Mining Equipment Market Size is valued at USD 146.76 billion in 2024 and is predicted to reach USD 238.72 billion by the year 2034 at a 5.0% CAGR during the forecast period for 2025-2034.
Ongoing digital mining, innovation is projected to revolutionize important parts of mines during the next few years. Rising investments and government support for digital mine innovation will likely drive mining equipment demand during the projection period. Advances and advancements in extraction technology and equipment have contributed to higher ore grades, allowing older mines to operate longer. Including artificial intelligence (AI) in mining equipment improves efficiency while increasing yield and maintaining miner safety.
Smart data and machine learning are also used worldwide. Technological advances are expected to drive market demand over the projection period. Incorporating automated technologies in mining operations is predicted to increase requests for novel mining equipment for enterprises to remain competitive. The utilization of advanced technology necessitates highly skilled staff and good network connectivity; therefore, demand for automated solutions and equipment is projected to be stronger in developed economies.
Increased mining activity in Indonesia, India, and China is driven by rising demand for precious metals, coal, and other metal and nonmetal products. The fast expansion of gold mining, driven by the demand for subsurface resources, drives demand for heavy mining equipment. Furthermore, the development of new mining sites is increasing the demand for mining equipment. The increase in material output is also fueling market expansion.
The mining equipment market is segmented by machinery category, application, power output, propulsion, electric & hybrid mining machining market (by type, by battery chemistry and autonomous mining machining market (by mining category). Based on machinery category, the market is segmented into crushing, pulverizing, screening machinery, mineral processing machinery, surface mining machinery, underground mining machinery. The market is segmented by application into metal, mineral, coal. the market is segmented by power output into < 500 hp,500 – 2,000 hp,> 2,000 hp. the market is segmented by propulsion into diesel, CNG/LNG/RNG. the market is segmented by electric & hybrid mining machining market, by type into electric & hybrid mining trucks, electric & hybrid load haul dump loaders (LHD), the market is segmented by electric & hybrid mining machining market, by battery chemistry into lithium iron phosphate battery (LFP), nickel manganese cobalt battery (NMC), others. The market is segmented by autonomous mining machining market, by mining category into surface mining and underground mining.
Underground mining will hold a major share of the global mining equipment market in 2022. underground mining has modified its network services. Underground mining relies heavily on the mine mass transit system. Underground mining equipment's robust manufacturing and high impact force make it an efficient piece for underground activities, boosting demand for excavating equipment during the predicted period.
The metal mining segment is projected to grow rapidly in the global Mining Equipment market. Metal mining is also predicted to drive market expansion. Increasing demand for metals such as steel and aluminum in the building and manufacturing industries is pushing a market expansion of the metal mining equipment market. Speedy urbanization in developing countries such as India and China is another important factor driving metals consumption., especially in countries such as the US, Germany, the UK, China, and India.
The Asia Pacific Mining Equipment market is predicted to have the most significant revenue share in the near future. In the future years, market growth will be driven by the growing shift toward renewable energy resources and the adoption of electric vehicles in developing nations such as China and India. The region is projected to gain traction in the future years as significant expenditures increase mineral exploration activity. This advantageous mining legislation for foreign investors, particularly in Colombia, Peru, Brazil, and Chile, assists the regional market's growth. On the other hand, the North America region is projected to hold the second-largest share of the market.
Increasing mineral mining activity, greater usage of cutting-edge mining equipment, and government initiatives in North America are the primary factors driving market expansion. Furthermore, during the forecast period, demand for these products is expected to be driven by the transition from traditional underground mining to cutting-edge, cost-effective open-pit mining.
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Report Attribute |
Specifications |
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Market size value in 2024 |
USD 146.76 Bn |
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Revenue Forecast in 2034 |
USD 238.72 Bn |
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Growth rate CAGR |
CAGR of 5.0% from 2025 to 2034 |
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Quantitative units |
Representation of revenue in US$ billion and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments Covered |
By Machinery category, By Application, Power Output, Propulsion, Type, Battery Chemistry, Mining Category |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia; |
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Competitive Landscape |
Caterpillar Inc, Komatsu Ltd, Sandvik Ab, Epiroc Ab, Liebherr, Hitachi Construction Machinery Co., Ltd., Doosan Enerbility, Ab Volvo, Sany Group, Liugong Machinery Co., Ltd., Kobelco Construction Machinery Co., Ltd, Sumitomo Heavy Industries, Ltd., Xuzhou Construction Machinery Group, Hyundai Construction Equipment Co., Ltd., Terex Corporation, Bharat Earth Movers Limited, ASTEC Industries, Inc., Wirtgen Group, Mine Master Ltd., Fiori Group S.P.A, Bell Equipment, Aard Mining Equipment |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Mining Equipment Market Snapshot
Chapter 4. Global Mining Equipment Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Machinery Category Estimates & Trend Analysis
5.1. by Machinery Category & Market Share, 2024 & 2034
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Machinery Category:
5.2.1. Crushing, Pulverizing, Screening Machinery
5.2.2. Mineral Processing Machinery
5.2.3. Surface Mining Machinery
5.2.4. Underground Mining Machinery
5.2.4.1. Drills
5.2.4.2. Electric Shovels
5.2.4.3. Hydraulic Excavators
5.2.4.4. Mining Dozers
5.2.4.5. Mining Trucks
5.2.4.6. Wheeled Loaders
Chapter 6. Market Segmentation 2: By Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2024 & 2034
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Application:
6.2.1. Metal
6.2.2. Mineral
6.2.3. Coal
Chapter 7. Market Segmentation 3: By Power Output Estimates & Trend Analysis
7.1. by Power Output & Market Share, 2024 & 2034
7.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Power Output:
7.2.1. < 500 HP
7.2.2. 500 – 2,000 HP
7.2.3. 2,000 HP
Chapter 8. Market Segmentation 4: By Propulsion Estimates & Trend Analysis
8.1. by Propulsion & Market Share, 2024 & 2034
8.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Propulsion:
8.2.1. Diesel
8.2.2. CNG/LNG/RNG
Chapter 9. Market Segmentation 5: By Type Estimates & Trend Analysis
9.1. by Type & Market Share, 2024 & 2034
9.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Type:
9.2.1. Electric & Hybrid Mining Trucks
9.2.2. Electric & Hybrid Load Haul Dump Loaders (LHD)
Chapter 10. Market Segmentation 6: By Battery Chemistry Estimates & Trend Analysis
10.1. by Battery Chemistry & Market Share, 2024 & 2034
10.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Battery Chemistry:
10.2.1. Lithium Iron Phosphate Battery (LFP)
10.2.2. Nickel Manganese Cobalt Battery (NMC)
10.2.3. Others
Chapter 11. Market Segmentation 7: by Mining Category Estimates & Trend Analysis
11.1. by Mining Category & Market Share, 2024 & 2034
11.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Mining Category:
11.2.1. Surface Mining
11.2.2. Underground Mining
Chapter 12. Mining Equipment Market Segmentation 3: Regional Estimates & Trend Analysis
12.1. North America
12.1.1. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Machinery Category, 2021-2034
12.1.2. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
12.1.3. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
12.1.4. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Propulsion, 2021-2034
12.1.5. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
12.1.6. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Battery Chemistry, 2021-2034
12.1.7. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Mining Category, 2021-2034
12.1.8. North America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
12.2. Europe
12.2.1. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Machinery Category, 2021-2034
12.2.2. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
12.2.3. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
12.2.4. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Propulsion, 2021-2034
12.2.5. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
12.2.6. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Battery Chemistry, 2021-2034
12.2.7. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Mining Category, 2021-2034
12.2.8. Europe Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
12.3. Asia Pacific
12.3.1. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Machinery Category, 2021-2034
12.3.2. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
12.3.3. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
12.3.4. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Propulsion, 2021-2034
12.3.5. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
12.3.6. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Battery Chemistry, 2021-2034
12.3.7. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Mining Category, 2021-2034
12.3.8. Asia Pacific Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
12.4. Latin America
12.4.1. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Machinery Category, 2021-2034
12.4.2. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
12.4.3. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
12.4.4. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Propulsion, 2021-2034
12.4.5. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
12.4.6. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Battery Chemistry, 2021-2034
12.4.7. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Mining Category, 2021-2034
12.4.8. Latin America Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
12.5. Middle East & Africa
12.5.1. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Machinery Category, 2021-2034
12.5.2. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
12.5.3. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
12.5.4. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Propulsion, 2021-2034
12.5.5. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Type, 2021-2034
12.5.6. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Battery Chemistry, 2021-2034
12.5.7. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by Mining Category, 2021-2034
12.5.8. Middle East & Africa Mining Equipment Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
Chapter 13. Competitive Landscape
13.1. Major Mergers and Acquisitions/Strategic Alliances
13.2. Company Profiles
13.2.1. Caterpillar Inc
13.2.2. Komatsu Ltd
13.2.3. Sandvik Ab
13.2.4. Epiroc Ab
13.2.5. Liebherr
13.2.6. Hitachi Construction Machinery Co., Ltd.
13.2.7. Doosan Enerbility
13.2.8. Ab Volvo
13.2.9. Sany Group
13.2.10. Liugong Machinery Co., Ltd.
13.2.11. Kobelco Construction Machinery Co., Ltd
13.2.12. Sumitomo Heavy Industries, Ltd.
13.2.13. Xuzhou Construction Machinery Group
13.2.14. Hyundai Construction Equipment Co., Ltd.
13.2.15. Terex Corporation
13.2.16. Bharat Earth Movers Limited
13.2.17. ASTEC Industries, Inc.
13.2.18. Wirtgen Group
13.2.19. Mine Master Ltd.
13.2.20. Fiori Group S.P.A
13.2.21. Bell Equipment
13.2.22. Aard Mining Equipment
13.2.23. Other Prominent Players
Mining Equipment Market- By Machinery Category
Mining Equipment Market- By Application
Mining Equipment Market- By Power Output
Mining Equipment Market- By Propulsion
Mining Equipment Market- By Electric & Hybrid Mining Machining Market, By Type
Mining Equipment Market- By Electric & Hybrid Mining Machining Market, By Battery Chemistry
Mining Equipment Market- By Mining Category
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
