Mining Equipment Market Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Mining Equipment Market Analysis & Companies. The 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).

Mining Equipment Market Size

Mining Equipment Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 98 Billion
Market Size (2029) USD 135 Billion
CAGR (2024 - 2029) 5.12 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Mining Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Mining Equipment Market Analysis

The Mining Equipment Market size is estimated at USD 98 billion in 2024, and is expected to reach USD 135 billion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

  • 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 remained 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 demand for metals and commodities occupy a major market share. The increasing need for mineral fertilizers to improve agricultural yield and the rise in the 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 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 improving 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. This is attributed to expansion in the mining projects across India and China to resonate strong potential for mining equipment demand.

Mining Equipment Market Trends

Rise in Use of Telematics in the Mining Industry

  • Technological advancements and innovations are expected to grow the mining machinery industry. 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 extract 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 - Mining Equipment Market - Investments In Technology (in USD million), (2022-2027)

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 substantial capital investment. Increasing demand for lower emissions, low cost, and high energy-efficiency machines is witnessed in the region.
  • Asia-Pacific will dominate the mining equipment market due to its abundant deposits. This region offers several opportunities for mining companies, as there is significant scope for exploring bauxite, iron ore, and coal. In contrast, North America will witness its growth rate due to advancements in automotive technology. The region is home to large copper, gold, and iron deposits, providing exploration opportunities.
  • Rising mining activities and increasing investments in mining equipment are anticipated to offer enormous growth in the market during the forecast period. According to International Energy Agency (IEA), the global investment in the year 2022 coal supply chain would reach USD 115 billion. India and China are anticipated to account for USD 80 billion in these investments. In 2021, China and India were the two largest coal-producing nations in the world. Thermal power generation still accounts for more than 80% of the power generation capacity in these two countries.
  • Coal shortages and power rationing in China in 2021 made energy security the chief priority in near-term Chinese policy. More than 350 million tons (MT) per year of new coal mining capacity was added in the year's second half. India is also looking to increase domestic coal supply in the face of a shortfall in production in 2022 and steep rises in coal prices to curb the increased use of more expensive imported coal. Thus, both countries focus on increasing domestic coal production and announcing new investments to boost the domestic coal production industry. For instance,
  • In September 2022, China announced it had approved a new 15GW of coal power generation capacity in H1 2022 with a total investment of USD 26-30 billion. In November 2021, Coal India Limited, India's national coal mining company, announced an investment of INR 40-50000 crore (USD 4.8 - 6 billion) for CAPEX in the next five years. Most of this CAPEX will be utilized for coal production and evacuation.
  • Besides, China is currently the number one producer of rare earth minerals worldwide. Rare earth minerals are required to produce lithium-ion batteries that power smartphones and laptops to electric vehicles. Thus, the demand for rare earth minerals like lithium has doubled to 125000 metric tons (MT) in the last 15 years. Therefore, China has announced a couple of investments in the rare earth minerals industry to capitalize on this rapidly growing demand for rare earth minerals and further enhance its position as the world's largest producer of rare earth minerals. For instance,
  • 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 increased mining output and a significant need for mining throughput.
  • Considering these factors, demand for mining equipment in Asia-pacific is anticipated to register a high growth rate during the forecast period.
mining equipment market - Mining Equipment Market - Growth Rate By Region, ( 2022-2027)

Mining Equipment Industry Overview

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, including part support and 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.

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.

Mining Equipment Market Leaders

  1. Caterpillar Inc.

  2. Liebherr Group

  3. Atlas Copco

  4. Komatsu Ltd

  5. Hitachi Construction Machinery Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Mining Equipment Market Concentration
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Mining Equipment Market News

  • December 2022: Komatsu announced the expansion of its underground mining equipment business with the acquisition of the Germany-based Gelsenkirchen GGH Group. This acquisition will boost the company's foothold in Europe, South Africa, and India's mining sector.
  • August 2022: Epiroc, the leading productivity and sustainability partner of mining and infrastructure development, announced the signing of a strategic agreement with AARD mining equipment, a South African mining equipment manufacturer.

Mining Equipment Market Report - 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

  5. 5. MARKET SEGMENTATION (Market Size in Value USD Billion)

    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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Mining Equipment Industry Segmentation

Mining equipment comprises of equipment including vehicles that are used at the mining sites to increase the mining location throughput and offer ease in raw material transportation and extraction.

The mining equipment market is segmented by type, application, and powertrain. Based on type, the market is segmented into surface mining equipment, underground mining equipment, and mineral processing equipment. Based on application, the market is segmented into metal mining, mineral mining, and coal mining. Based on powertrain type, the market is segmented into IC engine vehicles and electric vehicles. Based on 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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Mining Equipment Market Research FAQs

The Mining Equipment Market size is expected to reach USD 98 billion in 2024 and grow at a CAGR of 5.12% to reach USD 135 billion by 2029.

In 2024, the Mining Equipment Market size is expected to reach USD 98 billion.

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

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Mining Equipment Market.

In 2023, the Mining Equipment Market size was estimated at USD 92.98 billion. The report covers the Mining Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mining Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The major Key drivers of the Mining Equipment Market are: a) Rising demand for minerals and metals b) Advancements in technology, and c) Increasing investments in mining projects globally

Mining Equipment Industry Report

The Global Mining Machinery Market is witnessing significant growth, fueled by the increasing demand for minerals, metals, and coal, which necessitates advanced machinery for efficient operations. Innovations like autonomous and electric & hybrid mining machines are revolutionizing the industry, offering safer, more efficient, and eco-friendly operations, especially in underground mining where they address emissions and operational cost challenges. Despite facing hurdles such as international trade policies and lack of standardization, the market sees opportunities in autonomous machinery for enhanced safety and productivity. The Asia Oceania region leads the market, propelled by a surge in mining activities. The shift towards sustainable and technologically advanced mining operations forecasts a notable growth in the electric & hybrid machinery segment. Key players are focusing on technological advancements and partnerships to cater to the mining industry's evolving needs. For detailed insights, Mordor Intelligence™ provides a comprehensive analysis, including market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.

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Mining Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)