Mining Equipment Market Dynamics: Growth, Drivers, and Challenges

Written by Akshay Chavhan » Updated on: November 01st, 2024

Mining equipment market summary:

Fortune Business Insights has released a comprehensive study titled “Mining Equipment Market Reportby 2024,” providing valuable insights and a competitive edge for clients. This report offers an in-depth analysis of market segmentation and definitions, elucidating the components and drivers of the mining equipment market.

The report covers various aspects including market size, share, and industry analysis categorized by type (such as Excavators, Loaders, Dozers, Motor Graders, Dump Trucks, and others) and application (including Coal Mining, Gas & Oil Extraction, Metal Ore Mining, and Non-metal Mining). It also includes regional forecasts from 2021 to 2028.

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In 2020, the global mining equipment market was valued at USD 112.23 billion, with projections indicating growth from USD 114.61 billion in 2021 to USD 151.25 billion by 2028, reflecting a compound annual growth rate (CAGR) of 4.0% during the forecast period. The Asia Pacific region held a dominant market share of 30.90% in 2020.

The market’s competitive landscape is shaped by key industry players, their production capacities, utilization rates, production chains, pricing strategies, and global revenue. Leading companies include:

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)

Market Insights:

Forecast Period: 2020-2028

2020 Market Value: USD 112.23 billion

2028 Forecasted Value: USD 151.25 billion

CAGR: 4.0%

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Drivers:

Growing demand for minerals and metals due to industrialization and urbanization

Technological advancements enhancing efficiency and safety

Expansion of mining activities in emerging markets

Focus on operational efficiency and cost reduction

Government support and investment in infrastructure

Restraints:

High capital investment required

Environmental and regulatory challenges

Fluctuating commodity prices

Maintenance and downtime costs

Shortage of skilled labor

Regional Analysis includes:

North America (U.S., Canada)

Europe (U.K., Germany, France, Italy, Rest of Europe)

Asia Pacific (China, Japan, India, Australia, Southeast Asia, Rest of Asia Pacific)

Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)

South America (Brazil, Mexico, Rest of South America)

Table of Contents:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers and Restraints

Market Opportunities

Key Insights

Industry Developments

Porter’s Five Forces Analysis

SWOT Analysis

Technological Developments

Value Chain Analysis

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Recent Developments:

Sandvik AB unveiled the Leopard DI650i with advanced DTH surface drilling capabilities.

AB Volvo introduced a China-specific all-around compactor 14-TON DD145 with enhanced features.

About Us: Fortune Business Insights provides a unique blend of qualitative and quantitative market research reports to clients globally, helping both international and local businesses by delivering comprehensive market insights and future trends.

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Key Questions Addressed in the Report:

What is the 2024 market size of the mining equipment industry?

Who are the top key players?

What are the primary drivers of the mining equipment sector?

What are the future projections for the mining equipment market?

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