Mining Equipment Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2031)

Global Mining Equipment Market Trends and Insights

Surging Demand for Critical Minerals for Battery Supply Chains (Asia and United States)

Lithium, cobalt, and nickel expansions are reshaping procurement, as battery-metal mines require high-throughput crushers and flotation cells distinct from base-metal circuits. Chilean brine projects now deploy solar-powered pumps that cut diesel use significantly, whereas Western Australia’s hard-rock lithium sites specify above 1,000-horsepower haul trucks to manage spodumene densities higher than iron ore. In the United States, the Inflation Reduction Act sourcing rules steer buyers toward Caterpillar and Komatsu to capture domestic-content tax credits. Congolese cobalt projects are upgrading from manual excavators to semi-autonomous loaders to meet traceability rules, and Indonesian nickel laterite operators are installing rotary kilns and electric arc furnaces that create an addressable market for mineral-processing equipment. These factors push the mining equipment market toward specialized, higher-margin systems that command pricing power despite broader cost pressure.

Accelerated Mine Electrification Mandates in Canada, Chile and Australia

Canada requires underground mines to field zero-emission units for at least 50% of mobile fleets, rising to 75% by 2030 ^{[1]“Government of Canada Regulations for Zero-Emission Mining,” Natural Resources Canada, nrcan.gc.ca}. New South Wales rolled out a ventilation-cost levy, leveling the playing field for battery-electric loaders at significant depths. As a result of these policies, operators are now retiring diesel assets much earlier than anticipated, leading to a surge in demand for Epiroc’s ST18 Battery and Sandvik’s LH518B. Additionally, lenders are now mandating ISO 14001-compliant transition plans as a prerequisite for fund disbursement, underscoring the growing nexus between decarbonization efforts and capital accessibility.

Sustained Capex Up-Cycle in African Copper, Cobalt and Lithium Projects

During 2024 and 2027, several projects across Africa, collectively valued at a significant amount, are making headway. In Zambia, operations are delving deeper, now surpassing considerable depths with the aid of new Sandvik drills. Meanwhile, South African platinum mines are transitioning from diesel scoops to battery-electric units, a move aimed at adhering to stringent particulate limits. In a bid to counter tenure risks, lithium ventures in both Zimbabwe and Namibia are opting for modular Metso crushing plants. Additionally, Chinese OEMs are carving out a significant presence in the region, clinching tenders by providing deferred payment options and forging local assembly partnerships. Collectively, these strategic maneuvers signal robust growth prospects for the mining equipment market in the Middle East and Africa.

Recovery of Greenfield Iron-Ore Projects in Western Australia and Brazil

In 2024-2025, several iron-ore projects in Pilbara achieved their Final Investment Decisions (FID), significantly increasing capacity and requiring a substantial number of ultra-class trucks. Fortescue's Iron Bridge magnetite mine harnessed the power of autonomous Komatsu 980E-4 trucks, operating around the clock and achieving notable cost savings for every tonne transported^{[2]“Iron Bridge Project Update,” Fortescue Metals Group, fmgl.com.au}. Vale made a comeback with Brazil's Capanema and Vargem Grande projects, placing orders for advanced mining equipment, and both regions are adopting trolley-assist systems that significantly reduce diesel consumption. Higher iron-ore pellet premiums have revived magnetite ventures and validated investments in advanced crushing and beneficiation plants.

Ore-Grade Deterioration Inflating Total Cost-Of-Ownership

In 2024, copper grades at Escondida have declined, prompting BHP to move significantly more waste material and substantially increase tire usage. Similarly, gold grades in West Africa have also dropped, leading to a notable rise in ore processing through crushers. Lower grades amplify the costs associated with downtime; for example, a haul-truck malfunction at a low-grade copper pit now results in considerable losses. In response, operators are opting for larger-payload trucks to extend component lifespan. However, this approach significantly raises initial capital investment and reduces returns. While in-pit crushing and conveying provides a potential solution, it depends on long-term reserve certainty, which many deposits currently lack.

Grid Constraints at Remote Mines Delaying BEV Deployment

Pilbara's iron-ore mines, located far from high-voltage lines, struggle as existing microgrids fall short, unable to deliver the significant power required to recharge multiple haul trucks during shift changes. In the Atacama Desert, brine projects grapple with hefty connection fees, accounting for a substantial portion of the capital expenditure for typical brine developments. South African platinum mines face daily load-shedding challenges, and the necessary battery storage installations would significantly increase costs per site. While hydrogen trucks sidestep grid dependencies, they necessitate expensive refueling stations, and the price of green hydrogen is considerably higher than its diesel counterpart. Trolley-assist hybrids, however, are constrained to stable ramp profiles, limiting their broader applicability.

Segment Analysis

By Equipment Type: Trucks Lead, Drills Accelerate

Mining trucks captured 59.22% of the mining equipment market share in 2025, cementing their status as the single-largest revenue contributor within the overall mining equipment market size. Ultra-class haulage remains indispensable at large copper and iron-ore pits where payloads exceed 360 tonnes and haul distances stretch beyond 5 kilometers. Despite this dominance, procurement managers are trimming absolute truck counts by 15–20% in autonomous fleets, reallocating capital toward high-precision peripheral gear that maximizes cycle efficiency.

Drills and breakers are projected to post a 6.91% CAGR from 2026 to 2031, the fastest rate among equipment types, as deeper, harder orebodies boost demand for high-power rotary rigs, long-hole drills, and rock-breakers that can operate reliably in 200 megapascal ground. Autonomous drilling systems add a further productivity kicker by delivering tighter blast fragmentation, reducing downstream energy needs in crushing circuits. This shift reshapes procurement strategies: operators are bundling truck orders with drill-automation packages to secure integrated dispatch and data-analytics support, a pattern that strengthens OEM cross-selling leverage within the mining equipment market size.

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

By Automation Level: Manual Fleets Face Accelerated Obsolescence

Manual fleets held 81.65% of the mining equipment market share in 2025, yet fully autonomous units had notably higher availability compared to their manned counterparts, resulting in considerably more annual running hours per unit. Fully autonomous equipment is set to grow at a 15.01% CAGR by 2031. The mining equipment market is witnessing a rapid expansion in autonomous systems, driven by insurers offering substantial premium reductions for accident-free records. The industry is shifting away from semi-autonomous solutions, favoring fully driverless systems due to their superior data clarity and reduced training requirements.

Manual gear persists in artisanal and union-sensitive jurisdictions, and underground latency issues limit manual oversight in narrow areas. Regulatory inertia outside Australia, Canada, and Chile slows approvals, but once frameworks are codified, suppressed demand could trigger a step-change. Battery-electric drive trains align naturally with autonomy because instant torque and fewer mechanical parts simplify control logic, strengthening the virtuous cycle between electrification and automation.

By Powertrain Type: Electrification Accelerates Despite Infrastructure Gaps

Internal-combustion equipment accounted for 86.24% of 2025 revenue, while battery-electric vehicles are projected to grow at a 12.86% CAGR by 2031, driven by annual ventilation savings in deep nickel mines. Hybrids bridge the gap in regions lacking robust grids; Caterpillar’s 794 AC electric drive truck achieves notable fuel savings on Chilean grades. Hydrogen fuel-cell prototypes remain costly, but pilot programs continue where grid links are impossible.

Tier 4 Final engines narrowed the upfront premium versus battery units by adding expensive after-treatment, and trolley-assist systems slash diesel burn on ramp haulage. Surface coal sites still favor diesel due to commodity economics, whereas underground base-metal mines transition fastest because of ventilation regulations. As charging infrastructure matures, battery-electric vehicle penetration is expected to outstrip that of hybrids within the decade, reshaping the powertrain economics of the mining equipment industry.

By Application: Mineral Mining Gains on Battery-Material Demand

Metal mining accounted for 48.15% of 2025 revenue, driven by copper, iron ore, and gold. However, mineral mining is expected to grow at a 9.03% CAGR by 2031, as projects for lithium hydroxide, high-purity quartz, and rare earths proliferate. Coal demand softens in OECD nations but remains strong in the Asia-Pacific; Coal India ordered several mining trucks in late 2024. Autonomy and electrification adoption rates diverge by commodity: metal mines account for a notable share of BEV and autonomous-truck deployments, whereas coal remains overwhelmingly manual.

Mineral mining fragments into niche equipment: brine pumps for salars, dense-media separation for hard-rock lithium, and solvent extraction for rare earths. Metal miners focus on trolley assists, drilling accuracy, and grade-control systems. Regional correlations persist—Asia-Pacific’s mineral expansion centers on aggregates, while Africa flags copper and cobalt for battery chains. This differentiation keeps the mining equipment market heterogeneous and ripe for specialized OEM plays.

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

By Mining Type: Surface Dominates While Underground Gains Momentum

Surface mining accounted for 69.04% of the mining equipment market share in 2025, reflecting the prevalence of open-pit copper, iron-ore, coal, and bauxite operations that depend on large fleets of trucks, shovels, and draglines. The scale of these operations—often exceeding 200 million tons per annum—keeps surface fleets indispensable for bulk commodities even as autonomy and trolley-assist electrification curb unit fuel burn. Capital budgets in Western Australia’s Pilbara and Brazil’s Carajás continue to gravitate toward ultra-class surface gear, reinforcing the segment’s spending heft.

Underground mining is forecast to expand at an 8.45% CAGR between 2026 and 2031, handily outpacing surface growth as high-grade zones migrate deeper and narrow-vein battery-mineral deposits proliferate. Battery-electric loaders and articulated trucks are gaining traction in Canada, Finland, and South Africa, where ventilation regulations push operators to replace diesel units five to seven years early, a dynamic that multiplies the underground slice of the mining equipment market size. Autonomy also penetrates faster underground than on surface ramps because confined headings enable controlled navigation environments, allowing OEMs to bundle drive-by-wire kits with battery packs and digital twins. The convergence of electrification and automation therefore positions underground projects as pivotal demand nodes despite their smaller tonnage footprint within the global mining equipment market share.

Geography Analysis

The Asia-Pacific region maintained a 59.35% mining equipment market share in 2025, buoyed by Chinese coal mechanization, Indonesian nickel growth, and Indian iron-ore upgrades. Chinese fleet renewals plateau as coal volumes stabilize and emission rules tighten, but Indonesia ordered several haul trucks to feed stainless-steel capacity. Australia transitions from expansion to replacement demand, swapping diesel for autonomous BEVs to meet 2030 targets. Japan and South Korea import most equipment, yet their domestic firms—Komatsu, Hitachi, Hyundai—export a notable share of the output.

The Middle East and Africa region is poised for an 8.04% CAGR through 2031, driven by Saudi phosphate, South African platinum modernization, and Congolese copper. In the near future, Ma’aden placed the region’s largest single order, securing a substantial number of Caterpillar 795F AC trucks for Wa’ad Al Shamal. Responding to South Africa's upcoming diesel-particulate limits, Impala Platinum made a strategic move, ordering a notable quantity of Sandvik BEV loaders. Meanwhile, DRC’s Kamoa-Kakula is pioneering energy innovation in frontier markets, operating autonomous trucks powered by a solar-plus-battery microgrid.

North America trends toward replacement spending and autonomy retrofits. In Canada, Newmont’s Borden was positioned as an all-electric underground gold mine, highlighting the direction of fleet electrification.^{[3]“Coleman Mine BEV Case Study,” Vale S.A., vale.com} In Chile, copper pits are adopting trolley assists, achieving a considerable reduction in diesel consumption per ton hauled. Brazil is bolstering its iron-ore capacity, with additional Liebherr T 284s set to arrive over the next few years. However, Europe is facing challenges: recently, no greenfield hard-rock mine secured financial closure due to regulatory uncertainties, stalling capital influx. These regional disparities highlight the significant impact of policy and commodity dynamics on the mining equipment market.