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

The Report Covers North American Mining Equipment Market Companies by Geography and is Segmented by Type (Surface Mining Equipment, Underground Mining Equipment, and Mineral Processing Equipment), Application (Metal Mining, Mineral Mining, and Coal Mining), and Country (United States, Canada, and the Rest of North America). The Market Size and Forecasts for the North American Mining Equipment Market are Provided in Terms of Value (USD) for all the Above Segments.

North America Mining Equipment Market Size

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North America Mining Equipment Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 13.02 Billion
Market Size (2029) USD 16.29 Billion
CAGR (2024 - 2029) 4.58 %
Market Concentration Medium

Major Players

North American Mining Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order


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North America Mining Equipment Market Analysis

The North America Mining Equipment Market size is estimated at USD 13.02 billion in 2024, and is expected to reach USD 16.29 billion by 2029, growing at a CAGR of 4.58% during the forecast period (2024-2029).

With the rising consumption of base metals and precious metals in several applications, the mining activities of these metals increased, especially in countries such as the United States and Canada.

According to the World Gold Council, Canada at 194.5 tons, followed by the United States at 172.7 tons, securing the 3rd and 4th position in the Global Gold Mining ranking.

Electrification of powertrains for construction and mining machinery has been in focus due to concerns over emissions and noises generated by conventional diesel-powered machinery. Powertrains offer various advantages, such as high overall efficiency, high maneuverability, and accuracy during operations. Investments in the sector by Original Equipment Manufacturers (OEMs), coupled with demand for sustainable products, will likely drive the market growth.

For instance, in September 2023, a Canadian iron ore producer awarded Metso an order for two powerful Vertimill 4500 grinding mills to be delivered in 3Q24. that support the decarbonization of the steel industry through production of high-grade and high-purity iron ore with sustainable processes.

The mining equipment manufacturers look at opportunities like the automation of machinery to attract customers and capture a significant share of the market. The growing demand for raw materials resulted in mining companies exploring new mining projects, thus boosting the mining equipment market.

North America Mining Equipment Market Trends

Increasing Demand for Surface Mining Equipment

In surface mining, the equipment deployed is drilling equipment, electric shovels, high wall miners, excavators, dumpers, motor graders, and wheel dozers.

Technological advancements and increasing demand for oil sands, coal, and gas are expected to drive the demand for surface mining equipment. For instance,

According to the U.S. Energy Information Administration, in 2021, about 577 million short ton of coal was produced in the United States. Surface mines accounted for 63% of the total coal production. They also represent 65% of the total number of mines in the United States.

Significant improvements in equipment efficiency, investments in the sector by OEMs, and the need for sustainable products are expected to positively augment the market's growth during the forecast period. Moreover, companies are further upgrading excavators and electric shoves to meet the current metal exploration demand. For instance,

In January 2022, Liebherr launched the R 9600 hydraulic mining excavator. After research and development, Liebherr brought the latest 600-ton R 9600 mining hydraulic excavator to the public.

In March 2023, Tata Hitachi launched the ZX670H Mining Excavator, which is designed for to toughest jobs at any mining site with ease.

In addition, the growing adoption of such equipment has led to selective mining operations by exploring high-quality materials and creating embankments and stable surfaces. These factors may provide lucrative opportunities for manufacturers, leading them to expand their product portfolios.

Therefore, the abovementioned factors are anticipated to boost the surface mining equipment segment during the forecast period.

North America Mining Equipment Market: United States Total Mine Production, Industrial Minerals (USD Million), 2018 - 2022

Canada to Lead the Market During the Forecast Period

The mining industry's production in Canada is about USD 37.5 billion, which accounts top 5 mineral products such as gold, iron ore, potash, copper, and coal.

Canada holds 4th largest position among the top mining countries in the world. Canada produces over 60 metals and minerals and is among the top 10 producers of numerous metals and minerals globally. The country is the world's largest producer of potash, the second-largest producer of uranium, and the third-largest producer of diamonds. It is the world's fourth- and fifth-largest producer of primary aluminum and nickel, respectively.

Gold, iron ore, coal, copper, and potash were Canada's top five mineral products by value, it accounted for over two-thirds of the total value of mineral output. Canada is expected to remain a premier mining destination due to strong capital markets, vast mineral reserves, stable political and economic environment. This growth provides new opportunities for U.S. companies to enter Canada.

Moreover, Canada has rich deposits of many minerals and metals, such as nickel, copper, cobalt, and platinum, which are important for renewable energy technologies. With minerals and metals playing an important role in low-carbon technologies, the demand will increase due to their use in the development of EVs and batteries.

In September 2022, Canada and France announced a Canada-France Bilateral Dialogue on Critical Minerals, which are an important variety of products, from electric vehicles to semiconductors, wind turbines to batteries, as an objective to promote global environmental, social, and governmental standards.

Such factors and statistics indicate a huge opportunity for the mining equipment market in Canada.

North America Mining Equipment Market: North America Silver Mine Production by Source Metal in 2022, (Million Ounces)

North America Mining Equipment Industry Overview

The North American mining equipment market is fairly consolidated with Liebherr International, Terex Corporation, Komatsu, Metso Outotec, SANY, Caterpillar Inc., Volvo Construction Equipment, and other companies.

Major players have increased their R&D expenditure exponentially to integrate innovation with excellence in performance. The demand for high-performance, high-efficiency, and safe handling equipment is expected to increase market competition over the forecast period.

In September 2023, Albemarle and Caterpillar shared an agreement under which Albemarle would buy battery-powered mining equipment from heavy vehicle maker Caterpillar. In return, Albemarle will become the main supplier of lithium to Caterpillar for electric vehicle batteries.

North America Mining Equipment Market Leaders

  1. Terex Corporation

  2. Komatsu Ltd

  3. Caterpillar Inc.

  4. SANY Group

  5. Volvo Construction Equipment

*Disclaimer: Major Players sorted in no particular order

North America Mining Equipment Market Concentration
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North America Mining Equipment Market News

  • January 2023: Sandvik wins mining equipment order in Canada from the Canadian gold mining company New Gold.
  • June 2022: Komatsu announced an agreement to acquire Mine Site Technologies, a connectivity solution provider for underground mining.
  • March 2022: Hitachi Construction Machinery Americas announced new machine and tech launches that can help mines reduce operational costs and support sustainable mining practices.

North America Mining Equipment Market Report - Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions




    1. 4.1 Market Drivers

      1. 4.1.1 Increasing use of Electric Machinery in Mining

    2. 4.2 Market Restraints

      1. 4.2.1 Stringent Government Policies Might Hinder the Growth of the Market for Equipment

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      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 By 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 By Application

      1. 5.2.1 Metal Mining

      2. 5.2.2 Mineral Mining

      3. 5.2.3 Coal Mining

    3. 5.3 By Country

      1. 5.3.1 United States

      2. 5.3.2 Canada

      3. 5.3.3 Rest of North America


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Liebherr Group

      2. 6.2.2 Terex Corporation

      3. 6.2.3 Mining Equipment Limited

      4. 6.2.4 Caterpillar Inc.

      5. 6.2.5 Komatsu Ltd.

      6. 6.2.6 Volvo Construction Equipment

      7. 6.2.7 SANY Group

      8. 6.2.8 FLSmidth & Co. AS

      9. 6.2.9 Metso Corporation

      10. 6.2.10 RDH-Scharf

    3. *List Not Exhaustive

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North America 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 North American mining equipment market is segmented by type, application, and country.

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 country, the market is segmented into the United States, Canada, and the Rest of North America. The report offers market size and forecasts for North American mining equipment in value (USD) and volume (units) for the above segments.

By Type
Surface Mining Equipment
Underground Mining Equipment
Mineral Processing Equipment
By Application
Metal Mining
Mineral Mining
Coal Mining
By Country
United States
Rest of North America
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North America Mining Equipment Market Research FAQs

The North America Mining Equipment Market size is expected to reach USD 13.02 billion in 2024 and grow at a CAGR of 4.58% to reach USD 16.29 billion by 2029.

In 2024, the North America Mining Equipment Market size is expected to reach USD 13.02 billion.

Terex Corporation, Komatsu Ltd, Caterpillar Inc., SANY Group and Volvo Construction Equipment are the major companies operating in the North America Mining Equipment Market.

In 2023, the North America Mining Equipment Market size was estimated at USD 12.42 billion. The report covers the North America Mining Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Mining Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America Mining Equipment Industry Report

Statistics for the 2024 North America Mining Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Mining Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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