Electric Mining Equipment Global Market Report 2024

The electric mining equipment market size has grown exponentially in recent years. It will grow from $2.46 billion in 2023 to $2.97 billion in 2024 at a compound annual growth rate (CAGR) of 21%. The growth observed during the historic period can be attributed to several factors, including heightened government incentives, a growing focus on corporate social responsibility (CSR) initiatives, concerns regarding resource scarcity, and a drive towards operational efficiency improvements.

The electric mining equipment market size is expected to see rapid growth in the next few years. It will grow to $5.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The projected growth in the forecast period is expected to be driven by several key factors, including the escalation of environmental regulations, the ongoing energy transition, rising market demand for minerals, and the implementation of stricter health and safety regulations. Significant trends anticipated during this period encompass the continued emphasis on digitalization and data analytics, advancements in product innovations, increased collaboration through partnerships, and heightened investment activities within the industry.

The electric mining equipment market is poised for significant growth, driven by the expansion of the mining industry. This sector encompasses activities ranging from exploration to transportation of valuable minerals and metals, fueled by global population growth and economic development. Electric mining equipment plays a crucial role across various stages of the mining process, offering efficiency, emissions reduction, and safety enhancements. For example, according to a February 2023 report by the United States Geological Survey, US mines saw a $3.6 billion increase in nonfuel mineral commodities revenue in 2022 compared to 2021, reaching $98.2 billion.

Key players in the electric mining equipment market are focusing on innovation to meet market demands. One such innovation is the XES35, a cutting-edge super 35m³ electric shovel excavator developed for open-pit mining applications. This excavator, also known as a power shovel, boasts a shovel bucket attached to a hinged boom for earth-moving tasks. Launched by Xuzhou Construction Machinery Group Co. Ltd. in July 2023, the XES35 is designed for efficiency, sustainability, and safety in large-scale open-pit mining operations. Equipped with a 35-m³ shovel bucket capable of loading 65 tons of ore per cycle, it offers intelligent operation, green operation, reliability, operational comfort, and low overall costs.

In August 2022, Epiroc, a leading Swedish mining and infrastructure equipment manufacturer, finalized the acquisition of AARD Mining Equipment for an undisclosed sum. This strategic move is designed to bolster Epiroc's footprint in the African market and enrich its underground product range, particularly focusing on low-profile underground machinery tailored for mines with restricted mining heights. AARD Mining Equipment, headquartered in South Africa, specializes in the production of mining equipment, encompassing hydraulic rock drilling equipment and electric mining machinery.

Major companies operating in the electric mining equipment market report 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 2023. 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.

Electric mining equipment encompasses machinery and tools utilized in mining operations, powered by electricity rather than conventional fossil fuels such as diesel or gasoline. These equipment pieces serve diverse functions within the mining industry, facilitating tasks such as extraction, processing, and transportation of minerals and ores. Their adoption yields advantages such as diminished environmental impact, heightened operational efficiency, and bolstered safety protocols.

The principal categories of electric mining equipment include mineral processing equipment, surface mining equipment, underground mining equipment, mining drills and breakers, as well as crushing, pulverizing, and screening equipment. Mineral processing equipment pertains to machinery utilized in the extraction, separation, and concentration of minerals from their respective ores. It furnishes a spectrum of solutions, encompassing products and services, and finds application across various sectors, including coal mining, gas and oil extraction, metal ore mining, and non-metal mining.

The electric mining equipment market research report is one of a series of new reports that provides electric mining equipment market statistics, including electric mining equipment industry global market size, regional shares, competitors with a electric mining equipment market share, detailed electric mining equipment market segments, market trends and opportunities, and any further data you may need to thrive in the electric mining equipment industry. This electric 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 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.


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