Mining Equipment Market Size, Share and Growth Projections

Mining Equipment Market Size and Future Projections

The mining equipment market is forecast to grow from USD 109.35 billion in 2025 to USD 191.92 billion by 2034, driven by a CAGR of 6.45% from 2025 to 2034.

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Introduction

The mining equipment market is a prominent branch of the automotive industry. This industry deals in manufacturing and distribution of equipment that are used for enhancing mining activities. There are numerous types of equipment developed in this sector comprising of underground mining equipment, surface mining equipment, crushing equipment, pulverizing equipment, screening equipment, drills, breakers and some others. These equipment are powered by different sources including gasoline and electric. It finds several applications in metal mining, non-metal mining, coal mining and some others. The rapid growth in mine production has increased the demand for mining equipment, thereby contributing to the industrial expansion. This market is expected to grow significantly with the rise of the mining industry in different parts of the world.

• According to the Our World in Data, around 240000 tons of rare earths were mined in 2020 that increased to 350000 tons in 2023. (Source: Our World in Data)

Highlights of the Mining Equipment Market

• Asia Pacific held the highest share of the mining equipment market.
• North America is expected to grow with a significant CAGR during the forecast period.
• By equipment type, the surface mining equipment segment held the largest share of the market.
• By equipment type, the drills & breakers segment is anticipated to rise with a considerable CAGR during the forecast period.
• By application, the coal mining segment dominated this industry.
• By application, the metal mining segment is predicted to rise with a notable CAGR during the forecast period.

Key Metrics and Overview

What are the Trends of Mining Equipment Market in 2025?

The major trends of mining equipment market includes adoption of electric mining equipment, integration of AI in mining equipment, government initiatives, collaborations and some others.

Rapid Adoption of Electric Mining Equipment

Several mining companies are adopting electric equipment for reducing emission during heavy-duty mining application. For instance, in January 2025, Epiroc launched Scooptram ST10 G. Scooptram ST10 G is a battery-electric mining equipment equipped with a loading capacity of around 10 tons.(Source: Epiroc)

Integration of AI in Mining Equipment

The market players have started integrating AI in their equipment for enhancing mining operations. For instance, in September 2024, alwaysAI partnered with Becker Mining Systems. This partnership is done for developing an AI platform that finds application in mining equipment. (Source: PR Newswire)

Government Initiatives

Government of several countries are adopting numerous initiatives for developing the mining sector. For instance, in March 2025, the government of India announced an initiative for enhancing the mining capabilities of rare earths elements across this country (Source: Economic Times)

Collaborations

 Various market players are collaborating with other brands for developing advanced equipment for the mining equipment. For instance, in April 2025, Sumimoto collaborated with ABB. This collaboration is aimed at developing advanced mining equipment (Source: Mining Technology)

Equipment Type Insights

The surface mining equipment segment held the largest share of the market. The rising application of electric excavators in strip mines has boosted the market expansion. Additionally, the integration of advanced technologies such as AI and IoT in dump trucks along with numerous partnerships among market players for developing surface mining equipment is shaping the industry in a positive direction. Moreover, the growing adopting of numerous surface mining equipment such as dozers, wheel loaders, and some others in coal mines is expected to drive the growth of the mining equipment market.

• In February 2025, Maclean launched a new range of surface mining equipment. These equipment finds several applications in metal mining and coal mining. (Source: International Mining)

The drills & breakers segment is anticipated to rise with a considerable CAGR during the forecast period. The rising use of drills and breakers in gold mines has boosted the market expansion. Also, rapid investment by market players for developing advanced drilling equipment along with numerous government initiatives aimed at developing the mining sector is playing a crucial role in shaping the industrial landscape. Moreover, the rise in number of cobalt mines and lithium mines in Asia Pacific region has played a crucial role in driving the growth of the mining equipment market.

• In October 2024, Mecalac launched a new range of hydraulic breakers. This new range consists of MB30, MB40 and MB50. ( Source: Utility Contractor )

Application Insights

The coal mining segment dominated this industry. The growing demand for coal from heavy industries such as power generation, cement manufacturing, steel production, paper production and some others is driving the market expansion. Also, numerous government initiatives aimed at developing the coal mining sector coupled with technological advancements in the mining sector is contributing significantly to the overall industrial growth. Moreover, rapid investment by various market players for developing equipment to cater the needs of the coal mines is likely to boost the growth of the mining equipment market.

• In January 2025, Gainwell launched a pillar mining equipment in India. This equipment is designed for enhancing the coal mining activities in India. (Source: B2B Purchase )

The metal mining segment is predicted to rise with a notable CAGR during the forecast period. The growing demand for various rare-earth metals such as La, Ce, Pr, Nd and some others has boosted the market expansion. Also, rapid investment by government of several countries such as the U.S., China, Australia, Russia and some others for developing the metal mining sector is playing a positive role in shaping the industrial landscape. Moreover, numerous market players are constantly engaged in designing mining equipment for the metal mining sector is anticipated to drive the growth of the mining equipment market.

• In May 2024, Komatsu launched ZJ21 jumbo drill and ZB21 bolter. These equipment are designed for enhancing several operations in metal mining sector. (Source: Komatsu)

Geographical Insights

Asia Pacific held the highest share of the mining equipment market. The rising development in the mining sector in various nations such as China, Japan, South Korea and some others has boosted the market expansion. Additionally, numerous government initiatives for developing the mining sector along with increasing demand for coal from heavy industries is adding to the industrial landscape. Moreover, the presence of several market players such as Komatsu, Guangdong Leimeng Intelligent Equipment Group Co. Ltd, Henan Baichy Machinery Equipment Co. Ltd and some others is anticipated to propel the growth of the mining equipment market in this region.

• In September 2024, Komatsu Ltd. launched WX04B in Japan. WX04B is a battery-electric load-haul-dump (LHD) machine designed for enhancing various mining applications. (Sources: Komatsu)

China and India are the significant contributors in this region. In China, the market is generally driven by the growing demand for rare earth metals such as scandium, yttrium, terbium and some others. Additionally, the rapid investment by government for extracting critical minerals coupled with the technological advancements in the mining sector has further contributed to the industrial expansion. In India, the market is generally driven by the rise in number of coal mines along with increasing government interest in mining sector.

• In January 2025, the government of China announced to invest around US$ 57 billion. This investment is done for increasing the critical minerals production across this country. (Source: The Oregon Group)

North America is expected to grow with a significant CAGR during the forecast period. The growing demand for rare earth metals in countries such as the U.S. and Canada has boosted the market growth. Additionally, the rising adoption of electric mining equipment coupled with rapid investment in the mining sector is further adding to the industrial expansion. Moreover, the presence of various mining companies such as Freeport-McMoRan, Hecla Mining, Barrick Gold, Coeur Mining and some others is predicted to foster the growth of the mining equipment market in this region.

• In April 2025, Hecla Mining Company announced that the U.S. government has approved their Libby Exploration Project in Montana. This project aimed at increasing the mineral production across North America. (Source: Business Wire )

The U.S. dominated the market in this region. The growing demand for eco-friendly mining equipment along with rapid investment by government for developing the mining sector has boosted the market expansion. Additionally, the presence of several mining equipment brands such as Caterpillar Inc., John Deere, Deister Machine Co., Inc and some others is accelerating the market growth.

• In January 2025, John Deere launched 460 P-Tier autonomous AD in the U.S. This autonomous truck finds several applications in mining sector. (Source: Interesting Engineering )

Industry Leader Announcement

• In May 2025, Lara Aaron, the CEO of Simformotion made an announcement stating that, “We recognise that safety in mine operations is critical, which is why the new Fletcher Simulators High Reach Scaler system teaches operators how to accurately, efficiently and safely remove loose or unstable rock and debris from tunnel walls and roofs. This procedure helps ensure the mine is safe before other workers and machines enter the area. As operators learn and practice the real-world skills on the authentic Fletcher controls, they also stay safe in the virtual, simulated mine environment.”

Competitive Landscape

The mining equipment market is a highly competitive industry with the presence of a several dominating players. Some of the prominent companies in this industry consists of Vipeak Mining Machinery Co. Ltd, Boart Long year Ltd, Caterpillar Inc, China Coal Energy Group Co. Ltd, Guangdong Leimeng Intelligent Equipment Group Co. Ltd, Epiroc, Henan Baichy Machinery Equipment Co. Ltd, Kubota, Magna and some others. These companies are constantly engaged in developing advanced equipment for the mining sector and adopting numerous strategies such as business expansions, collaborations, joint ventures, acquisitions, launches, partnerships and some others to maintain their dominance in this market.

• In September 2024, Epiroc announced to acquire ASI Mining. This acquisition is done for developing a new range of autonomous mining equipment. (Source: Epiroc )

• In July 2024, Terex launched Magna. Magna is a crushing equipment designed for a wide variety of mining operations. (Source: Magna )

Recent Developments

• In May 2025, Huaneng launched 100 Huaneng Ruichi. 100 Huaneng Ruichi is an autonomous mining truck designed for the consumers of Mongolia. (Source: Mining.com )

• In April 2025, Sany launched SKT130S. SKT130S is a hybrid mining truck equipped with a 925-kW power engine that is capable of generating around 3200 Nm of torque. (Source: Autocar Professional )

• In January 2025, Sandvik launched a new range of rotary blasthole drills. These drills are designed for enhancing mining operations. (Source: Mining Technology )

Mining Equipment Market Segments

By Equipment Type

• Underground Mining Equipment
• Surface Mining Equipment
• Crushing, Pulverizing & Screening Equipment
• Drills & Breakers
• Others

By Power Source

• Gasoline
• Electric

By Power Output

• <500 HP
• 500-2000 HP
• >2000 HP

By Application

• Metal Mining
• Non-metal Mining
• Coal Mining

By Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• The Middle East and Africa