Mining Equipment Market Size, Share, Trends, Industry Analysis Report: By Type (Underground Mining Equipment; Surface Mining Equipment; Crushing, Pulverizing, & Screening Equipment; Drills & Breakers; and Others), Propulsion, Power Output, Application, an

The global mining equipment market size is expected to reach USD 237.98 billion by 2034, according to a new study by Polaris Market Research. The report “Mining Equipment Market Size, Share, Trends, Industry Analysis Report: By Type (Underground Mining Equipment; Surface Mining Equipment; Crushing, Pulverizing, & Screening Equipment; Drills & Breakers; and Others), Propulsion, Power Output, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global mining equipment market has witnessed significant growth over the years due to the increasing demand for minerals and metals across various industries, including construction, manufacturing, and energy. Mining equipment plays a critical role in the extraction and processing of minerals, enabling efficiency and reducing the environmental impact of mining operations.

Advancements in technology have contributed to the mining equipment market growth. Modern mining equipment is increasingly being designed with automation, digitalization, and sustainability in mind. Automation technologies such as autonomous haul trucks and drilling systems have improved operational efficiency and safety while reducing labor costs. Similarly, digital tools, including real-time monitoring systems and predictive maintenance solutions, have enhanced the productivity and reliability of mining equipment, thereby boosting the mining equipment market demand.

Rapid urbanization and industrialization, particularly in emerging economies, have led to increased consumption of commodities such as iron ore, coal, copper, and gold, which spurs the demand for mining equipment for extracting these commodities. Furthermore, the growing popularity of electric vehicles (EVs) has spurred demand for critical minerals such as lithium, cobalt, and nickel, fueling investments in mining operations and equipment such as underground mining equipment, surface mining equipment, and others.

Mining Equipment Market Report Highlights

In terms of type, the drills & breakers segment is expected to grow at a robust pace in the coming years owing to the increasing need for precision and efficiency in mining operations.

Based on application, the coal mining segment dominated the mining equipment market share in 2024 due to the growing reliance on coal for power generation.

In the global mining equipment market, Asia Pacific held the largest revenue share in 2024 due to intense mining activities in countries such as China, India, and Australia.

The Latin America mining equipment market is expected to witness a considerable CAGR during the forecast period due to the rising investments in metal mining and exploration activities.

A few of the global key market players are Guangdong Leimeng Intelligent Equipment Group Co. Ltd; Henan Baichy Machinery Equipment Co. Ltd; Komatsu Ltd; Liebherr; Atlas Copco AB; Sandvik AB; Doosan Corporation; AB Volvo; Hitachi, Ltd; Deere & Company; Metso Qutotec; Epiroc; Boart Longyear Ltd; Caterpillar Inc.; and Vipeak Mining Machinery Co. Ltd.

Polaris Market Research has segmented the mining equipment market report on the basis of type, propulsion, power output, application, and region:

By Type Outlook (Revenue, USD Billion, 2020–2034)

Underground Mining Equipment

Surface Mining Equipment

Crushing, Pulverizing, & Screening Equipment

Drills & Breakers

Others

By Propulsion Outlook (Revenue, USD Billion, 2020–2034)

Diesel

CNG/LNG/RNG

By Power Output Outlook (Revenue, USD Billion, 2020–2034)
< 500 HP
500–2,000 HP

>2,000 HP

By Application Outlook (Revenue, USD Billion, 2020–2034)

Metal Mining

Mineral Mining

Coal Mining

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

• US
• Canada

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia Pacific

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Mexico
• Brazil
• Argentina
• Rest of Latin America