Mining Equipment Market Size, Share, Trends, Industry Analysis Report: By Type (Underground Mining Equipment; Surface Mining Equipment; Crushing, Pulverizing, & Screening Equipment; Drills & Breakers; and Others), Propulsion, Power Output, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034
- Published Date:Feb-2025
- Pages: 129
- Format: PDF
- Report ID: PM1398
- Base Year: 2024
- Historical Data: 2020-2023
Mining Equipment Market Overview
The global mining equipment market size was valued at USD 147.85 billion in 2024 and is projected to increase to USD 154.86 billion in 2025, reaching USD 237.98 billion by 2034. The market is expected to register a CAGR of 4.9% during the forecast period.
Mining equipment is essential for the efficient extraction and processing of minerals from the earth. The equipment plays a crucial role in both surface and underground mining operations. It includes a diverse array of machinery, each designed for specific tasks within the mining process. Equipment such as excavators, dump trucks, and bulldozers are commonly utilized for surface mining.
The increasing demand for coal worldwide, especially in emerging markets, is propelling the global mining equipment market growth. As per the data published by the International Energy Agency, global coal consumption reached a record high in 2022, rising by 4% year-on-year to 8.42 billion tonnes (Bt). The ongoing rise in electricity generation is leading to high adoption of coal as it is a critical resource for power generation and industrial processes. This necessitates the demand for mining equipment, such as excavators, drills, conveyor systems, and haul trucks, to enhance coal productivity and project efficiency. Moreover, the need for advanced machinery to access deeper or less accessible coal reserves further drives investments in modern mining equipment. Therefore, the adoption of mining equipment is increasing with the growing demand for coal globally.
The growing mining activities for the extraction of metals drive the mining equipment market demand. Mining companies require specialized equipment to meet the challenges of accessing deeper deposits, processing complex ores, and adhering to stricter environmental regulations as metal extraction increases. Moreover, the rising global demand for metals such as copper, lithium, and rare earth elements by growing industries such as electronics, renewable energy, and electric vehicles intensifies mining activities, which boosts the demand for mining equipment such as drills, excavators, crushers, and material handling systems.
Mining Equipment Market Driver Analysis
Growing Urbanization Worldwide
The growing urbanization across the world is projected to propel the global mining equipment market expansion during the forecast period. According to the World Economic Forum, 55% of the world's population lives in urban areas, and is expected to rise to 80% by 2050. Urbanization creates demand for materials such as concrete, steel, and aluminum, necessitating the extraction of key resources such as limestone, iron ore, and bauxite. This drives mining companies to scale up operations by deploying advanced equipment such as excavators, loaders, crushers, and conveyors to meet higher production targets. The increased focus on sustainable and efficient mining practices in urban areas also encourages the adoption of modern, high-capacity, and environmentally friendly mining equipment.
Incorporation of Advanced Technologies
Integration of technologies such as automation, artificial intelligence (AI), and the Internet of Things (IoT) in mining equipment enhances operational efficiency, safety, and productivity, encouraging mining companies to upgrade their equipment. Additionally, predictive maintenance tools and data-driven decision-making solutions improve equipment reliability and reduce downtime, making technologically advanced machinery a valuable investment, which increases their adoption for depth and complex mining activities. Therefore, the incorporation of advanced technologies in mining equipment is estimated to fuel the global mining equipment market development.
Mining Equipment Market Segment Analysis
Mining Equipment Market Assessment by Type
Based on type, the mining equipment market is categorized into underground mining equipment; surface mining equipment; crushing, pulverizing, & screening equipment; drills & breakers; and others. The surface mining equipment segment held the largest mining equipment market share in 2024 due to its widespread application in large-scale operations and its ability to handle extensive material extraction efficiently. Industries such as construction, infrastructure development, and energy production heavily rely on resources such as coal, iron ore, and bauxite, which surface mining effectively extracts. The cost-efficiency, ease of use, and capability to process vast quantities of minerals make equipment like draglines, power shovels, and large-scale trucks crucial. Additionally, advancements in technology, including automation and fleet management systems, enhanced the appeal of the segment, enabling companies to improve productivity and reduce operational costs. The ongoing demand for resources driven by rapid urbanization and industrialization across emerging economies further contributed to the dominance of the segment.
The drills & breakers segment is expected to grow at a robust pace in the coming years owing to the increasing need for precision and efficiency in mining operations. These tools play a critical role in breaking down tough rock formations and ensuring access to deeper mineral deposits. Rising investments in infrastructure projects and renewable energy initiatives, which require materials such as lithium and rare earth elements, are projected to fuel the demand for specialized drilling and breaking equipment. Furthermore, the integration of advanced technologies, including hydraulic systems, real-time monitoring, and energy-efficient designs, enhances their operational capabilities, aligning with the industry’s focus on cost optimization.
Mining Equipment Market Evaluation by Application
In terms of application, the mining equipment market is divided into metal mining, mineral mining, and coal mining. The coal mining segment dominated the market share in 2024 due to the growing reliance on coal for power generation. Surface mining equipment has played a crucial role in coal extraction, offering cost-effective solutions for large-scale operations and making it easier to access coal deposits near the surface. Technological advancements, such as automation in large excavators and haul trucks, enhanced productivity and operational efficiency, further strengthening the segment's market dominance. Moreover, governments of some regions have invested in coal production to ensure energy security, contributing to the rising demand for equipment and machinery made for coal mining.
Mining Equipment Market Regional Analysis
By region, the study provides the mining equipment market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for a major mining equipment market share in 2024 due to intense mining activities in countries such as China, India, and Australia. China dominated the regional market due to its massive demand for coal, metals, and minerals. India’s growing investments in infrastructure and power generation further contributed to the expansion of mining activities, creating a demand for mining equipment. Australia, with its abundant mineral resources and advanced mining technologies, supported significant market growth. The increasing adoption of surface mining techniques for efficient large-scale resource extraction and the integration of automation and digitalization technologies have further propelled Asia Pacific’s dominance in the market. Rapid urbanization, industrialization, and energy demands across emerging economies in the region continue to drive the need for advanced mining equipment, ensuring its leadership position.
The Latin America mining equipment market is expected to witness considerable CAGR during the forecast period due to the rising investments in metal mining and exploration activities. Countries such as Chile, Peru, and Brazil, which are rich in copper, lithium, and iron ore deposits, have attracted substantial foreign direct investment to develop their mining infrastructure. The transition to renewable energy and electric vehicles has amplified the demand for key metals, positioning Latin America as a critical supplier in the global market. Technological advancements in equipment, particularly drills and breakers, enable efficient extraction from the region’s challenging terrains, further boosting the Latin America mining equipment market expansion.
Mining Equipment Market – Key Players & Competitive Analysis Report
Major market players are investing heavily in research and development to expand their offerings, which will drive the mining equipment market growth in the coming years. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments such as innovative launches, international collaborations, higher investments, and mergers and acquisitions between organizations.
The mining equipment market is fragmented, with the presence of numerous global and regional market players. Major players in the mining equipment market include Guangdong Leimeng Intelligent Equipment Group Co. Ltd; Henan Baichy Machinery Equipment Co. Ltd; Komatsu Ltd; Liebherr; Atlas Copco AB; Sandvik AB; Doosan Corporation; AB Volvo; Hitachi, Ltd; Deere & Company; Metso Qutotec; Epiroc; Boart Longyear Ltd; Caterpillar Inc.; and Vipeak Mining Machinery Co. Ltd.
Caterpillar Inc., commonly referred to as CAT, is one of the world's largest manufacturers of construction and mining equipment, with a rich history dating back to its founding in 1925 through the merger of the Holt Manufacturing Company and the C. L. Best Tractor Company. Caterpillar has established itself as a major player in various industries, including construction, mining, oil & gas, and transportation. The company operates through three primary segments—Construction Industries, Resource Industries, and Energy & Transportation, along with offering financial products through its Financial Products segment. The company’s products range from excavators and bulldozers to specialized mining trucks and underground loaders. In June 2024, Caterpillar launched its new facelift excavators, Cat 323D3, 320D3, and 320D3 GC, to meet the demand for higher productivity, tighter project completion schedules, competitive cost of operations, and safety.
Atlas Copco AB, a prominent multinational industrial company founded in 1873, has evolved into a major player in manufacturing industrial tools and equipment. Headquartered in Nacka, Sweden, the company operates through four main business areas: Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique. Each segment is dedicated to providing innovative solutions that enhance productivity and efficiency across various industries, including construction, manufacturing, and mining. In the mining sector, Atlas Copco has established a strong reputation for delivering advanced equipment that meets the industry's demanding requirements. The company's mining equipment portfolio includes a wide range of products designed for both surface and underground operations.
List of Key Companies in Mining Equipment Market
- AB Volvo
- Atlas Copco AB
- Boart Longyear Ltd
- Caterpillar Inc.
- Deere & Company
- Doosan Corporation
- Epiroc
- Guangdong Leimeng Intelligent Equipment Group Co. Ltd
- Henan Baichy Machinery Equipment Co. Ltd
- Hitachi, Ltd
- Komatsu Ltd
- Liebherr
- Metso Qutotec
- Sandvik AB
- Vipeak Mining Machinery Co. Ltd
Mining Equipment Industry Developments
September 2024: Komatsu, a global manufacturer of construction, mining, forestry, and industrial machinery, introduced the new Z3 series of medium-size class development jumbo drills and bolters to its lineup, further broadening Komatsu's selection of offerings for the underground mining industry.
September 2024: Sandvik, a global engineering company that provides products and solutions for the manufacturing, mining, and infrastructure industries, showcased its latest surface drilling solutions at MINExpo INTERNATIONAL 2024.
May 2024: Komatsu introduced the second generation of the company’s Z2 product line of drilling and bolting rigs for mining applications.
Mining Equipment Market Segmentation
By Type Outlook (Revenue, USD Billion, 2020–2034)
- Underground Mining Equipment
- Surface Mining Equipment
- Crushing, Pulverizing, & Screening Equipment
- Drills & Breakers
- Others
By Propulsion Outlook (Revenue, USD Billion, 2020–2034)
- Diesel
- CNG/LNG/RNG
By Power Output Outlook (Revenue, USD Billion, 2020–2034)
- < 500 HP
- 500–2,000 HP
- >2,000 HP
By Application Outlook (Revenue, USD Billion, 2020–2034)
- Metal Mining
- Mineral Mining
- Coal Mining
By Regional Outlook (Revenue, USD Billion, 2020–2034)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Mining Equipment Market Report Scope
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Report Attributes |
Details |
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Market Size Value in 2024 |
USD 147.85 billion |
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Market Size Value in 2025 |
USD 154.86 billion |
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Revenue Forecast by 2034 |
USD 237.98 billion |
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CAGR |
4.9 % from 2025 to 2034 |
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Base Year |
2024 |
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Historical Data |
2020–2023 |
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Forecast Period |
2025–2034 |
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Quantitative Units |
Revenue in USD Billion and CAGR from 2025 to 2034 |
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Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
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Regional Scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The global mining equipment market size was valued at USD 147.85 billion in 2024 and is projected to grow to USD 237.98 billion by 2034.
The global market is projected to register a CAGR of 4.9% during the forecast period.
Asia Pacific held the largest share of the global market in 2024.
A few of the key players in the market are Guangdong Leimeng Intelligent Equipment Group Co. Ltd; Henan Baichy Machinery Equipment Co. Ltd; Komatsu Ltd; Liebherr; Atlas Copco AB; Sandvik AB; Doosan Corporation; AB Volvo; Hitachi, Ltd; Deere & Company; Metso Qutotec; Epiroc; Boart Longyear Ltd; Caterpillar Inc.; and Vipeak Mining Machinery Co. Ltd.
The drill & breakers segment is projected to record a significant growth rate in the global market during 2025–2034.
The coal mining segment dominated the market share in 2024.
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