Electric Mining Equipment Market Report 2026

The electric mining equipment market size has grown rapidly in recent years. It will grow from $3.54 billion in 2025 to $4.12 billion in 2026 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increasing environmental regulations in mining, rising fuel cost pressures, expansion of underground mining activities, advancements in electric drivetrain technologies, early adoption of electric mining fleets.

The electric mining equipment market size is expected to see rapid growth in the next few years. It will grow to $7.44 billion in 2030 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to increasing investments in zero-emission mining, expansion of renewable-powered mining operations, growing focus on worker safety improvements, rising demand for energy-efficient mining equipment, integration of smart mine management systems. Major trends in the forecast period include increasing adoption of battery-electric mining vehicles, rising deployment of electric underground equipment, growing integration of autonomous electric mining systems, expansion of charging and power infrastructure, enhanced focus on emission-free mining operations.

The expanding mining industry is expected to drive the growth of the electric mining equipment market going forward. The mining sector encompasses activities related to the exploration, extraction, processing, and transportation of valuable minerals, metals, and other geological materials from the earth’s crust. Growth in this sector is fueled by factors such as rising global population and expanding economies, which increase demand for minerals, metals, and fossil fuels. Electric mining equipment is used across various stages of mining, including excavation, loading, material handling, and support tasks, to enhance efficiency, reduce emissions, and improve safety. For instance, in January 2024, data from the United States Geological Survey (USGS), a U.S.-based government agency, reported that U.S. mines produced approximately $105 billion worth of nonfuel mineral commodities in 2023, reflecting continued expansion in mining activities compared with previous years. Therefore, the growing mining industry is fueling the growth of the electric mining equipment 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 July 2024, Epiroc AB, a Sweden-based mining and construction equipment manufacturer, acquired the remaining 66% stake in ASI Mining for an undisclosed amount. Through this acquisition, Epiroc aimed to fully integrate advanced autonomous and remote-operation technologies into its mining equipment portfolio, enhancing its capabilities in autonomous and electrified mining solutions to boost productivity, safety, and reduce emissions. ASI Mining is a United States-based autonomous mining solutions company specializing in OEM-agnostic automation systems for remote control, teleoperation, and fully autonomous mining vehicle operations across both surface and underground applications.

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., Hitachi Construction Machinery Co. Ltd., Epiroc AB, Komatsu Ltd., MacLean Engineering, Normet Group, Ampcontrol, Kress Corporation, Liebherr-International Deutschland GmbH, Artisan Vehicle Systems Inc., J.C. Bamford Excavators Limited, Wacker Neuson SE, Doosan Infracore Co. Ltd., AARD Mining Equipment, Miller Technology Inc., Rokion, Belarusian Autoworks.

Asia-Pacific was the largest region in the electric mining equipment market in 2025. 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, South East Asia, 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, Taiwan, 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.

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