PUBLISHER: The Business Research Company | PRODUCT CODE: 1686133
PUBLISHER: The Business Research Company | PRODUCT CODE: 1686133
Electric mining equipment refers to machinery and tools used in mining operations that are powered by electricity rather than traditional fossil fuels such as diesel or gasoline. It is used for various tasks in the mining industry for the extraction, processing, and transportation of minerals and ores, offering benefits such as reduced environmental impact, improved operational efficiency, and enhanced safety.
The main types of electric mining equipment are mineral processing equipment, surface mining equipment, underground mining equipment, mining drills and breakers, crushing pulverizing and screening equipment, among others. Mineral processing equipment refers to machinery and equipment used in the extraction, separation, and concentration of minerals from their ores. It provides various solutions, such as products and services, and is used in various applications, including coal mining, gas and oil extraction, metal ore mining, and non-metal mining.
The main types of electric mining equipment are mineral processing equipment, surface mining equipment, underground mining equipment, mining drills and breakers, crushing pulverizing and screening equipment, among others. Mineral processing equipment refers to machinery and equipment used in the extraction, separation, and concentration of minerals from their ores. It provides various solutions, such as products and services, and is used in various applications, including coal mining, gas and oil extraction, metal ore mining, and non-metal mining.
The electric mining equipment market size has grown exponentially in recent years. It will grow from $2.97 billion in 2024 to $3.59 billion in 2025 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to increased government incentives, increased corporate social responsibility (CSR), resource scarcity, operational efficiency.
The electric mining equipment market size is expected to see rapid growth in the next few years. It will grow to $6.63 billion in 2029 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to increasing environmental regulations, increasing energy transition, increasing market demand for minerals, increasing health and safety regulations. Major trends in the forecast period include digitalization and data analytics, product innovations, partnerships, investments.
The growing mining industry is expected to propel the growth of the electric mining equipment market going forward. The mining industry refers to the sector encompassing activities related to the exploration, extraction, processing, and transportation of valuable minerals, metals, and other geological materials from the earth's crust. It arises due to a confluence of factors, including the global population and expanding economies, that drive up the demand for minerals, metals, and fossil fuels. Electric mining equipment is utilized across various stages of the mining process, from excavation and loading to material handling and support tasks, to improve efficiency, reduce emissions, and enhance safety. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, in 2022, US mines generated roughly $98.2 billion in nonfuel mineral commodities, up $3.6 billion (~3.8%) from the projected total of $94.6 billion for 2021. Therefore, the growing mining industry is driving the growth of the electric mining equipment receiver market.
Major companies operating in the electric mining equipment market are concentrating on new innovative products, such as the XES35, a next-generation super 35m3 electric shovel excavator for open pit mining to leverage advancements and address market demands. This excavator, also known as a power shovel, is an excavator equipped with a shovel bucket that is attached to a hinged boom and is drawn backward to move earth. It is used for excavating and loading earth or fragmented rock in various mining and construction applications. For instance, in July 2023, Xuzhou Construction Machinery Group Co. Ltd., a China-based construction machinery company, introduced the XES35, a next-generation super 35m3 electric shovel excavator for open pit mining. This electric shovel excavator is designed to excel in efficiency, sustainability, and safety, making it suitable for large-scale open-pit mining operations. It comes with a 35-m3 shovel bucket that can load about 65 tons of ore each time, and it is designed to be deployed for mining. Additionally, it provides advantages, including intelligent operation, sustainability and green operation, reliability and high availability, operational comfort and safety, and low comprehensive use costs.
In August 2022, Epiroc, a Sweden-based mining and infrastructure equipment manufacturing company, acquired AARD mining equipment for an undisclosed amount. Through this acquisition, Epriroc aims to strengthen its presence in the African market and enhance its underground product portfolio including low-profile underground machines for mines with low mining heights. AARD Mining Equipment is a South Africa-based manufacturer of mining equipment, including hydraulic rock drilling equipment and electric mining equipment.
Major companies operating in the electric mining equipment market are BYD Company Limited, Caterpillar Inc., Volvo Construction Equipment AB, Xuzhou Construction Machinery Group Co. Ltd., Sandvik Group, SANY Group Co. Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Epiroc AB, J.C. Bamford Excavators Limited, Kirkland Lake Gold, Wacker Neuson SE, Komatsu Ltd., Doosan Infracore Co. Ltd., MacLean Engineering, Normet Group, Ampcontrol, Kress Corporation, AARD Mining Equipment, Miller Technology Inc., Liebherr-International Deutschland GmbH, Artisan Vehicle Systems Inc., Rokion, Rock Technology, Soletrac Inc., Belarusian Autoworks
Asia-Pacific was the largest region in the electric mining equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric mining equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric mining equipment market consists of sales of electric trucks, electric loaders, electric excavators, electric drills, electric haulage systems, electric-powered excavators, and electric pumps. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Mining Equipment Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric mining equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric mining equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric mining equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.