Mining Equipment Market: Growth, Trends by 2024

The global mining equipment market size was valued at USD 112.23 billion in 2020 and is projected to grow from USD 114.61 billion in 2021 to USD 151.25 billion by 2028, exhibiting a CAGR of 4.0% during forecast period. The Asia Pacific dominated the mining equipment market with a share of 30.90% in 2020.

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Mining Equipment Market Share, Size & Industry Analysis, By Type (Excavators, Loaders, Dozers, Motor Graders, Dump Trucks & Others), By Application (Coal Mining, Gas & Oil Extraction, Metal Ore Mining & Non-metal Mining), and Regional Forecast Between, 2021-2028

Top Companies of mining equipment market:

• Caterpillar. (Deerfield, Illinois, U.S.)
• Komatsu Ltd. (Tokyo, Japan)
• CNH Industrial N.V (Amsterdam, Netherlands)
•  AB Volvo (Gothenburg, Sweden)
• Terex Corporation (Connecticut, U.S.)
• Sandvik AB (Stockholm, Sweden)
• John Deere & Company (Illinois, U.S.)
• Liebherr-International AG (Bulle, Switzerland)
• Hitachi Ltd. (Tokyo, Japan)
• Doosan Corporation. (Seoul, South Korea)
• Metso Corporation (Helsinki, Finland)
• Atlas Copco AB (Nacka Municipality, Sweden)
• Zoomlion Heavy Industry Science & Technology Development Co. Ltd (Changsha, China)
• Xuzhou Construction Machinery Group Co., Ltd. (Xuzhou, China)
• Wirtgen Group Holding GmbH ( Rheinland-Pfalz, Germany)

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Mining Equipment Market Drivers and restrains:

• Drivers:
  • Increased Demand for Minerals and Metals: Growing industrialization and urbanization drive the need for raw materials, leading to higher demand for mining equipment to extract essential minerals and metals.
  • Technological Advancements: Innovations in mining technology, such as automation, advanced data analytics, and improved machinery, enhance efficiency and safety, boosting market growth.
  • Expansion of Mining Activities: The expansion of mining activities in emerging markets and the development of new mining sites drive the demand for modern and efficient mining equipment.
  • Focus on Operational Efficiency: Increasing emphasis on optimizing operational efficiency and reducing operational costs drives investment in advanced mining equipment and machinery.
  • Government Initiatives and Investments: Supportive government policies, regulations, and investments in infrastructure and mining projects stimulate the growth of the mining equipment market.
• Restraints:
  • High Capital Investment: The significant capital required for purchasing and maintaining mining equipment can be a barrier for smaller mining companies or projects with limited budgets.
  • Environmental and Regulatory Challenges: Stringent environmental regulations and compliance requirements can increase operational costs and complicate the deployment of mining equipment.
  • Fluctuating Commodity Prices: Volatile commodity prices can impact the profitability of mining operations, leading to reduced investment in new equipment and technology.
  • Maintenance and Downtime Costs: High maintenance costs and potential downtime associated with mining equipment can affect operational efficiency and profitability.
  • Skilled Labor Shortages: The need for skilled operators and technicians to manage and maintain advanced mining equipment can be a challenge in regions with a shortage of qualified personnel.

Reasons to buy this report:

This report provides a detailed analysis of the current market status, trends, growth segments, and competitive dynamics in the mining equipment market. It enables businesses to identify opportunities for growth and development while also highlighting potential challenges and risks. By evaluating business segments and product portfolios, the report enables stakeholders to make more informed market strategies and investments.

A thorough understanding of the industry dynamics outlined in the report can significantly improve decision-making and facilitate the development of effective success strategies in the mining equipment market. Overall, this report is an excellent resource for those seeking in-depth information about this rapidly changing industry.

Regional Atributes:

• North America (By Type, Application and Country)
  • U.S. (By Application)
  • Canada (By Application)
• Europe (By Type, Application and Country)
  • U.K. (By Application)
  • Germany (By Application)
  • France (By Application)
  • Italy (By Application)
  • Rest of Europe
• Asia Pacific (By Type, Application and Country)
  • China (By Application)
  • Japan (By Application)
  • India (By Application)
  • Australia (By Application)
  • Southeast Asia (By Application)
  • Rest of Asia Pacific
• Middle East & Africa (By Type, Application and Country)
  • GCC (By Application)
  • South Africa (By Application)
  • Rest of the Middle East & Africa
• South America (By Type, Application and Country)
  • Brazil (By Application)
  • Mexico (By Application)
  • Rest of South America

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Industry developments of mining equipment market:

• Sandvik AB launched the new Leopard DI650i with more intelligent DTH surface drilling.
• AB Volvo launched a China-focused all-around compactor 14-TON DD145 with a large drum diameter combined with a powerful vibration feature.

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