• Blog
  • Global Mining Machinery Market Report | 2023-28

    Global Mining Machinery Market Report | 2023-28

    Global Mining Machinery Market Report | 2023-28
    Report code - SRCE103 Delivery - 2 Weeks
    Global Mining Machinery Market Size, Share, Trend, Forecast, & Growth Analysis &n See more...

    Market Insights

    The Global Mining Machinery Market is estimated to grow from USD 30.66 billion in 2022 to USD 39.86 billion by 2028 at a CAGR of 4.39% during the forecast period.

    To learn more about this report, register here.

    What is Mining Machinery?

    Mining activities are broadly defined as the extraction or physical removal of solid ores, materials, and substances from geological deposits. In the modern mining sector, heavy industry-manufactured vehicles and pieces of machinery are used to explore geological deposits of economically vital and valuable mineral, ore, and chemical substance deposits, develop mines to access the deposits, and remove or mine away the deposits for stockpiling and storage prior to ore and material processing.

    Global Mining Machinery Market Report Overview

    Market Size in 2028

    USD 39.86 Billion

    Market Size in 2022

    USD 30.66 Billion

    Market Growth (2023-2028)

    CAGR of 4.39%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

     The mining machinery market growth factors are influenced by various factors including –

     Increasing demand for minerals and metals – The global economy is becoming increasingly reliant on minerals and metals for various purposes. A report by the World Bank Group finds that the production of minerals like graphite, cobalt, lithium, etc. could increase by nearly 500% by 2050, to meet the growing demand for clean energy technologies. This growth will directly expand the mining machinery market.

    Rising investments in the mining sector – Investments into crucial metals and minerals are growing rapidly by governments and businesses around the world, to meet the growing demand for renewable energy sources. According to a report by PwC, the top 40 mining companies invested ~$85bn worldwide in 2022, up by >19% from 2021.

    Advancements in mining equipment – To improve their productivity and operations, mining companies are adopting innovative technologies increasingly. This is leading to the increased demand for advanced mining machinery like robotic equipment, autonomous vehicles, etc. Thus, the global market for mining machinery is set to grow in the coming years.

    To get more information about this report, Click here.

    Key Players

    Some of the key players in the mining machinery market are-

    • Caterpillar INC.
    • Komatsu LTD.
    • Sandvik AB
    • Epiroc AB
    • Doosan Corporation
    • Liebherr
    • Volvo Group
    • Hitachi Construction Machinery Co., Ltd.
    • JCB
    • Sany Heavy Equipment International Holdings Company Limited.

    Segment Analysis

    Mining Machinery Market: By Propulsion Type

    The market is segmented as diesel and CNG/LNG/RNG. The diesel segment is expected to hold the larger share of the market during the forecast period owing to the use of diesel-operated types of machinery for surface mining and the presence of many surface mines across the globe. Furthermore, diesel-powered mining machinery provides high torque at low speeds, consumes less fuel, and produces more energy; as a result, diesel is the most used fuel in mining machinery. This is expected to drive the mining machinery market growth during the forecast period.

    Mining Machinery Market: By Category Type

    The market is segmented as crushing, pulverizing, screening machinery; mineral processing machinery; surface mining machinery, and underground mining machinery. Electric shovels, drills, hydraulic excavators, mining dozers, mining trucks, and wheeled loaders comprise the underground mining machinery segment. The mining trucks segment is expected to capture the largest share of the market during the forecast period as mining trucks are in high demand because they are used to transport dirt, minerals, metals, and coal.

    Mining Machinery Market: By Application Type

    The market is segmented as mineral, metal, and coal. The mineral segment is estimated to account for the major share of the market during the forecast period due to the increasing demand for minerals from various industries. Furthermore, the growing demand for electric vehicles, as well as the mining industry's focus on extracting minerals such as nickel, lithium, and cobalt to support the manufacturing of batteries for electric vehicles, is expected to drive market growth during the forecast period.

    Mining Machinery Market: By Region

    Asia-Pacific is estimated to be the leading region in the market owing to its abundance of deposits such as Barite, limestone, and several semi-precious gems. Furthermore, rising demand for coal in emerging economies, as well as rapid development in China and India, is expected to fuel the market growth over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

     

    To know which region offers the best opportunities, register here.

    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The mining machinery market is segmented into the following categories.

    By Category Type:

    • Crushing, Pulverizing, and Screening Machinery 
    • Mineral Processing Machinery
    • Surface Mining Machinery
      • Type Analysis: Articulated Dump Trucks, Crawler Dozers, Crawler Excavators, Motor Graders, and Rigid Dump Trucks  
    • Underground Mining Machinery
      • Type Analysis: Drills, Electric Shovels, Hydraulic Excavators, Mining Dozers, Mining Trucks, and Wheeled Loaders

     By Propulsion Type:

    • Diesel 
    • CNG/LNG/RNG 

    By Power Output Type:

    • Less than 500 HP 
    • 500-2,000 HP 
    • More than 2,000 HP 

    By Autonomous Mining Machinery-Mining Category Type:

    • Surface Mining 
    • Underground Mining 

    By Electric Mining Machinery Type:

    • Mining Truck 
    • Load-Haul-Dump Loaders 

    By Electric Mining Machinery-Battery Type:

    • Lithium-ion 
    • Lead-acid 
    • Others 

    By Application Type:

    • Mineral 
    • Metal 
    • Coal 

    By Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The mining machinery market report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Mining Machinery Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation by any one of the power output types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Mining activities are broadly defined as the extraction or physical removal of solid ores, materials, and substances from geological deposits. In the modern mining sector, heavy industry-manufactured vehicles and pieces of machinery are used to explore geological deposits of economically vital and valuable mineral, ore, and chemical substance deposits, develop mines to access the deposits, and remove or mine away the deposits for stockpiling and storage prior to ore and material processing.

    Caterpillar INC., Komatsu LTD., Sandvik AB, Epiroc AB, Doosan Corporation, Liebherr, Volvo Group, Hitachi Construction Machinery Co., Ltd., Sany Heavy Equipment International Holdings Company Limited, JCB are among the key players in the market.

    The diesel segment is expected to hold a larger share of the market in the foreseeable years.

    The mining trucks segment is expected to capture the largest share in the market in the next five years.

    The mineral segment is expected to account for the major share in the market in the foreseeable future.

    Asia-pacific is expected to be the leading mining machinery market during the forecast period.

    The market was estimated to reach USD 39.86 Billion in 2028.

    The Global Mining Machinery Market was estimated to grow at a CAGR of 4.39% during 2023-2028.