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Mining Equipment Industry, Global, 2024-2030

Publisher Frost & Sullivan
Published Aug 14, 2025
SKU # MC20315117

Description

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.

Table of Contents

    • Scope of Analysis
    • Segmentation
    • Why Is It Increasingly Difficult to Grow?
    • The Strategic Imperative 8TM
    • The Impact of the Top 3 Strategic Imperatives on the Mining Equipment Industry
    • Gross Domestic Product Growth
    • Mining Production Forecast
    • Mining Production Forecast: United States
    • Mining Production Forecast: Europe
    • Mining Production Forecast: Australia
    • Mining Production Forecast: India
    • Mining Production Forecast: China
    • Mining Production Forecast: RoW
    • Market Share of Top 15 Mining Companies
    • Top Coal Mining Companies' Market Capitalization
    • Competitive Environment
    • Key Competitors
    • Acquisitions and Partnerships
    • Growth Metrics
    • Growth Drivers
    • Growth Restraints
    • Forecast Considerations
    • Unit Sales Forecast
    • Unit Sales Forecast by Location
    • Unit Sales Forecast by Product
    • EIO Forecast
    • EIO Forecast by Location
    • EIO Forecast by Product
    • Revenue Forecast
    • Revenue Forecast by Location
    • Revenue Forecast by Product
    • Pricing Trends and Forecast Analysis
    • Market Share
    • Revenue Share Analysis
    • Top Trends Driving the Market
    • Hybrid and Electric Powertrain Market Overview
    • Trend 1: Mining Electrification
    • Trolley Assist System in Mining Haul Trucks
    • Underground Mining Electrification: IGO Case Study
    • Trend 1: Mine Electrification OEMs and Suppliers
    • Mining Equipment Electrification Roadmap to Decarbonization
    • Trend 2: Automation and Robotics
    • Autonomous Equipment Deployment
    • Industrial Automation: Mining Environments
    • Autonomous Equipment Market Players
    • Drones in the Mining Industry
    • Drone and UAV Market Players
    • Trend 3: Operational Intelligence (AI)
    • Trend 3: Operational Intelligence (Digital Twin)
    • AI and Digital Twin Market Players
    • Growth Opportunity 1: Decarbonization of the Mining Industry
    • Growth Opportunity 2: Industrial Automation, Autonomous Equipment, and Robotics
    • Growth Opportunity 3: Demand for Operational Intelligence
    • Trend 1: Mining Electrification
    • Trend 1: Mining Electrification (Power Electronics)
    • Trend 1: Mining Electrification (Electric Powertrain)
    • Trend 1: Power Electronics Market Players
    • Benefits and Impacts of Growth Opportunities
    • Next Steps

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