Mining Equipment Market (By Solution: Products, Services; By Propulsion: Diesel, CNG/LNG/RNG; By Application: Mineral, Metal, Coal; By Powertrain Type: IC Engine Vehicle, Electric Vehicle; By Category) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global mining equipment market size was USD 119.12 billion in 2023, accounted for USD 125.91 billion in 2024, and is expected to reach around USD 207.37 billion by 2033, expanding at a CAGR of 5.7% from 2024 to 2033.
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
The Asia Pacific mining equipment market size was estimated at USD 46.61 billion in 2023 and is predicted to be worth around USD 83.73 billion by 2033, at a CAGR of 6% from 2024 to 2033.
The highest market share and dominant position in the mining equipment market belongs to Asia-Pacific. During the projection period, Asia Pacific is expected to surpass other regions in terms of market share for mining equipment. Additionally, in order to increase electricity production and to gather minerals and ore for export, governments in these areas are boosting their support for mining. Additionally, growing investments in cutting-edge excavation tools and equipment in nations like Australia and India as well as other developing nations are anticipated to fuel market expansion. Additionally, due to the investment in infrastructure development and the booming power and cement industries, India is predicted to have tremendous growth.
Due to the early adoption of these machines, North America is anticipated to increase significantly. Also, it is projected that the mining industry would expand significantly and sustain stable mining equipment demand. In terms of mining, Europe is also established and industrialized. It is expected to continue to develop as a result. During the anticipated period, the market is anticipated to see an increase in governmental and private sector spending in the field of sustainable development.
Sales of mining equipment made in Germany are expected to reach record levels in predicted years. This might be the outcome of the country's expanding mineral mining industry. Aluminum, kaolin, salt, feldspar, and other commodities are all produced in large quantities throughout the nation. Due to the need to mine raw materials, specialized underground mining equipment including loaders, diggers, and trucks is becoming more and more popular.
Market Overview
Mining is the process of extracting natural products from earth including coals, metals, and more. And the equipments used in extraction are known as mining equipment. The material is excavated underground using specialized mining equipment like trucks, loaders, diggers, etc., and is often transported to the surface for further processing using skips or lifts.
One of the top priorities in the mining sector is worker safety. To assist ensure worker protection, many industry players are tackling safety issues by automating tasks that were previously completed by people labor. In mines all throughout the world, automation, the use of machines and other control systems to complete jobs that would otherwise be carried out by people, is becoming more and more prevalent. Mines can create final goods of a higher quality because automation provides them more control over their production processes. Most notably, automation has improved worker safety in mining in a variety of ways. Hence, with the use of technology safer environment for workers can be created.
An increase in urban population drives up demand for oil and natural resources, which is predicted to drive up demand for mining equipment and propel the expansion of the mining equipment market. The interconnectedness of population expansion and natural resources affects the disruption of the climate capacity to adapt to it, particularly in developing nations with quick-changing demographics and economies that depend heavily on natural resources.
The utilization of natural resources, environmental pollution, and changes in land use like urbanization will all increase with a growing population. The changes in global demographic patterns will directly affect local habitats through resource usage and climate change.
In addition, for the next 20 years, emerging economies like Asia and Africa are expected to account for more than 50% of global urban expansion. One of the major factors driving the market's growth is the increase in industrialization and urbanization around the world. The steady economic progress is also giving customers in the Asia-Pacific region more money to spend, which has eventually increased demand for natural resources.
Moreover, the population has increased significantly during the past few years, which has increased mineral consumption. Rise in population drives the need of such products as these products are used by almost every individual and hence, it is expected that rising population can lead to drive the market. A further factor supporting the boom in mineral demand is an increase in household earnings, which is beneficial for the market's expansion.
| Report Coverage | Details |
| Market Size in 2023 | USD 119.12 Billion |
| Market Size in 2024 | USD 125.91 Billion |
| Market Size by 2033 | USD 207.37 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 5.7% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Solution, By Propulsion, By Application, and By Powertrain Type |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
During the projected period, the diesel segment is anticipated to be the largest. The growth of surface mines around the world has fueled the demand for diesel mining equipment. The diesel category is anticipated to rule the market in terms of value during the projection period due to the strong torque at low speed that diesel engines deliver.
CNG/LNG burns cleanly hence, natural gas is a fantastic option for different kinds of heavy and medium-duty vehicles. Businesses with fleets of mining can significantly cut their carbon footprint by switching to renewable natural gas.
On the basis of application, the mineral segment is expected to be the largest market to show a tremendous growth during the forecast period. The demand for minerals and metals is being driven by global industrialization, urbanization, and population expansion. In the coming decades, demand for renewable, clean energy, and even some conventional energy is predicted to rise dramatically, putting even more attention on supply, security, and environmental effect issues.
Competition for minerals will increase as sustainable energy and electric vehicle technologies receive more attention. Due to demand from developing nations, the coal mining industry is expected to have a substantial market. Improvements in roof control, conveying systems, and other technical developments in coal extraction methods and technology satisfy these objectives.
Due to demand from rising economies, the metal ore mining industries are anticipated to rise steadily. The sector is also impacted by demand in various nations around Asia Pacific due to the region's development.
Depending upon the category, the underground mining machinery segment is the dominant player and is anticipated to have the biggest impact on mining equipment market. Underground mining operations have seen a boost globally as a result of the growth in energy generation. Additionally, because explosions are made underground and no hazardous chemicals are released into the environment, underground mining is less harmful to the environment than surface mining. Moreover, energy consumption has significantly increased in recent years as a result of rapid urbanization and growing industrialization.
Due of technical advancements, contemporary automated excavators and mining trucks are more effective than earlier ones. In the event of a malfunction or operational issue, they promptly convey information to service centers, reducing information flow time and costs.
Surface mining machinery is projected to increase at a significant rate. The supply in contracts with mining enterprises has increased due to the use of automated equipment like dump trucks and the arrival of new technologies in mining.
Recent Developments
In reflecting the company's unified focus on growth in such sectors, Komatsu announced intentions to rebrand its underground hard rock equipment, surface wheel loaders, and new range of blasthole drills. During its renaming, a few goods were added. The Komatsu ZT44 track drill was the first product to be rebranded.
Market segmentations
By Solution
By Propulsion
By Application
By Powertrain Type
By Category
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Mining Equipment Market
5.1. COVID-19 Landscape: Mining Equipment Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Mining Equipment Market, By Solution
8.1. Mining Equipment Market, by Solution, 2024-2033
8.1.1. Products
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Services
8.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Mining Equipment Market, By Propulsion
9.1. Mining Equipment Market, by Propulsion, 2024-2033
9.1.1. Diesel
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. CNG/LNG/RNG
9.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Mining Equipment Market, By Application
10.1. Mining Equipment Market, by Application, 2024-2033
10.1.1. Mineral
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Metal
10.1.2.1. Market Revenue and Forecast (2021-2033)
10.1.3. Coal
10.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Mining Equipment Market, By Powertrain Type
11.1. Mining Equipment Market, by Powertrain Type, 2024-2033
11.1.1. IC Engine Vehicle
11.1.1.1. Market Revenue and Forecast (2021-2033)
11.1.2. Electric Vehicle
11.1.2.1. Market Revenue and Forecast (2021-2033)
11.1.3. Foundry
11.1.3.1. Market Revenue and Forecast (2021-2033)
11.1.4. Analog
11.1.4.1. Market Revenue and Forecast (2021-2033)
11.1.5. Others
11.1.5.1. Market Revenue and Forecast (2021-2033)
Chapter 12. Global Mining Equipment Market, By Category
12.1. Mining Equipment Market, by Category, 2024-2033
12.1.1. Crushing, Pulverizing, Screening Machinery
12.1.1.1. Market Revenue and Forecast (2021-2033)
12.1.2. Mineral processing Backhoe Loader
12.1.2.1. Market Revenue and Forecast (2021-2033)
12.1.3. Surface Mining Machinery
12.1.3.1. Market Revenue and Forecast (2021-2033)
12.1.4. Underground Mining Machinery
12.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 13. Global Mining Equipment Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Solution (2021-2033)
13.1.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.1.3. Market Revenue and Forecast, by Application (2021-2033)
13.1.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.1.5. Market Revenue and Forecast, by Category (2021-2033)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Solution (2021-2033)
13.1.6.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.1.6.3. Market Revenue and Forecast, by Application (2021-2033)
13.1.6.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.1.7. Market Revenue and Forecast, by Category (2021-2033)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Solution (2021-2033)
13.1.8.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.1.8.3. Market Revenue and Forecast, by Application (2021-2033)
13.1.8.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.1.8.5. Market Revenue and Forecast, by Category (2021-2033)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Solution (2021-2033)
13.2.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.2.3. Market Revenue and Forecast, by Application (2021-2033)
13.2.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.2.5. Market Revenue and Forecast, by Category (2021-2033)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Solution (2021-2033)
13.2.6.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.2.6.3. Market Revenue and Forecast, by Application (2021-2033)
13.2.7. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.2.8. Market Revenue and Forecast, by Category (2021-2033)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Solution (2021-2033)
13.2.9.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.2.9.3. Market Revenue and Forecast, by Application (2021-2033)
13.2.10. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.2.11. Market Revenue and Forecast, by Category (2021-2033)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Solution (2021-2033)
13.2.12.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.2.12.3. Market Revenue and Forecast, by Application (2021-2033)
13.2.12.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.2.13. Market Revenue and Forecast, by Category (2021-2033)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Solution (2021-2033)
13.2.14.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.2.14.3. Market Revenue and Forecast, by Application (2021-2033)
13.2.14.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.2.15. Market Revenue and Forecast, by Category (2021-2033)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Solution (2021-2033)
13.3.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.3.3. Market Revenue and Forecast, by Application (2021-2033)
13.3.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.3.5. Market Revenue and Forecast, by Category (2021-2033)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Solution (2021-2033)
13.3.6.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.3.6.3. Market Revenue and Forecast, by Application (2021-2033)
13.3.6.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.3.7. Market Revenue and Forecast, by Category (2021-2033)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Solution (2021-2033)
13.3.8.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.3.8.3. Market Revenue and Forecast, by Application (2021-2033)
13.3.8.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.3.9. Market Revenue and Forecast, by Category (2021-2033)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Solution (2021-2033)
13.3.10.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.3.10.3. Market Revenue and Forecast, by Application (2021-2033)
13.3.10.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.3.10.5. Market Revenue and Forecast, by Category (2021-2033)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Solution (2021-2033)
13.3.11.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.3.11.3. Market Revenue and Forecast, by Application (2021-2033)
13.3.11.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.3.11.5. Market Revenue and Forecast, by Category (2021-2033)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Solution (2021-2033)
13.4.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.4.3. Market Revenue and Forecast, by Application (2021-2033)
13.4.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.4.5. Market Revenue and Forecast, by Category (2021-2033)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Solution (2021-2033)
13.4.6.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.4.6.3. Market Revenue and Forecast, by Application (2021-2033)
13.4.6.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.4.7. Market Revenue and Forecast, by Category (2021-2033)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Solution (2021-2033)
13.4.8.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.4.8.3. Market Revenue and Forecast, by Application (2021-2033)
13.4.8.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.4.9. Market Revenue and Forecast, by Category (2021-2033)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Solution (2021-2033)
13.4.10.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.4.10.3. Market Revenue and Forecast, by Application (2021-2033)
13.4.10.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.4.10.5. Market Revenue and Forecast, by Category (2021-2033)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Solution (2021-2033)
13.4.11.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.4.11.3. Market Revenue and Forecast, by Application (2021-2033)
13.4.11.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.4.11.5. Market Revenue and Forecast, by Category (2021-2033)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Solution (2021-2033)
13.5.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.5.3. Market Revenue and Forecast, by Application (2021-2033)
13.5.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.5.5. Market Revenue and Forecast, by Category (2021-2033)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Solution (2021-2033)
13.5.6.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.5.6.3. Market Revenue and Forecast, by Application (2021-2033)
13.5.6.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.5.7. Market Revenue and Forecast, by Category (2021-2033)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Solution (2021-2033)
13.5.8.2. Market Revenue and Forecast, by Propulsion (2021-2033)
13.5.8.3. Market Revenue and Forecast, by Application (2021-2033)
13.5.8.4. Market Revenue and Forecast, by Powertrain Type (2021-2033)
13.5.8.5. Market Revenue and Forecast, by Category (2021-2033)
Chapter 14. Company Profiles
14.1. Akzo Nobel N.V.
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Arkema Inc., Linde Plc
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. The Chemours Company
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Shell plc
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Henkel AG & Co.
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. CPMC Holdings Ltd
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Ball Corporation
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Toyo Seikan Co. Ltd.
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Guangdong Sihai Iron-Printing and Tin-Making Co., Ltd.
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
