The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Mining activity is predicted to expand, propelling the mining equipment industry ahead.

The global mining equipment market is expected to grow from $129.40 billion in 2022 to $140.30 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The global mining equipment market size is expected to reach $187.14 billion in 2027 at a CAGR of 7.5%.

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Global Mining Equipment Market Segments Include:

• By Product: Mining Drills And Breakers, Crushing, Pulverizing And Screening Equipment, Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment
• By Powertrain Type: IC Engine Vehicle, Electric Vehicle
• By Application: Metal Mining, Mineral Mining, Coal Mining
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global mining equipment market in 2021.

Major Market Players in the mining equipment market include Caterpillar Inc., Deere & Company, Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Liebherr-International AG, Metso Oyj, Sandvik AB, Epiroc AB.

Product innovation is a prevalent trend in the mining equipment market. To expand their position in the mining equipment market, major businesses are focusing on developing innovative technological solutions. Sandvik AB, a Swedish business specialising in the manufacture of mining and construction equipment, for example, will unveil a new battery-electric vehicle in March 2020. This new truck has a payload capacity of 50 tonnes and is equipped with cutting-edge battery technology and electric drivelines. To recharge the battery, the vehicle is intended to use new battery technology with less heat and zero diesel emissions, purpose-designed battery chemistry, and regenerative braking. The electric drivetrain produces 560 kW of power and 6000 Nm of total torque, allowing for faster ramp speeds.

The Mining Equipment Global Market Report 2023  provides a mining equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The mining equipment market forecast analyzes mining equipment market size, mining equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Mining equipment is heavy-duty machinery powered by electricity or diesel that excavates material and transports it to the surface with skips or lifts for further processing. It is employed in both subterranean and opencast mines.

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