Mining Equipment Global Market Report 2024

The mining equipment market size has grown strongly in recent years. It will grow from $138.8 billion in 2023 to $149.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The upsurge observed in the historical period can be linked to the worldwide demand for minerals, the increase in construction and infrastructure ventures, the ongoing processes of urbanization and industrialization, trends in commodity prices, and the overall expansion of the global economy.

The mining equipment market size is expected to see strong growth in the next few years. It will grow to $202.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The forecasted growth is driven by clean energy adoption, infrastructure investments, tech-driven operational efficiency, electric vehicle market expansion, and a focus on sustainable mining practices. Major trends include electric/hybrid mining vehicles, drone use in surveying, digital twin tech for equipment simulation, wearable tech for worker safety, and modular equipment designs.

Anticipated growth in mining activities is set to drive the expansion of the mining equipment market in the foreseeable future. Mining activity involves extracting valuable minerals or resources from the earth's surface, encompassing various types of deposits such as industrial rock, metallic and non-metallic minerals. Mining equipment plays a crucial role in excavating these deposits and resources from the ground, making it an integral part of the mining process. Therefore, an upsurge in mining operations directly influences the market's trajectory. For instance, as reported by the Energy Information Administration in November 2022, crude oil production in the US surged by 14.05% in February 2022, reaching 11,316 barrels per day compared to 9,925 barrels per day in 2021. This upswing in mining activities serves as a primary catalyst driving the growth of the mining equipment market.

The anticipated surge in infrastructure investment is poised to propel the expansion of the mining equipment market in the foreseeable future. Infrastructure constitutes the foundational systems and structures essential for the seamless functioning of societies, economies, or organizations. Mining equipment relies heavily on robust infrastructure for optimal performance across transportation, processing, safety protocols, environmental management, and community development within mining operations. For instance, as reported by the Office for National Statistics in May 2023, UK general government infrastructure spending witnessed a notable 15.2% increase in 2021, reaching $23.8 billion. This substantial rise in infrastructure investment stands as a pivotal driver stimulating the growth trajectory of the mining equipment market.

Prominent players within the mining equipment sector are strategically unveiling cutting-edge solutions, particularly mining machinery offerings, to secure a competitive advantage. Mining machinery products encompass a spectrum of equipment and machinery pivotal in mineral and metal extraction processes from the earth's reserves. Notably, in April 2023, XCMG (Xuzhou Construction Machinery Group Co., Ltd.), a leading Chinese construction machinery enterprise, introduced three groundbreaking innovations such as the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck, and the XDE240 mining dump truck. The XE690DK mining excavator integrates an efficient power system, tailored to deliver eco-friendly and energy-conserving solutions for rigorous construction demands. Meanwhile, the XDR80TE-AT autonomous electric dump truck is equipped with a suite of sensors - visual, acoustic, laser radar, millimeter-wave radar, and cameras - ensuring enhanced operational capabilities. Complementing these advancements, the XDE240 mining dump truck features state-of-the-art environmental sensors, coupled with navigation and positioning functionalities.

Key players in the mining equipment industry are actively integrating technological advancements, particularly ground control systems, to establish a competitive edge in the market. Ground control systems serve as pivotal land- or sea-based command centers facilitating human management of unmanned aerial vehicles (UAVs) or drones. Notably, in February 2023, Mahanadi Coalfields Limited, an Indian coal mining corporation, unveiled drone technology for enhanced mining operations. This drone technology plays a critical role in environmental monitoring, volumetric assessments, and the creation of photogrammetric maps, thereby streamlining and digitizing mining processes. Equipped with thermal image cameras, these drones excel in detecting heat anomalies within dressing facilities such as conveyor belt systems, preempting potential issues stemming from overheating. Furthermore, this cutting-edge technology rapidly identifies the self-ignition threshold of coal in mines, enabling proactive accident monitoring and mitigation measures.

In December 2022, Komatsu Ltd., a Japanese company renowned for manufacturing construction, mining, and military equipment, completed the acquisition of GHH Group GmbH for an undisclosed financial sum. This strategic move is anticipated to bolster Komatsu's position in the underground mining equipment sector by leveraging the combined resources of the two entities. The acquisition aims to expedite new product development initiatives and enhance overall production and service capabilities, positioning both companies as formidable global players. GHH Group GmbH, based in Germany, specializes in the manufacturing of underground mining, tunneling, and civil engineering equipment.

Major companies operating in the mining equipment market report are Caterpillar Inc., Deere & Company, Hitachi Construction Machinery Co. Ltd., Komatsu America Corp., Liebherr-International AG, Metso Oyj, Sandvik AB, Epiroc Mining Equipment, Boart Longyear Ltd., China Coal Energy Group Co. Ltd., Vipeak Mining Machinery Co. Ltd., Guangdong Leimeng Intelligent Equipment Group Co. Ltd., Henan Baichy Machinery Equipment Co. Ltd., Doosan Infracore Co. Ltd., Atlas Copco Ltd., Zhengzhou Coal Mining Machinery Group Co. Ltd., Thyssenkrupp AG, Bell Equipment Company South Africa, FLSmidth & Co. A/S, H-E Parts International LLC, Paus GmbH, IZ-Karteks imeni P.G. Korobkova OOO, Tenova Mining & Minerals, Mine Master Ltd., CMM Equipments, Osborn Engineered Products SA Pty. Ltd., Normet Group, Remote Control Technologies Pty. Ltd., MacLean Engineering & Marketing Co. Limited, Strata Products Worldwide LLC.

Asia-Pacific was the largest region in the mining equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global mining equipment market report during the forecast period. The regions covered in the mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mining equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary offerings within the mining equipment sector encompass an array of essential tools and machinery. These include mining drills and breakers crucial for drilling into the earth's surface and dismantling rocks for mining purposes. Additionally, the product line extends to encompass crushing, pulverizing, and screening equipment, mineral processing tools, as well as surface and underground mining machinery. Notably, diverse powertrain options such as IC engine vehicles and electric vehicles cater to distinct applications across metal mining, mineral extraction, and coal mining operations.

The mining equipment market research report is one of a series of new reports that provides mining equipment market statistics, including mining equipment industry global market size, regional shares, competitors with a mining equipment market share, detailed mining equipment market segments, market trends and opportunities, and any further data you may need to thrive in the mining equipment industry. This mining equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mining equipment market consists of sales of draglines, motor graders, rock drills and diggers. 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.


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