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Mining Equipment Market Share

Report ID: GMI793
Published Date: Nov 2024
Report Format: PDF

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Mining Equipment Market Share

Mining Equipment Company Market Share, 2024

Caterpillar Inc. and Komatsu Ltd. hold a significant market share of over 15% in the mining equipment industry. Caterpillar focuses on investing heavily in research and development to improve its mining equipment technology. This includes creating autonomous mining trucks and advanced telemetry systems that provide real-time data to optimize performance and maintenance. The company aims to lead in sustainability by making more efficient and environmentally friendly equipment. This helps the company to hold a significant market share in the market.

Komatsu is focusing on strategic partnerships and acquisitions to enhance its technology and expand its product offerings. Collaborations with tech firms allows the company to integrate advanced technology into their equipment, improving performance and increasing their market share.

Mining Equipment Market Companies

Major players operating in the mining equipment industry include:

AB Volvo
Caterpillar
CNH Industrial
Epiroc
Hitachi Construction Machinery
JCB
Komatsu
Metso
Sandvik
SANY

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of mining equipment reached USD 83.7 billion in 2024 and is set to grow at a 5.2% CAGR from 2025 to 2034, driven by the increasing demand for critical minerals used in renewable energy and electrification.

The diesel segment accounted for approximately 82% of the market share in 2024, as diesel-powered equipment is preferred for its ability to handle heavy loads and perform well in tough conditions.

In 2024, the Asia Pacific region dominated the market with a share exceeding 45%, led by China, due to rapid industrialization, urbanization, and infrastructure projects like the Belt and Road Initiative.

The key players in the industry include AB Volvo, Caterpillar, CNH Industrial, Epiroc, Hitachi Construction Machinery, JCB, Komatsu, Metso, Sandvik, and SANY.