Mining Machinery Market Analysis | 2023-2028

Market Insights

The mining machinery market was estimated at USD 30.66 billion in 2022 and is likely to grow at a CAGR of 4.39% during 2023-2028 to reach USD 39.86 billion in 2028.

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Market Dynamics

Introduction

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 before ore and material processing.

Market Drivers

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.

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Key Players

The following are the key players in the mining machinery market:

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Propulsion Type

"Diesel segment is expected to hold the larger share of the market during the forecast period"

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.

By Category Type

"Mining trucks segment is expected to capture the largest share of the market during the forecast period"

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.

By Application Type

"Mineral segment is estimated to account for the major share of the market during the forecast period"

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.

Regional Analysis

"Asia-Pacific is estimated to be the leading region in the market during the forecast period"

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.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s mining machinery market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 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 
• Underground Mining Machinery

 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 Type

• Surface Mining 
• Underground Mining 

By Electric Type

• Mining Truck 
• Load-Haul-Dump Loaders 

By Electric 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)

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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.