Mining Equipment Industry, Global, 2024-2030

Electrification, Automation, and Operational Intelligence are Driving Transformational Growth

The mining equipment segment of the off-highway equipment industry has grown significantly in recent years, with a global market size of $62.23 billion in 2024. Frost & Sullivan projects a 2024-30 compound annual growth rate (CAGR) of 4.6%, reaching $81.58 billion in revenue by 2030. Factors driving industry growth include demand for critical minerals for electric vehicles, growth in underground mining, technological innovation in smart equipment and robotics, and sustainable practices in mining.

Frost & Sullivan forecasts that mining equipment unit sales will register a CAGR of 2.6% between 2024 and 2030. For the same period, equipment in operation will increase 2.9%.

The market is highly competitive, with many manufacturers wanting a piece of the action. Terex , Caterpillar, Komatsu, XCMG, Liebherr, Sany, Volvo, Hitachi, Doosan Bobcat, Sandvik, Eprioc, Kobelco, Metso Outec, Liugong, and Manitou have a presence in multiple markets and offer a range of products. An industry is more sustainable and efficient equipment, with a focus on reducing emissions and improving fuel efficiency. This is propelling innovation, with manufacturers developing electrification and autonomous technologies.

Major innovations will likely be in the areas of operational efficiency, battery and energy storage systems, robotics and automation, autonomous equipment, and digital twins.

Revenue Forecast

The mining equipment industry's revenue is projected to grow from $62.23 billion in 2024 to $81.58 billion in 2030 at a CAGR of 4.6%.

Scope of Analysis

This research analyzes the growth of the mining equipment market.

Objectives

• Analyze growth trends and growth opportunities in the Mining Equipment Industry.
• Evaluate the technology trends and market dynamics for the Mining Equipment Industry.
• Examine market status and understand the expectations by 2030.
• Analyze the competitive and technological landscape in the Mining Equipment Industry.

Key Questions This Study Will Answer

• What are the main areas of demand and growth?
• Who are the top industry participants, and what are their anticipated development and launch activities?
• What are some of the notable partnerships and highlights in the industry?
• What are the main factors and trends shaping the growth?

The Impact of the Top 3 Strategic Imperatives on the Mining Equipment Industry

Competitive Intensity

Why

• Mining industry start-ups backed by established venture capitalists and angel funds are focusing on automation, robotics, and AI to transform the industry.
• Because of their agility and small size, these companies are innovating rapidly in areas such as drones (both manual and completely autonomous) and AI-based tools for increased productivity.

Frost Perspective

• Major OEMs in this space lack the expertise of flexible product offerings with deep tech and robotics. Focus groups will be established to track this space and incorporate innovations into product portfolios.
• Inorganic growth is a key strategy. Finding these companies early on creates rapid growth opportunities for the acquiring companies.

Transformative Megatrends

Why

• Mining has been a key contributor of greenhouse gas (GHG) emissions. Stakeholders in this space are focused on reducing the industry's carbon footprint.
• Sustainability is now a focus area of all industry players-from OEMs and Tier I and II suppliers to end users.

Frost Perspective

• OEMs and third-party players must understand mining companies' sustainability goals and provide complete solutions (not just products) that align with those targets.
• Selling electric equipment alone is not sufficient. Suppliers must understand customer needs and aid in charging infrastructure, battery maintenance, retrofitting, battery chargers, and even carbon reporting.

Disruptive Technologies

Why

• New technologies continue to impact the industry in fields such as electrification and automation.
• Battery chemistries (LFP, NMC), battery management systems, microgrids, AI and drones for surveying and mapping, and operational intelligence enhancements are disrupting the mining ecosystem.

Frost Perspective

• Mining companies expect end-to-end life cycle support, from setting up network infrastructure for automation implementation to fleet management with data analytics for digital twin implementation.
• OEMs with data-backed TCO and benefit analyses for the solutions being implemented can include that information in marketing initiatives for better market penetration.

Key Competitors

• United States
  • TEREX CORPORATION
  • CATERPILLAR
  • KOMATSU
  • XCMG
  • LIEBHERR
  • SANY
  • VOLVO
  • HITACHI
  • DOOSAN BOBCAT
  • SANDVIK
  • KOBELCO
  • METS OUTEC
  • LIUGONG
  • MANITOU
• Europe
  • SANDVIK
  • EPIROC
  • VOLVO
  • LIEBHERR
  • KOMATSU
  • CATERPILLAR
  • XCMG
  • SANY
  • HITACHI
  • DOOSAN BOBCAT
  • KOBELCO
  • METS OUTEC
  • MANITOU
• Australia
  • CATERPILLAR
  • XCMG
  • LIEBHERR
  • HITACHI
  • SANDVIK
  • EPIROC
  • KOBELCO
  • METS OUTEC
  • LIUGONG
  • MANITOU
  • TADANO
  • BELL
• India
  • HD HYUNDAI INFRACORE
  • HITACHI
  • KOMATSU
  • CATERPILLAR
  • XCMG
  • LIEBHERR
  • SANY
  • VOLVO
  • DOOSAN BOBCAT
  • SANDVIK
  • EPIROC
  • KOBELCO
  • BEML
  • MANITOU
• China
  • ZOOMLION
  • KOMATSU
  • XCMG
  • LIEBHERR
  • SANY
  • HITACHI
  • DOOSAN BOBCAT
  • KOBELCO
  • METS OUTEC
  • LIUGONG
  • MANITOU
  • SHANTUI
  • SINORAN
  • ORIEMAC

Growth Drivers

• Demand for critical minerals and rare earth elements: The global push for electric vehicles (EVs) and renewable energy are driving demand for lithium, cobalt, nickel, copper, and rare earth elements. Mining companies are expanding exploration and extraction activities to meet this demand, particularly in locations rich in battery metals, and need more equipment to accomplish this.
• Growth in underground mining and smart equipment: As surface-level ore deposits become depleted, underground mining operations are expanding, driving demand for high-capacity loaders. The rise of smart underground mining equipment, integrated with real-time monitoring sensors and automated ventilation systems, is improving efficiency and safety.
• Technological innovation: The demand for autonomous haul trucks, robotic drills, and automated loading systems are rising as mining companies look to enhance productivity and safety. Automated equipment reduces human intervention in hazardous environments, improving operational efficiency and lowering labor costs. Companies are investing in fleet management systems and autonomous navigation to optimize mining operations, leading to increased adoption in surface and underground mines.
• Sustainable and eco-friendly mining practices: Governments and mining corporations are prioritizing sustainability and environmental responsibility, pushing for low-emission and energy-efficient mining equipment. Stricter regulations on carbon footprints and waste management are driving the adoption of hybrid-powered equipment. Circular mining practices are emerging, encouraging the use of recycled materials and eco-friendly extraction techniques.

Growth Restraints

• Supply chain disruptions and raw material shortages: The mining equipment industry is dependent on global supply chains for semiconductors, batteries, hydraulic systems, and other components. Disruptions caused by geopolitical tensions and transportation bottlenecks can lead to delays in production and equipment deliveries. Demand for critical minerals can result in raw material shortages, leading to higher manufacturing costs and price volatility in mining equipment
• High initial investment and operational costs: The transition to electrified, automated, and technologically advanced mining equipment requires substantial upfront capital investment. Battery-powered machines, autonomous fleets, and AI-driven systems come with higher acquisition and infrastructure costs, making it difficult for small and midsize mining companies to adopt them. Ongoing maintenance, software upgrades, and specialized workforce training add to the total cost of ownership, slowing widespread adoption.
• Environmental regulations and permitting challenges: Stricter environmental policies and lengthy permitting processes are delaying mining projects and restricting equipment demand. Governments worldwide are enforcing carbon emissions limits, water usage regulations, and land rehabilitation requirements, increasing compliance costs for mining companies. In some cases, new mining sites face strong opposition from environmental groups and local communities, making it challenging to expand operations and invest in new machinery.