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Mining Equipment Market Size

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

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Mining Equipment Market Size

The global mining equipment market size was valued at USD 83.7 billion in 2024 and is estimated to register a CAGR of 5.2% between 2025 and 2034. The global move towards renewable energy and electrification has increased the demand for critical minerals such as lithium, copper, and nickel, which are important for battery production and energy storage in electric vehicles (EVs) and renewable energy systems. According to Statista, in 2023, around 3.6 million metric tons of nickel was produced in mines as compared to 3.27 million metric tons in 2022.

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Similarly, lithium production also increased to 180,000 metric tons in 2023 from 146,000 metric tons in 2022. This demand is pushing mining companies to expand their operations, increasing the need for advanced, efficient mining equipment. As a result, manufacturers are investing in specialized equipment to extract these minerals more effectively and sustainably.

Mining Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2024
Mining Equipment Market Size in 2024:	USD 83.7 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	5.2%
2034 Value Projection:	USD 136.3 Billion
Historical Data for:	2021 - 2024
No. of Pages:	175
Tables, Charts & Figures:	200
Segments covered:	Product, Application, Propulsion, Mobility
Growth Drivers:	Increasing global demand for minerals and metals Advancements in automation and electrification technologies Government investments in infrastructure and mining projects Growing emphasis on sustainable mining practices
Pitfalls & Challenges:	High initial investment and ownership costs Stringent environmental regulations and compliance challenges

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Rapid urbanization and infrastructure development in emerging economies such as India, China, and Brazil have increased demand for construction and infrastructure resources. As a result, these countries are experiencing an increase in mining activities to support this growth.

According to Indian Ministry of Mines, the total value of mineral production for 2023-24 has been estimated at around USD 23 billion, an increase of about 2% from the previous year. This growth is driving higher demand for high-efficiency, durable mining equipment that can operate in varied terrain and weather conditions. Manufacturers are responding by creating cost-effective and versatile machinery suited for these emerging markets.

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.