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The electric mining equipment market size has grown exponentially in recent years. It will grow from $2.46 billion in 2023 to $2.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.0%.  The growth in the historic period can be attributed to increased government incentives, increased corporate social responsibility (CSR), resource scarcity, operational efficiency.

The electric mining equipment market size is expected to see rapid growth in the next few years. It will grow to $5.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.  The growth in the forecast period can be attributed to increasing environmental regulations, increasing energy transition, increasing market demand for minerals, increasing health and safety regulations. Major trends in the forecast period include digitalization and data analytics, product innovations, partnerships, investments.

The growing mining industry is expected to propel the growth of the electric mining equipment market going forward. The mining industry refers to the sector encompassing activities related to the exploration, extraction, processing, and transportation of valuable minerals, metals, and other geological materials from the earth’s crust. It arises due to a confluence of factors, including the global population and expanding economies, that drive up the demand for minerals, metals, and fossil fuels. Electric mining equipment is utilized across various stages of the mining process, from excavation and loading to material handling and support tasks, to improve efficiency, reduce emissions, and enhance safety. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, in 2022, US mines generated roughly $98.2 billion in nonfuel mineral commodities, up $3.6 billion (~3.8%) from the projected total of $94.6 billion for 2021. Therefore, the growing mining industry is driving the growth of the electric mining equipment receiver market.

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What Are The Key Trends That Influence Electric Mining Equipment Market Share Analysis?

Major companies operating in the electric mining equipment market are concentrating on new innovative products, such as the XES35, a next-generation super 35m³ electric shovel excavator for open pit mining to leverage advancements and address market demands. This excavator, also known as a power shovel, is an excavator equipped with a shovel bucket that is attached to a hinged boom and is drawn backward to move earth. It is used for excavating and loading earth or fragmented rock in various mining and construction applications.

Which Market Players Are Driving Growth In The Electric Mining Equipment Market?

Major companies operating in the electric mining equipment market are BYD Company Limited, Caterpillar Inc., Volvo Construction Equipment AB, Xuzhou Construction Machinery Group Co. Ltd., Sandvik Group, SANY Group Co. Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Epiroc AB, J.C. Bamford Excavators Limited, Kirkland Lake Gold, Wacker Neuson SE, Komatsu Ltd., Doosan Infracore Co. Ltd., MacLean Engineering, Normet Group, Ampcontrol, Kress Corporation, AARD Mining Equipment, Miller Technology Inc., Liebherr-International Deutschland GmbH, Artisan Vehicle Systems Inc., Rokion, Rock Technology, Soletrac Inc., Belarusian Autoworks

How Is The Global Electric Mining Equipment Market Segmented?

1) By Type: Mineral Processing Equipment; Surface Mining Equipment; Underground Mining Equipment; Mining drills And Breakers; Crushing Pulverizing And Screening Equipment; Other Types
2) By Solution: Products; Services
3) By Application: Coal Mining; Gas And Oil Extraction; Metal Ore Mining; Non-Metal Mining

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The Electric Mining Equipment Global Market Report 2024 provides an overview of the electric mining equipmentmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric mining equipment market forecast analyzes electric mining equipment market size, electric mining equipment market share, leading competitor and their market positions.

The Table Of Content For The Electric Mining Equipment Market Include

1. Electric Mining Equipment Market Executive Summary
2. Electric Mining Equipment Market Segments
3. Electric Mining Equipment Market Size And Template Market Growth Rate
4.  Key Electric Mining Equipment Market Trends
5. Major Electric Mining Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Electric Mining Equipment Market
26. Top Electric Mining Equipment Companies
27. Electric Mining Equipment Market Opportunities And Strategies
28. Electric Mining Equipment Market, Conclusions And Recommendations
29. Appendix

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