Mining Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Mining Equipment Market is segmented by Type (Surface Mining Equipment, Underground Mining Equipment, and Mineral Processing Equipment), Application (Metal Mining, Mineral Mining, and Coal Mining), Powertrain Type (IC Engine Vehicle and Electric Vehicle), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

Market Snapshot

Mining Equipment Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 5 %

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Market Overview

The mining equipment market was valued at around USD 98 billion in 2020, and it is expected to reach USD 135 billion by 2025, registering a CAGR of about 5% during the forecast period (2021 – 2026).

The COVID-19 pandemic had an immediate impact on the global economy, and that impact goes across all industries, including mining. Significant price drops were observed across major commodities, while in some cases, prices remain passive. For example, the demand for metallurgical coal and thermal coal has decreased, while the demand for gold and iron ore has increased.

However, the market is expected to witness significant growth during the forecast period, as the increasing use of electric machinery in underground mining and increasing demand for metals and commodities occupy a major share in the market. The increasing need for mineral fertilizers to improve agricultural yield and the rise in construction of roads and railway tracks through hilly areas are expected to fuel the demand for mining activities in emerging countries such as India and China.

Ongoing digital mine innovation is expected to transform the key aspects of mining over the next few years. Increased investment and government support for the digital mine innovation are expected to trigger the demand for mining equipment over the forecast period. Improvements and innovations in extraction technologies and equipment have contributed to the betterment of ore grades, thus, extending the life of older mines.

Asia-Pacific is anticipated to be the largest market for mining equipment during the forecast period.

Scope of the Report

The scope of the report covers the segmentation based on type, application, powertrain type, and geography.

By type, the market is segmented into surface mining equipment, underground mining equipment, and mineral processing equipment. By application, the market is segmented into metal mining, mineral mining, and coal mining. By powertrain type, the market is segmented into IC engine vehicle and electric vehicle. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecast have been done on the basis of value (USD billion).

Surface Mining Equipment
Underground Mining Equipment
Mineral Processing Equipment
Metal Mining
Mineral Mining
Coal Mining
Powertrain Type
IC Engine Vehicle
Electric Vehicle
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Rise in Use of Telematics in the Mining Industry

Technological advancements and innovations are expected to drive the mining machinery industry growth. Several technologies that are revolutionizing the industry include automation, the Internet of Things (IoT), 3D imaging, and plasma technology. These machines are developed using materials and technologies that can withstand high temperatures and pressure. The machines are exposed to high radiation and chemical substances that can directly affect the functioning of the parts. The players in the market are focusing on such challenges and are developing machines that can be used for the extraction of specific minerals or metals.

The use of telematics in the mining industry has proven to be a game-changer. Internet of things (IoT) sensors provide feedback to the fleet manager, which ensures lower downtime due to malfunctions and helps plan maintenance activities. With an increasingly competitive environment across all industries, companies are constantly looking for process optimization, which, in turn, has increased the demand for automation in the mining industry. Drones are being used for the exploration and surveillance of mines.

Drones ensure that areas are clear before blasts, track post-blast fumes, and improve the overall safety of sites. BHP (Australia) has been using drones at its Australian mines for surveillance. Automation and teleoperation systems in the mining industry significantly improve productivity and safety. Thus, sales of new mining machinery synced with telematics solutions are expected to drive the mining machinery market.

Mining Equipment Market Latest Trends

Asia-Pacific is Expected to Lead the Market

Asia-Pacific is likely to lead the mining equipment over the forecast period. Many developing countries in the region have sizable coal-producing areas and significant coal and metal mining industries that need a substantial level of capital investment. Increasing demand for lower emissions, low cost, and high energy-efficiency machines is being witnessed in the region.

Asia-Pacific will dominate the mining equipment market due to its abundant deposits. This region offers a number of opportunities for the mining companies, as there is significant scope for the exploration of bauxite, iron ore, and coal. In contrast, North America will witness its growth rate due to advancement in automotive technology, and the region is home to large deposits of copper, gold, and iron, which provides exploration opportunities.

The growing availability of a lease-based model will encourage end users to use advanced machinery. A rapid increase in construction activity and manufacturing output in China, coupled with government efforts to boost the mechanization of mines, have led to the rapid growth of the mining machinery market in the country. Moreover, the Indian market is anticipated to witness steady growth owing to a rise in mining output growth and a significant need for mine mechanization.

Mining Equipment Market Growth Rate By Region

Competitive Landscape

The mining equipment market is characterized by the presence of numerous international and regional players, resulting in a highly competitive market environment. Major players in the mining industry are now providing on-site solutions like components and equipment repair and services that include part support and even data analytics support. Many competitors in the mining equipment market adopted acquisition and business expansion as their key developmental strategies to develop their geographical foothold and promote their product technologies.

  • In June 2020, Caterpillar Inc. acquired Marble Robot Inc., a robot and autonomy technology solution company based in California.
  • In May 2020, Epiroc received an order from Codelco valued at more than USD 20 million for the supply of underground loaders, face drill rigs, rock bolting rigs, and mining trucks.

Some of the leading players in the market are Caterpillar, Liebherr-international, Atlas Copco Construction & Mining, Hitachi, Sandvik, Metso Corp., and Outotec. The leading players also have many subsidiaries that operate specifically for certain products and/or in different countries.

Recent Developments

  • In September 2020, Sandvik revealed its AutoMine Concept vehicle, which is based on the latest technologies and equipped with completely new sensing capabilities and artificial intelligence to enhance mining operations.
  • In July 2020, Komatsu announced plans to rebrand its underground hard rock equipment, surface wheel loaders, and a new range of blasthole drills to reflect the company’s united focus on growth in these areas.
  • In May 2020, Caterpillar added a new platform, MineStar Edge, to augment the Cat MineStar Solutions suite of technologies. MineStar Edge offers an operational ecosystem for mining companies. Rather than storing data in individual silos, Edge enables managers to see how activities early in the process impact the value chain.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Surface Mining Equipment

      2. 5.1.2 Underground Mining Equipment

      3. 5.1.3 Mineral Processing Equipment

    2. 5.2 Application

      1. 5.2.1 Metal Mining

      2. 5.2.2 Mineral Mining

      3. 5.2.3 Coal Mining

    3. 5.3 Powertrain Type

      1. 5.3.1 IC Engine Vehicle

      2. 5.3.2 Electric Vehicle

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.4.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Spain

        5. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. South America

        2. Middle-East and Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Caterpillar Inc.

      2. 6.2.2 Komatsu Ltd

      3. 6.2.3 Liebherr Group

      4. 6.2.4 Sandvik

      5. 6.2.5 Hitachi Construction Machinery Co. Ltd

      6. 6.2.6 Atlas Copco



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Frequently Asked Questions

The Mining Equipment Market market is studied from 2018 - 2026.

The Mining Equipment Market is growing at a CAGR of 5% over the next 5 years.

The Mining Equipment Market is valued at 96 Billion USD in 2018.

The Mining Equipment Market is valued at 135 Billion USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Caterpillar Inc., Liebherr Group, Atlas Copco, Komatsu Ltd, Hitachi Construction Machinery Co. Ltd are the major companies operating in Mining Equipment Market.

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