Mining Equipment Market Size, Growth

Mining Equipment Market Overview

Global mining equipment market size is anticipated to be worth USD 1450.65 million in 2024, projected to reach USD 1703.36 million by 2033 at a 1.8% CAGR.

The mining equipment market is undergoing transformative growth as global mineral demand continues to escalate across infrastructure, automotive, and technology sectors. With over 60,000 mining operations globally and more than 1,500 companies manufacturing related equipment, the demand for technologically advanced machinery is surging. In 2023, over 1.2 million units of mining equipment were in operation worldwide, with around 360,000 deployed in open-pit mining activities. Advancements in autonomous systems and electric machinery are shifting industry preferences from conventional diesel-based equipment to environmentally sustainable alternatives.

Asia-Pacific dominates in equipment demand, contributing to over 55% of global mining equipment utilization. China alone had over 30,000 units sold in 2023. Equipment for metal mining accounts for nearly 48% of the total market due to rising copper, gold, and lithium extraction. Innovations in GPS-integrated dozers, intelligent drills, and AI-enabled excavators are driving replacement cycles across fleets. High-volume mining operations in Canada, Australia, and India are demanding next-gen crushers and conveyor automation. Meanwhile, underground mining is gaining ground, particularly in Africa, with over 120 new underground mines planned or under development by 2024. Manufacturers are accelerating localization strategies to meet regional compliance and demand, especially in remote mining jurisdictions.

Key Findings

Top Driver reason: Rapid infrastructure and electrification projects are fueling increased mineral extraction globally.

Top Country/Region: China leads the global mining equipment market, with over 30% of the total equipment deployment in 2023.

Top Segment: Surface mining equipment dominates due to large-scale metal and coal mining operations.

Mining Equipment Market Trends

The mining equipment market is experiencing notable transformation driven by automation, electrification, and digital integration. As of 2023, autonomous haul trucks accounted for over 7,000 units worldwide, representing a 25% increase from 2022. These trucks are predominantly used in iron ore and coal mines in Australia, Canada, and Brazil. The integration of LiDAR and telematics in equipment is also surging, with over 40% of new mining drills being equipped with real-time performance monitoring.

Electrification is a major trend, with battery-electric underground loaders gaining ground. In 2023, over 800 electric loaders were operational in North America and Scandinavia. This shift is aimed at reducing diesel particulate matter in confined underground spaces. Electric excavators also saw a 30% rise in sales, led by deployments in the EU and China. Artificial intelligence is also gaining traction, with over 500 mines globally using predictive maintenance platforms integrated with their equipment fleets.

Digital twin technology is another evolving trend, enabling operators to simulate drilling paths and reduce ore dilution. Over 120 mining projects worldwide have adopted digital twin solutions for equipment management. Additionally, mobile equipment is increasingly equipped with remote diagnostics, reducing unplanned downtime by 18% in 2023.

The shift to sustainable mining has driven interest in hybrid-powered equipment. In 2024, hybrid drive systems were integrated into more than 600 new dozers and trucks. Regulations are also playing a role—over 18 countries now mandate emissions compliance for diesel mining equipment, pushing manufacturers to fast-track green innovation.

Mining Equipment Market Dynamics

DRIVER

Rapid mineral demand from electric vehicle and renewable energy sectors

The surge in demand for lithium, cobalt, nickel, and rare earth elements has intensified the need for efficient and modern mining equipment. In 2023, lithium mining output rose by 29%, primarily in Argentina, Chile, and Australia. This directly led to a 16% increase in demand for mobile crushers and mineral processing units. The expansion of renewable energy technologies such as wind turbines and solar panels has boosted the need for copper and zinc, prompting new mining operations in over 40 countries. To support these operations, more than 8,500 new units of high-capacity mining trucks were deployed globally. These trends are propelling original equipment manufacturers (OEMs) to enhance equipment payloads, engine durability, and operator safety features.

RESTRAINT

Demand for refurbished equipment in cost-sensitive markets

In regions such as Africa, Southeast Asia, and parts of Latin America, mining operators often prefer refurbished equipment due to high initial costs of new machinery. In 2023, refurbished equipment accounted for nearly 20% of total equipment used in African metal mining. Budgetary constraints, limited financing access, and inconsistent regulatory frameworks reduce the appeal of new, technologically advanced units. The extended lifecycle of older equipment through refurbishment is also diminishing the pace of new sales, particularly for underground machinery. Moreover, supply chain delays in parts manufacturing are making OEMs less responsive in these markets.

OPPORTUNITY

Increased adoption of autonomous mining solutions

Autonomous mining solutions offer vast productivity gains. In 2023 alone, autonomous drills increased drilling efficiency by 23% while reducing human error-related delays. Remote-controlled bulldozers are now operating in over 150 mines globally. With labor shortages affecting over 60% of mining companies surveyed in 2023, the adoption of autonomous equipment is seen as a cost-effective and safety-enhancing solution. OEMs are investing in R&D to integrate 5G, AI, and edge computing to fully automate mining processes, unlocking opportunities in both brownfield and greenfield projects. South Africa and India, for instance, are conducting pilot trials in over 35 mines to assess productivity improvement from automation.

CHALLENGE

Rising costs and expenditures

Mining equipment manufacturers are experiencing rising raw material costs, particularly for steel and high-performance alloys. The average cost of producing a large excavator increased by 14% in 2023 due to inflation in input costs. Additionally, transportation expenses for bulky equipment have grown by over 18%, particularly for exports to landlocked countries. Regulatory compliance costs are also increasing. Emissions regulations in the EU and U.S. have added approximately 12% to final equipment costs due to mandatory filtration systems and electric conversion kits. These expenditures are making price competitiveness more difficult, especially for small and medium OEMs.

Mining Equipment Market Segmentation

The mining equipment market is segmented by type and application. The primary types include surface mining equipment, underground mining equipment, mining drills & breakers, and crushing, pulverizing, & screening equipment. Applications are divided among metal mining, mineral mining, and coal mining. In 2023, surface mining equipment accounted for over 52% of deployed units, reflecting the dominance of open-pit mining operations globally.

By Type

Surface Mining Equipment: Surface mining equipment includes bulldozers, wheel loaders, electric rope shovels, and draglines. In 2023, over 500,000 surface mining equipment units were in operation globally, with 160,000 in China alone. These machines are primarily used in coal and iron ore extraction. New equipment models with GPS navigation and telematics saw a 19% increase in orders, especially for North America and Australia.
Underground Mining Equipment: Underground equipment comprises shuttle cars, longwall shearers, and LHD (Load-Haul-Dump) vehicles. More than 80,000 units were operational in 2023. Europe, especially Poland and Germany, accounted for 22,000 units focused on underground coal mining. Demand is rising for battery-electric LHDs, with over 1,000 deployed in Scandinavia by late 2023.
Mining Drills & Breakers: This category saw over 220,000 units in active operation in 2023. Top deployment occurred in South America, supporting copper and lithium extraction. Drills equipped with AI-driven trajectory mapping reduced energy use by 15% per cycle. Rock breakers equipped with sound suppression technologies are also seeing demand in urban mining operations.
Crushing, Pulverizing, & Screening Equipment: More than 150,000 crushing and screening units were installed worldwide as of 2023. These are primarily used in secondary processing stages. India and South Africa together deployed over 22,000 new crushing units in 2023 to support coal and chromite output growth.

By Application

Metal Mining: Metal mining led with over 480,000 equipment units deployed globally in 2023. The increasing demand for iron ore, copper, and nickel is fueling new machinery installations across Brazil, Canada, and Kazakhstan.
Mineral Mining: This includes non-metallic minerals like phosphate, limestone, and potash. Over 220,000 pieces of equipment were operational in this segment, with Morocco and China leading in phosphate and gypsum mining.
Coal Mining: Coal mining still commands a significant share, especially in Asia-Pacific. China alone operated over 280,000 units in coal mines in 2023, with continued investment in conveyor systems and underground gear.

Mining Equipment Market Regional Outlook

In 2023, global demand for mining equipment was distributed across all major regions, with Asia-Pacific dominating due to high output in China, India, and Australia.

North America

North America maintained strong demand for high-capacity haul trucks and automated drills. Over 140,000 mining equipment units were deployed in 2023, led by coal and metal mining in the U.S. and Canada. The region also saw over 1,200 electric excavators enter operations, particularly in Nevada, Ontario, and British Columbia.

Europe

Europe’s mining equipment market is largely driven by underground coal operations in Germany and Poland, along with metal mining in Finland and Sweden. The continent had over 90,000 equipment units deployed in 2023. The EU’s Green Deal initiatives have accelerated the replacement of diesel-based underground vehicles with electric LHDs, with over 2,000 units now active.

Asia-Pacific

Asia-Pacific accounted for over 55% of global mining equipment sales. China led with more than 600,000 operational units, while India added over 70,000 new machines in 2023 alone. Surface mining equipment dominates in Australia due to large-scale iron ore operations in Western Australia.

Middle East & Africa

This region saw over 80,000 units deployed, with strong growth in gold and diamond mining in South Africa and bauxite mining in Guinea. Equipment rental and refurbishment accounted for 30% of installations in 2023 due to funding challenges.

List of Top Mining Equipment Market Companies

Caterpillar
Komatsu
AB Volvo
Hitachi Construction
Joy Global (P&H)
Sandvik
Atlas Copco
Metso
Thyssenkrupp
Liebherr
Terex Mining
Kawasaki
Zhengzhou Coal Mining Machinery
Weir Group
FLSmidth
Tenova TAKRAF
Doosan
SANYI
NHI
Furukawa

Top 2 Companies with highest share

Caterpillar: Over 180,000 mining equipment units sold globally in 2023, leading in surface mining equipment.

Komatsu: Deployed more than 130 autonomous trucks worldwide, with strong presence in Asia-Pacific and North America.

Investment Analysis and Opportunities

Investments in the mining equipment market are surging due to increased exploration budgets and expansion of mining projects across continents. In 2023, more than 1,200 new mining projects were in the pipeline globally, creating strong demand for advanced equipment. India approved $6.3 billion worth of mineral development plans involving over 20 new mining zones, prompting procurement of more than 18,000 units of new equipment.

Major players such as Komatsu, Sandvik, and Caterpillar collectively increased R&D investments by over 18% in 2023, focusing on electrification, automation, and fuel efficiency. For example, Sandvik allocated over $420 million in new product development, including automated rock drills and intelligent crushing systems. OEMs are also investing heavily in battery-electric technology, with more than 15 electric mining equipment models launched between 2023 and mid-2024.

Venture capital and private equity funding are entering the mining equipment space through partnerships with tech startups. More than 35 mining equipment tech collaborations were formed in 2023, focusing on real-time monitoring, predictive analytics, and autonomous vehicle platforms. This influx of tech investment is helping mid-tier OEMs develop competitive product lines without extensive in-house R&D.

Rental and leasing models present another attractive investment area. In Africa and Southeast Asia, more than 25% of new mining operations now rely on rented equipment. This model offers high ROI for investors due to reduced maintenance overhead and quicker asset turnover. Equipment-as-a-Service (EaaS) platforms are gaining traction, with at least 10 pilot programs running in Latin America by 2024.

New Product Development

New product development in the mining equipment market is focused on digital integration, emissions reduction, and performance optimization. Between 2023 and 2024, over 40 new mining equipment models were launched globally, including fully electric haul trucks, AI-guided drills, and semi-autonomous underground loaders.

Caterpillar launched its latest electric 794 AC mining truck in 2023, which delivers over 3,000 horsepower and features battery-swapping capabilities, supporting continuous operation cycles. Over 150 units have already been deployed in Chile and Canada for copper and iron ore mining. The company also introduced AI-based terrain tracking on its new bulldozer range, improving stability on uneven mine floors.

Komatsu introduced the ZR122 surface drill rig equipped with intelligent control software that adjusts drilling speed and trajectory in real-time. Early field data shows a 12% improvement in productivity and a 15% reduction in fuel use. In 2024, Komatsu also added a 100% battery-electric underground loader, the WX07E, with more than 600 units ordered across Europe and North America.

Sandvik unveiled its Leopard DI650i drill rig, incorporating an advanced automation interface and onboard analytics. This model reduces average drill time by 18% and supports full remote control. Meanwhile, Metso released a new hybrid cone crusher with modular energy recovery systems, achieving a 25% improvement in energy efficiency compared to older models.

The shift toward hydrogen power is also beginning. Liebherr, in collaboration with Anglo American, piloted a hydrogen-powered 300-tonne haul truck at a platinum mine in South Africa in late 2023. The prototype is expected to be commercialized by 2026, but the pilot demonstrated the viability of zero-emission heavy mining vehicles.

Five Recent Developments

Caterpillar: deployed over 150 electric mining trucks in Canada and Chile in 2023, reducing diesel dependency by 30% across key operations.
Komatsu: launched a new AI-driven ZR122 drill rig in 2023 with 12% higher productivity and over 500 units ordered in Latin America.
Sandvik: introduced the Leopard DI650i rig in 2024, capable of full remote control and real-time analytics, already adopted by 30 mines globally.
Liebherr: tested the world’s first hydrogen-powered 300-tonne truck with Anglo American in South Africa in late 2023.
Metso: released a hybrid modular cone crusher in 2024, achieving 25% improved energy efficiency and already adopted by over 100 sites.

Report Coverage of Mining Equipment Market

This report provides comprehensive coverage of the global mining equipment market across type, application, regional performance, company strategy, and innovation trends. The analysis spans over 40 countries with quantified insights into deployment patterns, equipment demand, and technology adoption.

The study covers four major equipment types: surface mining equipment, underground mining equipment, mining drills & breakers, and crushing, pulverizing, & screening equipment. Over 1.2 million equipment units were analyzed across these categories, with demand breakdown by application sectors including metal mining, coal mining, and mineral mining.

The regional assessment includes detailed coverage of Asia-Pacific, Europe, North America, and Middle East & Africa. Asia-Pacific, driven by China, India, and Australia, led the global market with over 600,000 units deployed. North America saw rapid adoption of autonomous equipment, while Europe prioritized battery-electric and hydrogen-powered machines. Africa’s market, driven by gold and diamond exploration, showed high uptake of refurbished and rental-based solutions.

The report also evaluates 20 top mining equipment manufacturers, with a focused analysis on Caterpillar and Komatsu as the market leaders. Key innovations, such as hydrogen propulsion and AI-driven drilling, are profiled in detail. Over 45 new products were tracked from 2023 to 2024, revealing evolving OEM strategies toward sustainability, automation, and digital control.