Global Heavy Mining Equipment Market Report and Forecast 2024-2032

Global Heavy Mining Equipment Market Outlook

The global heavy mining equipment market reached a value of nearly USD 86.75 billion in 2023. The market is further expected to grow at a CAGR of 3.5% between 2024 and 2032.

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Rapid Urbanisation in Emerging Economies to Aid the Market for Heavy Mining Equipment

The Asia Pacific is the leading region in terms of growth prospects as well as size. The regions with high potential for heavy mining equipment growth include South America and Africa. These regions are witnessing an increased demand for automation as well as autonomous equipment, which is supporting the growth of the market at a global level.

Asia, along with Africa, is expected to witness high growth rates in the coming years. The increasing demand from regions like India, China, and Indonesia is expected to increase the global market size. Coal is the major end-use sector in most of the markets. The Asia Pacific is likely to witness a significant growth in the coming years owing to the increasing mineral output in the countries within the region, along with the rising commodity prices. The emerging economies like India and China are driving the growth in the region. The growing economy of India is another important market in the region, which is witnessing a rising production of iron ore.

The growing expenditure by the leading market players aimed at the development and expansion of their product portfolio is anticipated to positively impact the heavy mining equipment market growth in the forecast period. Caterpillar Inc., one of the key players, is the leading supplier for heavy mining equipment, with its presence across all the major regions. The company supplies to more than 180 countries. Another key player, Epiroc AB, is the leading company in the underground mining equipment, with over 30% of the market share. Their sales are majorly being driven by the latest technologies and growing online sales.

Market Segmentation

Heavy mining equipment refers to heavy machines that are used for purposes like mining, earthmoving tasks, or construction. It is referred to as heavy due to the heavy-duty work it performs at the mining sites like gold or iron ore. Underground mining equipment like diggers, trucks, and loaders, among others, are some types of the equipment that are helpful in the extraction of materials. The equipment is also useful in the processing of the excavated products, which are hauled to the ground using lifts or skips. These equipment are essential to carry out effective and precise mining tasks across diverse application sectors.

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The market can be segmented into the following types:

• Surface Mining Equipment
  • Drills
  • Mining Trucks
  • Electric Mining Shovels
  • Hydraulic Shovels
  • Wheel Loaders
  • Draglines
  • Tractors/Dozers
  • Motor Grader
• Underground Equipment
  • Drills
  • Mining Trucks
  • Electric Mining Shovels
  • Hydraulic Shovels
  • Wheel Loaders
  • Draglines
  • Tractors/Dozers
  • Motor Grader
• Auxiliary Equipment 
• Others

Surface mining equipment is the leading type available in the market, accounting for 34.5% of the market share. It is closely followed by underground equipment.

The surface mining equipment market can be divided, based on application, into:

• Metal Mining 
• Non-Metal Mining

The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand in Downstream Applications to Bolster the Market for Heavy Mining Equipment

The global heavy mining equipment market is supported significantly by its downstream industries like mining, cement production, autonomous equipment, and automation, among others. The market is being primarily driven by the mining sector, which is rapidly expanding owing to the newly found resources in regions like Zambia and Congo. The increasing demand for precious metals, coal, and other metal and non-metal products is leading to increased mining activities in Indonesia, India, and China. The rapid growth of mining activities fuelled by the demand for underground resources is, in turn, increasing the demand for heavy mining equipment. Furthermore, the development of new mining locations is resulting in an increased demand for mining equipment. The rise in the levels of mineral output is also propelling the market growth. Coal mining is another crucial factor, pushing the market growth for heavy equipment further. Coal accounts for 40% share of the mining sector revenues. Further, the metal mining application segment is also supporting the market growth with the increasing demand for precious metals, favorable government policies, and a rise in hauling of metal deposits.

The heavy mining equipment market is also being driven by the developing economies of Asian countries like India and China. China is majorly supported by its growing economy as well as the rising prices of the commodity. The rising commodity prices help the producers and mining companies gain more profit margins. The market is also being aided by the growing construction sector, which is rapidly growing across all regions, especially in Asian countries.

The growing expenditure by the market players to develop advanced heavy mining equipment is expected to support the market growth in the forecast period. For instance, in February 2023, Boart Longyear, a US-based mining company, announced the launch of its new LM deephole underground drilling rig, which provides 50% increased drilling depth. The drill can be controlled remotely through DCi™ (Drill Control Interface), and it comes with a rod handler for improved safety. With increasing complexities in mining operations, the robotic technology is likely to witness increased acceptance across various segments to enhance operational efficiency. The growing adoption of autonomous and robotics technology is aimed at improving mining tasks precision and efficiency. Such developments are expected to aid the market growth in the forecast period.

Key Players in the Global Market for Heavy Mining Equipment

The report gives a detailed analysis of the following key players in the global heavy mining equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Epiroc AB
• Sandvik AB
• Caterpillar Inc.
• Komatsu Ltd.
• Liebherr-International Deutschland GmbH
• Hitachi Construction Machinery Co, Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on Porter’s five forces model, along with giving a SWOT analysis. The report also gives the price and data analysis of the market.

Key Highlights of the Report