Mining Equipment Market Size (2024 - 2029)

Mining Equipment Market Analysis

The Mining Equipment Market size is estimated at USD 98 billion in 2024, and is expected to reach USD 135 billion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

• The COVID-19 pandemic had an immediate impact on the global economy, and that impact goes across all industries, including mining. Significant price drops were observed across major commodities, while in some cases, prices remained passive. For example, the demand for metallurgical coal and thermal coal has decreased, while the demand for gold and iron ore has increased.
• However, the market is expected to witness significant growth during the forecast period, as the increasing use of electric machinery in underground mining and demand for metals and commodities occupy a major market share. The increasing need for mineral fertilizers to improve agricultural yield and the rise in the construction of roads and railway tracks through hilly areas are expected to fuel the demand for mining activities in emerging countries such as India and China.
• Ongoing digital mine innovation is expected to transform the key aspects of mining over the next few years. Increased investment and government support for digital mine innovation are expected to trigger the demand for mining equipment over the forecast period. Improvements and innovations in extraction technologies and equipment have contributed to improving ore grades, thus, extending the life of older mines.

Asia-Pacific is anticipated to be the largest market for mining equipment during the forecast period. This is attributed to expansion in the mining projects across India and China to resonate strong potential for mining equipment demand.

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 mining equipment market is segmented by type, application, and powertrain. Based on type, the market is segmented into surface mining equipment, underground mining equipment, and mineral processing equipment. Based on application, the market is segmented into metal mining, mineral mining, and coal mining. Based on powertrain type, the market is segmented into IC engine vehicles and electric vehicles. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. 

For each segment, the market sizing and forecast have been done on the basis of value (USD billion).