PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1627958
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1627958
Mining Equipment Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
The Global Mining Equipment Market reached USD 83.7 billion in 2024 and is projected to grow at a CAGR of 5.2% from 2025 to 2034. This growth is fueled by the rising global shift towards renewable energy and electrification, amplifying the demand for critical minerals such as lithium, copper, and nickel. These materials are vital for battery production and energy storage systems in electric vehicles (EVs) and renewable energy applications.
By application, the mining equipment market from the metal mining segment accounted for 40% share in 2024 and is anticipated to reach USD 55 billion by 2034. The segment's growth is driven by increasing demand for metals required in the construction, automotive, and electronics industries. With the expansion of manufacturing activities and the growing adoption of EVs, the need for metals like aluminum, lithium, and copper has surged, pushing investments in advanced metal mining equipment to enhance extraction efficiency.
In terms of propulsion, the market is categorized into diesel, electric, and hybrid segments. Diesel-powered equipment dominated the market in 2024, with an 82% share, owing to its reliability in heavy-duty operations and challenging mining environments. Its robust power output makes it suitable for large-scale open-pit mining, where durability and high load capacities are essential. Despite this, the market is witnessing the gradual adoption of electric and hybrid technologies, driven by sustainability goals and advancements in mining operations.
| Market Scope | |
|---|---|
| Start Year | 2024 |
| Forecast Year | 2025-2034 |
| Start Value | $83.7 Billion |
| Forecast Value | $136.3 Billion |
| CAGR | 5.2% |
Geographically, the Asia Pacific region led the global mining equipment market in 2024, holding 45% of the share. Rapid industrialization and urbanization in countries like India and Indonesia boost the demand for mining materials. Furthermore, large-scale infrastructure initiatives are driving the adoption of advanced mining machinery to improve operational productivity. The region's market growth is also supported by stricter environmental policies encouraging sustainable and efficient mining practices.
The increasing reliance on advanced technologies to meet the growing demand for critical minerals underscores the need for innovative and efficient mining solutions. As industries such as EV production, renewable energy, and construction expand, the mining equipment market is set to grow steadily, underpinned by continuous advancements and evolving operational demands.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates & calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market scope & definition
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2034
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Raw material suppliers
- 3.1.2 Component suppliers
- 3.1.3 Manufacturers
- 3.1.4 Technology providers
- 3.1.5 Distributors
- 3.1.6 End users
- 3.2 Supplier landscape
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Regulatory landscape
- 3.7 Pricing analysis
- 3.8 Buyer behavior and preferences
- 3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Increasing global demand for minerals and metals
- 3.9.1.2 Advancements in automation and electrification technologies
- 3.9.1.3 Government investments in infrastructure and mining projects
- 3.9.1.4 Growing emphasis on sustainable mining practices
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 Stringent environmental regulations and compliance challenges
- 3.9.2.2 High initial investment and ownership costs
- 3.9.1 Growth drivers
- 3.10 Growth potential analysis
- 3.11 Porter's analysis
- 3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Product, 2021 - 2034 ($Bn, Units)
- 5.1 Key trends
- 5.2 Mining drills & breakers
- 5.3 Crushing pulverizing & screening equipment
- 5.4 Mineral processing machinery
- 5.5 Surface mining equipment
- 5.6 Underground mining machinery
- 5.7 Others
Chapter 6 Market Estimates & Forecast, By Mobility, 2021 - 2034 ($Bn, Units)
- 6.1 Key trends
- 6.2 Stationary
- 6.3 Mobile
Chapter 7 Market Estimates & Forecast, By Propulsion, 2021 - 2034 ($Bn, Units)
- 7.1 Key trends
- 7.2 Diesel
- 7.3 Electric
- 7.4 Hybrid
Chapter 8 Market Estimates & Forecast, By Application, 2021 - 2034 ($Bn, Units)
- 8.1 Key trends
- 8.2 Coal mining
- 8.3 Mineral mining
- 8.4 Metal mining
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2034 ($Bn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 Australia
- 9.4.5 South Korea
- 9.4.6 Southeast Asia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
Chapter 10 Company Profiles
- 10.1 AB Volvo
- 10.2 Atlas Copco
- 10.3 Caterpillar
- 10.4 China Coal
- 10.5 CNH Industrial
- 10.6 Doosan
- 10.7 Epiroc
- 10.8 FLSmidth
- 10.9 Hitachi Construction Machinery
- 10.10 Hyundai Construction
- 10.11 JCB
- 10.12 Komatsu
- 10.13 Liebherr
- 10.14 Metso
- 10.15 Sandvik
- 10.16 SANY
- 10.17 Terex
- 10.18 ThyssenKrupp
- 10.19 Wirtgen
- 10.20 XCMG
