Mining Equipment Market Research On Size, Share, Trends, Segments, Regions & Competition (2025 - 2030)

Global Mining Equipment Market Trends and Insights

Surging Demand for Critical Minerals for Battery Supply Chains

Copper demand is on track to climb 70% to more than 50 million tons by 2050, amplifying the pull for high-capacity haul trucks, energy-efficient crushers, and AI-guided drills. IEA indicates that clean-energy goals will require a fourfold lift in critical-mineral output by 2040, ensuring a multiyear replacement cycle for precision equipment.^{[1]“Innovation in Mining, Refining and Recycling to Promote Diversification,” International Energy Agency, iea.org} AI-enhanced exploration is trimming drilling expense significantly and quadrupling discovery hit rates, enabling mine planners to commit capital earlier and drive fresh orders into the mining equipment market. Asian battery-gigafactory build-outs and North America’s reshoring push generate localized hotspots for mineral-processing systems.

Accelerated Mine-Electrification Mandates

Canada, Chile, and Australia have set emission-reduction targets that force operators to retire diesel fleets faster than depreciation schedules originally assumed. Fortescue’s plan to deploy 360 Liebherr T 264 battery-electric haul trucks by 2030 underscores the scale of this pivot. Field trials show electric machines can cut OPEX by 7-15% owing to fewer moving parts and eliminated fuel costs, findings echoed by the Future Battery Industries Cooperative Research Centre.^{[2]“An Overview of Australia’s Mining Vehicle and Mining Equipment Electrification,” Future Battery Industries CRC, fbicrc.com.au} Competitive stakes are rising as specialised BEV newcomers challenge incumbent OEMs, propelling the mining equipment market toward a permanently altered technology baseline.

Sustained CAPEX Up-cycle in African Projects

Africa’s copper, cobalt, and lithium pipeline is accelerating, pulling the regional mining equipment market to a 6.9% CAGR through 2030. The DRC’s temporary cobalt export suspension in 2025 aimed to stabilise prices and sharpened the focus on equipment availability once exports resume. Manufacturers are rolling out modular, climate-resilient designs to traverse underdeveloped transport corridors while coping with extreme heat, reinforcing Africa-specific differentiation strategies.

Emissions-Linked Financing: Lowering the Cost of Capital

Loans tied to carbon-reduction milestones are discounting interest rates by 50-100 basis points for fleets that qualify as low-emission. Miners able to document credible decarbonisation pathways secure cheaper capital, tilting total-cost-of-ownership models toward electrified or hybrid assets. The financing premium particularly benefits mid-tier producers, broadening the addressable pool for the mining equipment market and accelerating fleet-upgrade cycles.

Ore-Grade Deterioration Inflating Total Cost-of-Ownership

Falling grades force operators to move more material for the same output, raising energy use and spurring demand for higher-capacity shovels, conveyors, and mills. Global mining energy consumption could climb two to eightfold by 2060 if grade decline and mineral demand trends continue. OEMs are countering with energy-efficient comminution circuits, but the capital intensity of such systems challenges mid-tier miners, slowing procurement in certain deposits.

Grid Constraints Delaying BEV Deployment

Remote African, Chilean, and Australian mines often lack the grid strength to support BEV charging, delaying full-scale electrification. Hybrid micro-grids that combine solar PV, battery storage, and diesel generation have cut diesel burn by up to 70% in Australian case studies.^{[3]“Optimal Hybrid Microgrid Sizing Framework for the Mining Industry,” Omar Ellabban and Abdulrahman Alassi, ietrd.org} Nevertheless, the added complexity and upfront cost temper BEV rollouts, segmenting demand within the mining equipment market by power infrastructure maturity

Segment Analysis

By Equipment Type: Underground Innovation Accelerates Growth

Underground Mining Equipment is expected to grow at a CAGR of 6.36% from 2025 to 2030 as battery-electric loaders and haul trucks mitigate ventilation costs and improve air quality. Sandvik’s record BEV order book in 2025 signals an inflection point. The mining equipment market size for surface machines remains the largest with 67.25%, anchored by bulk iron ore and copper operations. Equipment OEMs continue to refine AI-sorting systems that raise ore recovery in crushing-screening lines, aligning with miners’ drive to offset grade decline.

Second-generation electric drills and breakers integrate remote operation, advancing safety in high-risk headings. Ultra-class surface haul trucks dominate open-pit economics; yet the heavier batteries needed for BEV versions spur research into lighter composite housings and on-board fast-charging, a trend set to redefine product roadmaps across the mining equipment market.

Note: Segment Shares of All Individual Segments Available Upon Report Purchase

By Automation Level: Autonomous Systems Reshape Operations

Fully autonomous fleets are climbing at 14.2% CAGR, catalysed by persistent labour shortages and safety imperatives. More than 600 autonomy-enabled trucks are already in commercial service, with routes scripted by high-precision GPS and collision-avoidance algorithms. The mining equipment market benefits as each autonomous retrofit unlocks incremental spend on sensors, software, and connectivity.

Manual equipment accounts for the largest market share of 82.15% in 2024. However, semi-autonomous machines provide an intermediate step, letting operators switch between manual and remote control to fit geology or workforce constraints. The installed base of connected assets is slated to more than double from 1.3 million units in 2023 to 2.7 million by 2028, signaling a long runway for autonomy-ready hardware and analytics subscriptions.

By Powertrain Type: Electric Transition Gains Momentum

Internal combustion engine accounts for only 85.45% of but electric vehicle are expanding at a 13.5% CAGR, propelled by cost-down trajectories in battery cells and externalities such as carbon pricing. Pilot sites demonstrate underground maintenance savings and zero-diesel ventilation benefits, reinforcing payback calculations. The mining equipment market size tied to conventional diesel remains dominant; nevertheless, every major OEM now fields an electric or hybrid variant across core classes.

Hybrid powertrains serve operations where duty cycles or haul distances exceed current battery limits. Cost-benefit modelling shows 9% fuel-consumption improvement over diesel-electric trucks, with battery pack cost falling toward USD 160 per kWh, strengthening the business case. ABB and industry partners are trialling interoperable charging standards to accelerate fleet conversion schedules.

By Power Output: High-Power Equipment Drives Efficiency

Ultra-class machines exceeding 1,000 HP log the fastest growth at 6.3% CAGR as miners pursue ton-kilometre efficiency gains. Weichai’s 2,800 kW engine launch in 2025 underscores the horsepower race. In contrast, equipment below 500 HP keeps the widest installed base at 41.7% share thanks to underground spatial limits and versatility in mid-scale pits. Across every rating, engineers are boosting power density and tailoring duty-cycle management software to curb fuel or electricity usage, yielding layered demand across the mining equipment market.

Note: Segment shares of all individual segments available upon report purchase

By Application: Mineral Mining Leads Growth

Mineral Mining advances at a 8.60% CAGR on the back of lithium, cobalt, and rare-earth extraction for energy-transition supply chains. Purpose-built sorters and mobile crushers tailored for fine-grained pegmatites or clay-hosted deposits slot into the procurement queue. The mining equipment market share for metal mining stays at 47.70%, buoyed by gold and copper throughput. Coal Mining continues to contract in many OECD jurisdictions, yet selective investments persist where electricity grids remain coal-intensive, sustaining aftermarket parts demand.

Geography Analysis

Asia Pacific holds 60.90% of the mining equipment market in 2024, spearheaded by China’s vast open-pits and Australia’s high-tonnage iron ore corridors. Local OEM champions XCMG and SANY now leverage low-cost scale and domestic demand to penetrate export regions, pressuring incumbent price structures. Australia’s push for solar-powered mines supports early adoption of battery-electric load-hauls, particularly in the Pilbara, where studies show 70% diesel-use cuts from integrated PV-storage micro-grids.

In Middle East and Africa represents the fastest-growing cluster, registering a 7.55% CAGR through 2030. In Africa, DRC cobalt, Zambian copper, and South African platinum projects anchor greenfield spending, while infrastructure gaps spur modular design requests. Government-community partnerships that channel revenue into local roads and power links further anchor fleet investment decisions, intensifying the pull on the mining equipment market.

North America and Europe trade on technology intensity and regulation. The United States incentivises automation through tax allowances, pushing miners to retrofit tele-remote drills across Nevada gold operations. Europe frames procurement around carbon neutrality, catalysing orders for zero-emission haulage prototypes. South America, dominated by Chilean and Brazilian majors, invests steadily although macro volatility trims some budgets. Grid-strength constraints in Andean highlands slow BEV scalability, yet hybrid power solutions keep momentum for electrification-ready platforms.