Mining Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Global Mining Equipment Market
The global mining equipment market size was valued at USD 112.23 billion in 2023, and the market is now projected to grow from USD 114.61 billion in 2024 to USD 151.25 billion by 2032, exhibiting a CAGR of 4.0% during the forecast period of 2024-2032.
The COVID-19 crisis clearly impacted the mining equipment since it led to shut down of operations, disruptions in the supply chain and varying demand in the course of attempting to manage the viral infection. The limitation of movement through locks downs hampered the construction of equipments and the delivery of the equipments also caused a delay of the manufacturing process hence there were many uncollected orders awaiting fulfillment. Besides, there was limited availability of workforce, and lower capitalized spending among the mining firms halted the purchases of new technologies. Yet, as global economies started to steadily adult the demand for metals together with improved focus on automation established smooth recovery in the mining equipment industry while pointing to technology-based, sustainable solutions in post-Pandemic growth.
Automation, sustainability and digitalization are ever rising trends in the mining equipment market. Automations and autonomous vehicles are making operations and safe by minimizing human interaction in risky areas. Most companies are adopting electric and hybrid machinery, which is reflect in the UN’s sustainable development goals on reduction of carbon. IoT and Artificial Intelligence are revolutionizing the opportunity to monitor the assets in an organization and the processes to identify and prevent the breakdowns. In addition, the consumption of high-end crushing and grinding equipment for enhanced ore processing performance is increasing, making technology essential in modern mining activities. Thus, all the above mentioned factors are contributing towards the global mining equipment market growth.
Mining equipment market is stimulated by the growth in demand for minerals and metals due to industrialization and urbanization mostly in the developing nations. Raising capital expenditure on infrastructural and construction development has created the demand for some basic minerals such as iron and copper for efficient mining machinery production. This is in respect of compliance with environmental standards for emissions of fuel and other pollutants translated through the purchase of efficient machines and equipment. On the same note, increased resource exploration in the remote and hostile geographical regions has created high demand for reliable and innovative mining equipment.
Comprehensive Analysis Global Mining Equipment Market
The market is categorized based on the type of equipment, their applications, and by region. It covers, but not limited to, excavators, loaders, dozers, motor graders and dump trucks of which they have different operational functions in mining initiatives. The market can be segmented in terms of application into things like coal mining, gas and oil extraction, metal ore mining and non-metal mining and what is needed for each in terms of shipping equipment. From a geographical perspective, the market is segmented into regions which include North America, Europe, Asia-Pacific and others which may exhibit differential demand and the technological evolution depending on the mining industry and the zones prevailing economic circumstances.
The Asia-Pacific is the leading market for mining equipment because it is the largest consumer of minerals and metals globally; China, India, and Australia being the leading consumers. These countries are amongst the countries with large deposits in coal, metal ores, and non-metal minerals that require high-quality mining equipment. The construction industry is well developed and also receives a lot of investment and grants for constructions, which provides equipment demands. Moreover, the rising automation and sustainable mining application in Asia-Pacific further strengthens the mining equipment growth globally and further leads the market.
Key players in this sector include Caterpillar (Deerfield, Illinois, U.S.), Komatsu Ltd. (Tokyo, Japan), CNH Industrial N.V (Amsterdam, Netherlands), AB Volvo (Gothenburg, Sweden), Terex Corporation (Connecticut, U.S.)
Interestingly, for 2024 the mining equipment is showing tendencies in the direction of more electric and hybrid mining dump trucks. Such trucks are experiencing demand because they help lower carbon emissions, improve fuel economy, and meet high emission standards. Major manufacturers are currently looking to introduce battery-electric dump trucks that have longer operational life and lesser maintenance as compared to the current diesel-electric models. Also, the integration of the use of autonomous technology is enhancing operational safety and efficiency; complete electric autonomous dump trucks suited for mining at distant and often inaccessible sites, revolutionize sustainability and production in the mining industry.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2019-2030
Base Year
2022
Estimated Year
2023
Forecast Period
2023-2030
Historical Period
2019-2021
Growth Rate
CAGR of 6.1% from 2023 to 2030
Unit
Value (USD million)
Segmentation
By Product Type, End-User, and Region
Segmentation
By Product Type
Rolling Flat Dies
Thread Rolling Cylindrical Dies
Rotary Type Thread Rolling Dies
Rack Type Rolling Dies
Trimming Dies
Round Dies
Others (Drill Point Dies)
By End-User
Automotive
White Goods
Medical
Cutlery
Consumer Electronics
General Engineering
Others (Marine)
By Region
North America (By Product Type, End-User and Country)
- U.S.
- Canada
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- BENELUX
- Nordics
- Rest of Europe
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
- Israel
- Turkey
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
- Brazil
- Argentina
- Rest of South America
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19 on Mining Equipment Market
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Porter’s Five Forces Analysis
- 4.4. Global Mining Equipment Market Share Analysis, 2020
- 5. Key Market Insights and Strategic Recommendations
- 6. Profiles of Key Players (Would be provided for 10 players only)
- 6.1. Overview
- 6.1.1. Key Management
- 6.1.2. Headquarters etc.
- 6.2. Offerings/Business Segments
- 6.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 6.3.1. Employee Size
- 6.3.2. Key Financials
- 6.3.2.1. Past and Current Revenue
- 6.3.2.2. Geographical Share
- 6.3.2.3. Business Segment Share
- 6.4. Recent Developments
- 7. Primary Interview Responses
- 8. Annexure / Appendix
- 8.1. Global Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- 8.1.1. By Type (USD Bn)
- 8.1.1.1. Excavators
- 8.1.1.2. Loaders
- 8.1.1.3. Dozers
- 8.1.1.4. Motor Graders
- 8.1.1.5. Dump Trucks
- 8.1.1.6. Others (Mining Drills, etc.)
- 8.1.2. By Application (USD Bn)
- 8.1.2.1. Coal Mining
- 8.1.2.2. Gas & Oil Extraction
- 8.1.2.3. Metal Ore Mining
- 8.1.2.4. Non-Metal Mining
- 8.1.3. By Region (USD Bn)
- 8.1.3.1. North America
- 8.1.3.2. Europe
- 8.1.3.3. Asia Pacific
- 8.1.3.4. Middle East and Africa
- 8.1.3.5. South America
- 8.2. North America Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- 8.2.1. By Type (USD Bn)
- 8.2.1.1. Excavators
- 8.2.1.2. Loaders
- 8.2.1.3. Dozers
- 8.2.1.4. Motor Graders
- 8.2.1.5. Dump Trucks
- 8.2.1.6. Others (Mining Drills, etc.)
- 8.2.2. By Application (USD Bn)
- 8.2.2.1. Coal Mining
- 8.2.2.2. Gas & Oil Extraction
- 8.2.2.3. Metal Ore Mining
- 8.2.2.4. Non-Metal Mining
- 8.2.3. By Country (USD Bn)
- 8.2.3.1. United States
- 8.2.3.1.1. By Application
- 8.2.3.1.1.1. Coal Mining
- 8.2.3.1.1.2. Gas & Oil Extraction
- 8.2.3.1.1.3. Metal Ore Mining
- 8.2.3.1.1.4. Non-Metal Mining
- 8.2.3.2. Canada
- 8.2.3.2.1. By Application
- 8.2.3.2.1.1. Coal Mining
- 8.2.3.2.1.2. Gas & Oil Extraction
- 8.2.3.2.1.3. Metal Ore Mining
- 8.2.3.2.1.4. Non-Metal Mining
- 8.3. Europe Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- 8.3.1. By Type (USD Bn)
- 8.3.1.1. Excavators
- 8.3.1.2. Loaders
- 8.3.1.3. Dozers
- 8.3.1.4. Motor Graders
- 8.3.1.5. Dump Trucks
- 8.3.1.6. Others (Mining Drills, etc.)
- 8.3.2. By Application (USD Bn)
- 8.3.2.1. Coal Mining
- 8.3.2.2. Gas & Oil Extraction
- 8.3.2.3. Metal Ore Mining
- 8.3.2.4. Non-Metal Mining
- 8.3.3. By Country (USD Bn)
- 8.3.3.1. U.K.
- 8.3.3.1.1. By Application
- 8.3.3.1.1.1. Coal Mining
- 8.3.3.1.1.2. Gas & Oil Extraction
- 8.3.3.1.1.3. Metal Ore Mining
- 8.3.3.1.1.4. Non-Metal Mining
- 8.3.3.2. Germany
- 8.3.3.2.1. By Application
- 8.3.3.2.1.1. Coal Mining
- 8.3.3.2.1.2. Gas & Oil Extraction
- 8.3.3.2.1.3. Metal Ore Mining
- 8.3.3.2.1.4. Non-Metal Mining
- 8.3.3.3. France
- 8.3.3.3.1. By Application
- 8.3.3.3.1.1. Coal Mining
- 8.3.3.3.1.2. Gas & Oil Extraction
- 8.3.3.3.1.3. Metal Ore Mining
- 8.3.3.3.1.4. Non-Metal Mining
- 8.3.3.4. Italy
- 8.3.3.4.1. By Application
- 8.3.3.4.1.1. Coal Mining
- 8.3.3.4.1.2. Gas & Oil Extraction
- 8.3.3.4.1.3. Metal Ore Mining
- 8.3.3.4.1.4. Non-Metal Mining
- 8.3.3.5. Rest of the Europe
- 8.4. Asia Pacific Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- 8.4.1. By Type (USD Bn)
- 8.4.1.1. Excavators
- 8.4.1.2. Loaders
- 8.4.1.3. Dozers
- 8.4.1.4. Motor Graders
- 8.4.1.5. Dump Trucks
- 8.4.1.6. Others (Mining Drills, etc.)
- 8.4.2. By Application (USD Bn)
- 8.4.2.1. Coal Mining
- 8.4.2.2. Gas & Oil Extraction
- 8.4.2.3. Metal Ore Mining
- 8.4.2.4. Non-Metal Mining
- 8.4.3. By Country (USD Bn)
- 8.4.3.1. Japan
- 8.4.3.1.1. Application
- 8.4.3.1.1.1. Coal Mining
- 8.4.3.1.1.2. Gas & Oil Extraction
- 8.4.3.1.1.3. Metal Ore Mining
- 8.4.3.1.1.4. Non-Metal Mining
- 8.4.3.2. China
- 8.4.3.2.1. Application
- 8.4.3.2.1.1. Coal Mining
- 8.4.3.2.1.2. Gas & Oil Extraction
- 8.4.3.2.1.3. Metal Ore Mining
- 8.4.3.2.1.4. Non-Metal Mining
- 8.4.3.3. India
- 8.4.3.3.1. Application
- 8.4.3.3.1.1. Coal Mining
- 8.4.3.3.1.2. Gas & Oil Extraction
- 8.4.3.3.1.3. Metal Ore Mining
- 8.4.3.3.1.4. Non-Metal Mining
- 8.4.3.4. Australia
- 8.4.3.4.1. Application
- 8.4.3.4.1.1. Coal Mining
- 8.4.3.4.1.2. Gas & Oil Extraction
- 8.4.3.4.1.3. Metal Ore Mining
- 8.4.3.4.1.4. Non-Metal Mining
- 8.4.3.5. Southeast Asia
- 8.4.3.5.1. By Application
- 8.4.3.5.1.1. Coal Mining
- 8.4.3.5.1.2. Gas & Oil Extraction
- 8.4.3.5.1.3. Metal Ore Mining
- 8.4.3.5.1.4. Non-Metal Mining
- 8.4.3.6. Rest of Asia Pacific
- 8.5. Middle East & Africa Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- 8.5.1. By Type (USD Bn)
- 8.5.1.1. Excavators
- 8.5.1.2. Loaders
- 8.5.1.3. Dozers
- 8.5.1.4. Motor Graders
- 8.5.1.5. Dump Trucks
- 8.5.1.6. Others (Mining Drills, etc.)
- 8.5.2. By Application (USD Bn)
- 8.5.2.1. Coal Mining
- 8.5.2.2. Gas & Oil Extraction
- 8.5.2.3. Metal Ore Mining
- 8.5.2.4. Non-Metal Mining
- 8.5.3. By Country (USD Bn)
- 8.5.3.1. GCC Countries
- 8.5.3.1.1. By Application
- 8.5.3.1.1.1. Coal Mining
- 8.5.3.1.1.2. Gas & Oil Extraction
- 8.5.3.1.1.3. Metal Ore Mining
- 8.5.3.1.1.4. Non-Metal Mining
- 8.5.3.2. South Africa
- 8.5.3.2.1. By Application
- 8.5.3.2.1.1. Coal Mining
- 8.5.3.2.1.2. Gas & Oil Extraction
- 8.5.3.2.1.3. Metal Ore Mining
- 8.5.3.2.1.4. Non-Metal Mining
- 8.5.3.3. Rest of Middle East and Africa
- 8.6. South America Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- 8.6.1. By Type (USD Bn)
- 8.6.1.1. Excavators
- 8.6.1.2. Loaders
- 8.6.1.3. Dozers
- 8.6.1.4. Motor Graders
- 8.6.1.5. Dump Trucks
- 8.6.1.6. Others (Mining Drills, etc.)
- 8.6.2. By Application (USD Bn)
- 8.6.2.1. Coal Mining
- 8.6.2.2. Gas & Oil Extraction
- 8.6.2.3. Metal Ore Mining
- 8.6.2.4. Non-Metal Mining
- 8.6.3. By Country (USD Bn)
- 8.6.3.1. Brazil
- 8.6.3.1.1. By Application
- 8.6.3.1.1.1. Coal Mining
- 8.6.3.1.1.2. Gas & Oil Extraction
- 8.6.3.1.1.3. Metal Ore Mining
- 8.6.3.1.1.4. Non-Metal Mining
- 8.6.3.2. Mexico
- 8.6.3.2.1. By Application
- 8.6.3.2.1.1. Coal Mining
- 8.6.3.2.1.2. Gas & Oil Extraction
- 8.6.3.2.1.3. Metal Ore Mining
- 8.6.3.2.1.4. Non-Metal Mining
- 8.6.3.3. Rest of South America
- 9. List of some of the companies (to name a few and not limited to) considered in the scope for understanding the market ecosystem/value chain.
- 10. (Note that the purpose of the below list is to highlight the exhaustiveness of coverage. This does not necessarily mean that all the below companies would be profile in the scope. However, at the same, we are open to profile additional company(s) on specific request)
- 11. Caterpillar.
- 12. Komatsu Ltd.
- 13. CNH Industrial N.V
- 14. AB Volvo
- 15. Terex Corporation
- 16. Sandvik AB
- 17. John Deere & Company
- 18. Liebherr-International AG
- 19. Hitachi Ltd.
- 20. Doosan Corporation.
- 21. Metso Corporation
- 22. Atlas Copco AB
- 23. Zoomlion Heavy Industry Science & Technology Development Co. Ltd
- 24. Xuzhou Construction Machinery Group Co., Ltd.
- 25. Wirtgen Group Holding GmbH
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