. Sandvik (company release) Sandvik wins record order for battery-electric mining equipment (2025)
2. Sandvik (company release) Sandvik wins large order for battery-electric mining equipment in Canada (2025)
3. Epiroc (investor release) Epiroc interim report Q2 2026 (2026)
4. Electronic Code of Federal Regulations (US Government) 30 CFR 57.5060 Limit on exposure to diesel particulate matter (2026)
5. EUR-Lex, Publications Office of the European Union Regulation (EU) 2016/1628 on emission limits for non-road mobile machinery engines (2016)
6. Sandvik (company release) Sandvik wins SEK 350 million mining equipment order in Australia (2026)