The North America mining remanufacturing components market was valued at US$ 915.37 million in 2023 and is projected to reach US$ 1.30 billion by 2031. It is expected to register a CAGR of 4.5% during 2023-2031.
On the basis of component, the global mining remanufacturing component market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine, transmission, and hydraulic cylinder segments are likely to account for significant shares of the mining remanufacturing component market. The state of a mining vehicle is highly influenced by the way it is handled and the environment around it, necessitating continuous replacements. If any equipment breaks down in case of engine, axle, transmission, or hydraulic cylinder failure, the profitability of mining companies is affected. Thus, most of the mining companies prefer to replace the equipment components with remanufactured components owing to their cost-effective and reliability factors.
On the basis of equipment, the global mining remanufacturing component market is segmented into wheel loaders, wheel dozers, crawler dozers, haul trucks, excavators, and others. During the forecast period, the excavators segment is anticipated to hold the largest market share due to their wide usage in mining operations such as exploration, discovery, development, production, and reclamation. Increased demand for minerals and metals in developing nations has increased exploration activities, leading to higher adoption of mining equipment.
Further, governments of developing nations are focusing on increasing and expanding their mining activities. As per the data published by the Indian government in March 2023, the government has set an objective of boosting the mining sector's contribution to GDP to 2.5% by 2026-2027. It intends to introduce investor- and industry-friendly standards for the sector. Such initiatives to expand the mining sector will increase the requirement for mining equipment in the coming years, ultimately driving the mining remanufacturing component market.
In addition, key players’ efforts in making efficient dozers are another factor driving the market. As per the news published by the company in February 2023, Komatsu re-engineered the D475A-8, the world's largest production dozer, based on considerable customer feedback, with substantial advancements over the previous generation. The dozer has 11% more power in reverse, which opens the door to a wider variety of practical advantages - the greater horsepower in reverse aids in higher ground speeds, producing shorter return cycle times, allowing the dozer to be up to 10% more productive than the previous model. The total cost of ownership has also decreased by over 60,000 hours due to improvements in the durability of the work equipment, mainframe, track frames, equalizer bars, and pivot shafts. Such activities have driven the demand for crawler dozer remanufacturing components in the mining industry.
AB Volvo; Atlas Copco AB; Caterpillar, Inc.; Epiroc AB; J C Bamford Excavators Ltd.; Liebherr Group; Komatsu Ltd; SRC Holding Corporation; Hitachi Construction Machinery Co. Ltd.; and Swanson Industries are among the key players offering mining remanufacturing components in North America. Research and development activities for new technological development and alliances with other companies through mergers and acquisitions, partnerships, and collaborations are a few of the key business strategies of companies operating in the North America mining remanufacturing components market
On the basis of component, the global mining remanufacturing component market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine, transmission, and hydraulic cylinder segments are likely to account for significant shares of the mining remanufacturing component market. The state of a mining vehicle is highly influenced by the way it is handled and the environment around it, necessitating continuous replacements. If any equipment breaks down in case of engine, axle, transmission, or hydraulic cylinder failure, the profitability of mining companies is affected. Thus, most of the mining companies prefer to replace the equipment components with remanufactured components owing to their cost-effective and reliability factors.
On the basis of equipment, the global mining remanufacturing component market is segmented into wheel loaders, wheel dozers, crawler dozers, haul trucks, excavators, and others. During the forecast period, the excavators segment is anticipated to hold the largest market share due to their wide usage in mining operations such as exploration, discovery, development, production, and reclamation. Increased demand for minerals and metals in developing nations has increased exploration activities, leading to higher adoption of mining equipment.
Further, governments of developing nations are focusing on increasing and expanding their mining activities. As per the data published by the Indian government in March 2023, the government has set an objective of boosting the mining sector's contribution to GDP to 2.5% by 2026-2027. It intends to introduce investor- and industry-friendly standards for the sector. Such initiatives to expand the mining sector will increase the requirement for mining equipment in the coming years, ultimately driving the mining remanufacturing component market.
In addition, key players’ efforts in making efficient dozers are another factor driving the market. As per the news published by the company in February 2023, Komatsu re-engineered the D475A-8, the world's largest production dozer, based on considerable customer feedback, with substantial advancements over the previous generation. The dozer has 11% more power in reverse, which opens the door to a wider variety of practical advantages - the greater horsepower in reverse aids in higher ground speeds, producing shorter return cycle times, allowing the dozer to be up to 10% more productive than the previous model. The total cost of ownership has also decreased by over 60,000 hours due to improvements in the durability of the work equipment, mainframe, track frames, equalizer bars, and pivot shafts. Such activities have driven the demand for crawler dozer remanufacturing components in the mining industry.
AB Volvo; Atlas Copco AB; Caterpillar, Inc.; Epiroc AB; J C Bamford Excavators Ltd.; Liebherr Group; Komatsu Ltd; SRC Holding Corporation; Hitachi Construction Machinery Co. Ltd.; and Swanson Industries are among the key players offering mining remanufacturing components in North America. Research and development activities for new technological development and alliances with other companies through mergers and acquisitions, partnerships, and collaborations are a few of the key business strategies of companies operating in the North America mining remanufacturing components market
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the mining remanufacturing components market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America mining remanufacturing components market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. North America Mining Remanufacturing Components Market Landscape
5. North America Mining Remanufacturing Components Market - Key Market Dynamics
6. North America Mining Remanufacturing Components Market Analysis
7. North America Mining Remanufacturing Components Market Analysis - by Component
8. North America Mining Remanufacturing Components Market Analysis - by Equipment
9. North America Mining Remanufacturing Components Market Analysis - by Industry
10. North America Mining Remanufacturing Components Market - Country Analysis
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AB Volvo
- Atlas Copco
- Caterpiller Inc
- Epiroc AB
- Hitachi Construction Machinery Co. Ltd.
- J C Komatsu Ltd.
- Liebherr Group
- Bamford Excavators Ltd.
- SRC Holding Corporation
- Swanson Industries
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | July 2024 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value in 2023 | 915.37 Million |
| Forecasted Market Value by 2031 | 1306.43 Million |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | North America |
