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Mining Equipment Market Size, Share & Industry Analysis, By Type (Excavators, Loaders, Dozers, Motor Graders, Dump Trucks & Others), By Application (Coal Mining, Gas & Oil Extraction, Metal Ore Mining & Non-metal Mining), and Regional Forecast, 2021-2028

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI104970



The global mining equipment market size was valued at USD 112.23 billion in 2020 and is projected to grow from USD 114.61 billion in 2021 to USD 151.25 billion by 2028, exhibiting a CAGR of 4.0% during forecast period. The Asia Pacific dominated the mining equipment market with a share of 30.90% in 2020.

Based on our analysis, the global mining equipment market exhibited a lower growth of -2.4% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with mining equipment witnessing a negative impact on demand across all regions amid the pandemic. The rise in the CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.

The mining equipment consists of various equipment that aid in the precision and effectiveness of various surface and underground mining tasks. Blasting tools, mining drills, crushing equipment, screening equipment, conveying, earthmovers, feeding & analytical equipment are among the several types of machinery.

The growing use of this equipment is to cater to the increasing demand from energy and power to infrastructure development. For Instance, an increase in the use of these equipment’s in the construction of railway tracks & roads is fueling the demand for infrastructure development activities. Furthermore, the rise in coal for heating & electricity generation is catering energy & power demands.

Besides, it is being observed that the mining companies are focusing more on machinery and equipment, as these are more efficient and help increase productivity. Furthermore, increased adoption of technology and automation has led to the industry growth.

COVID-19 Pandemic: Supply Chain Interruption and Raw Material Inaccessibility Hinder Market Growth

The COVID-19 pandemic had a huge impact on several industries & the mining equipment industry also had a major downfall. The demand for these machineries was dropped significantly owing to the supply chain disruptions. Even mining equipment manufacturers witnessed the lack of raw materials due to the import-export and travel restrictions leading to mining project cancellations or postponements. Additionally, due to the extreme COVID-19 situation, mining equipment manufacturers have experienced significant changes in their business operations.

For Instances, Komatsu Ltd., a prominent player in the market, emphasized global cross-sourcing and procurement of finished vehicles and parts to absorb the impact of changes in foreign exchange rates & market demand. Some companies kept their production on halt on their manufacturing sites due to the virus's rapid spread. Furthermore, several manufacturers also witnessed some financial downturns. This downturn resulted in a large portion of their staff layoff, putting a damper on market expansion during this pandemic.


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Advanced Mining Technology to Boost Market Growth.

The latest developments in mining technology and a push toward sustainability are expected to create significant growth possibilities during the forecast period. These advancements help in corroborates modern, safe, and productive mining processes. For instance, it is predicted that spatial data visualization allows three-dimensional (3D) modeling and generates visible and depth perception. It facilitates mining redesigning that would generate huge development potential.

In addition, the introduction of Virtual Reality (VR) technology is anticipated to generate excellent growth opportunities. This technology helps miners witness the inside mining or site experience without actually being out in the field. Furthermore, the Geographic Information Systems (GIS) help the miners in mineral exploration, report generation. Additionally, it helps generate geochemical and hydrology data and adheres to sustainability and regulatory compliance and facility & tailings managements. Hence, these advanced technologies are acting as an aid & making mining operations a smooth & productive process.


Rising Usage of Electric Machinery in Underground Mining to Propel Market Growth

The use of diesel engines in underground mining equipment creates noise, heat, and pollutants, which can exacerbate unpleasant working conditions. When installing diesel-powered equipment, adequate ventilation is also required. Since there is no exhaust with cheap operating expenses, the adoption of electric mining machinery or battery-operated equipment ensures safer working conditions. It overcomes the problem of ventilation in underground mines.

For instance, cleaner air, less noise, and less heat benefit from using battery-powered underground loaders. Instead of other batteries, density batteries with high energy are being used to maintain ongoing underground mining. In difficult underground conditions, the operator may operate in a quiet, ergonomically built cabin. Additionally, with simple and safe access to all service points, it ensures health safety for miners is not jeopardized. In addition, reduced ventilation expenses are also assured by zero emissions.


Trading of Obsolete Mining Equipment to Impact Market Growth

The application of modern mining machinery is dependent on mining sector investments, which are dependent on the global economic situation. Furthermore, developing countries such as South Africa, Argentina, & Peru, to mention a few, prefers refurbished equipment since it has a long life cycle if properly maintained. Additionally, such machinery is sold from industrialized economies in North America, Europe and Latin America, the Middle East and Africa, and Southeast Asia at a cheaper cost than new mining technology. Therefore, the sale of new mining machineries is anticipated to be hampered because of this export of old equipment.


By Type Analysis

Advent of New Technologies in Mining to Drive the Dump Trucks Growth of Market

The type segment in the scope includes excavators, loaders, dozers, motor graders, dump trucks & others. 

Excavators are the most prominent equipment used in mining. Therefore, the segment is projected to have a considerable market share. Modern automated excavators are technologically advanced, making them more efficient than older models. They provide information immediately to service centers in the event of a malfunction or operational flaw, decreasing information flow time and expenses.

Dump trucks are projected to increase significantly during the forecast period. The adoption of automated equipment and the advent of new technologies in mining have boosted the supply of dump trucks in agreements with mining firms. Furthermore, demand for dump trucks from underground mining is projected to contribute to the market's expansion.

Loaders are essential in mining sites because they remove trash and transport resources from one location to another. Furthermore, firms' development of current and new production facilities is expected to drive demand for loaders.

On the other hand, motor graders are projected to develop steadily because of their sophisticated and cutting-edge technology. For instance, Modern engine technologies & automated blade grade control, which provide accurate operations with greater control graders, are likely to boost the market.

Due to their complex mechanism, dozers are projected to expand steadily during the forecast period. New technology, such as automated transmissions, hydraulic cylinders, and automatic grade control choices, are placed on modern dozers to make operations more efficient and effective.

By Application Analysis

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Increasing Need for Electricity & Power to Boost Market Growth

The application segment covered in this report includes coal mining, gas & oil extraction, metal ore mining & non-metal mining.

The coal mining industry is projected to have a significant market size owing to its demand from developing economies. These needs are fulfilled by technical advancements in coal extraction methods and technology, such as improved roof control, conveying systems, and so on.

The gas and oil extraction sector is expected to develop steadily during the projected period owing to their prevalence in everyday products. The industry is extremely significant for emerging economies since it is necessary to manufacture numerous components of contemporary energy systems and other products.

Metal ore mining & non-metal mining sectors are expected to exhibit steady growth due to their demand from developing economies. The sector is also affected by demands in several countries across Asia Pacific due to the development spree in this region.


Asia Pacific Mining Equipment Market Size, 2020 (USD Billion)

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The report's scope comprises five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Asia Pacific is predicted to emerge as the region with the largest mining equipment market share during the forecast period. In addition, governments of these regions are increasing their support for mining to boost electricity generation while also obtaining minerals and ore for export. Furthermore, rising investments in innovative excavation tools and equipment in countries such as India and Australia and other emerging countries are projected to drive market expansion.

Moreover, India is expected to grow significantly, owing to the rise in infrastructure development and the growth of the power and cement industries. For instance, in February 2021, the government of India approved an outlay of USD 864.67 million under the Production-Linked Incentive (PLI) Scheme to surpass the domestic production of specialty steel  over the next five years.

North America is expected to exhibit moderate growth due to the early adoption of these machines. Additionally, the mining sector is anticipated to develop significantly and maintain the stability of equipment demands for mining.

Furthermore, Europe is well-established and industrialized in terms of mining. Therefore, it is projected to show continuous development. Increasing governmental and private sector investments in the area for sustainable development is expected to be a trend in the market during the projected period.

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The Middle East & Africa, and South America are expected to exhibit consistent growth during the forecast period. This factor is attributable to the initiatives taken by the government to decrease the amount of carbon footprint. In addition to this, these regions have a significant potential for mineral exploration compared to North America and Europe, which is expected to substantially impact the market.


Leading Players Emphasize on Development of New Products Equipped With Latest Technologies

Leading manufacturers such as Caterpillar Inc., AB Volvo, CNH Industrial N.V., Liebherr-International AG, John Deere, and Sandvik AB have a commanding market share of 58% - 64%. To be cost-effective and maximize output, these firms are focused on establishing factories in rising and developing economies. Leading key players are concentrating on providing models that are equipped with cutting-edge technology.


  • Caterpillar. (Deerfield, Illinois, U.S.)

  • Komatsu Ltd. (Tokyo, Japan)

  • CNH Industrial N.V (Amsterdam, Netherlands)

  •  AB Volvo (Gothenburg, Sweden)

  • Terex Corporation (Connecticut, U.S.)

  • Sandvik AB (Stockholm, Sweden)

  • John Deere & Company (Illinois, U.S.)

  • Liebherr-International AG (Bulle, Switzerland)

  • Hitachi Ltd. (Tokyo, Japan)

  • Doosan Corporation. (Seoul, South Korea)  

  • Metso Corporation (Helsinki, Finland)

  • Atlas Copco AB (Nacka Municipality, Sweden)

  • Zoomlion Heavy Industry Science & Technology Development Co. Ltd (Changsha, China)

  • Xuzhou Construction Machinery Group Co., Ltd. (Xuzhou, China)

  • Wirtgen Group Holding GmbH ( Rheinland-Pfalz, Germany)


  • March 2020:  Sandvik AB launched the new Leopard DI650i with more intelligent DTH surface drilling.

  • November 2020:  AB Volvo launched a China-focused all-around compactor 14-TON DD145 with a large drum diameter combined with a powerful vibration feature.


An Infographic Representation of Mining Equipment Market

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The global mining equipment market research report provides a detailed analysis of the type & application. It provides information about leading companies and their business overview, types, and leading applications of the product. Besides, it offers insights into the competitive landscape, SWOT analysis, and current mining equipment market trends and highlights key drivers and restraints. In addition to the aforementioned factors, the report encompasses several factors contributing to the market's growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


 Estimated Year


Forecast Period


Historical Period



Value (USD billion)


Type, Application, Region

By Type

  • Excavators

  • Loaders

  • Dozers

  • Motor Graders

  • Dump Trucks

By Application

  • Coal Mining

  • Gas & Oil Extraction

  • Metal Ore Mining

  • Non-metal Mining

By Region

  • North America (By Type, Application and Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, Application and Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe

  • Asia Pacific (By Type, Application and Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific

  • Middle East & Africa (By Type, Application and Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa

  • South America (By Type, Application and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of South America

Frequently Asked Questions

As per the information provided by Fortune Business Insights, the global market value stood at USD 112.23 billion in 2020.

By 2028, the global market value is expected to reach USD 151.25 billion.

The market is projected to grow at a CAGR of 4.0%, exhibiting moderate growth during the forecast period (2021-2028)

Asia Pacific is expected to hold a dominant market share, with its value standing at USD 34.68 billion in 2020.

Within the type segment, Excavators is expected to be the leading segment in the market during the forecast period.

Rise in usage of electric machinery in underground mining to propel the market

Caterpillar., Komatsu Ltd., CNH Industrial N.V, AB Volvo, Terex Corporation, Sandvik AB, John Deere & Company, Liebherr-International AG, Hitachi Ltd.

The major players in the market constitute 58% - 64% of the market, which is majorly owed to their brand name and presence in multiple regions.

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