New York, NY, Feb. 10, 2026 (GLOBE NEWSWIRE) — The global mining equipment market is estimated to be valued at USD 140.8 billion in 2026 and is projected to reach USD 194.2 billion by 2033, expanding at 4.7% CAGR. Mining equipment market growth is influenced by certain macroeconomic and industrial factors, including manufacturing sector output, electric vehicle production, battery manufacturing, rising energy demand, etc., which are essential to supply chains, supported by demand for metals, coal and critical minerals. Core technologies such as, autonomous haulage systems, electric drivetrains, advanced telematics, etc. are reshaping equipment productivity and lifecycle economics.
Industry dynamics are shifting as mining companies are prioritizing operational efficiency and emissions reduction. Regulatory pressure around decarbonization and mine-site sustainability is accelerating adoption of electric and hybrid equipment, while capital intensity requirement is pushing OEMs towards modular platforms and service-led revenue models. Hence, mining equipment is being positioned as a strategic enabler of long-term resource security rather than a cyclical capital good.
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Key Takeaways from the Mining Equipment Market
- Mining equipment market is estimated to create around USD 53.4 billion of absolute dollar opportunities between 2026 and 2033.
- Surface mining equipment is anticipated to remain prominent revenue contributor, accounting 60% of the market share.
- Metal mining is projected to be the fastest-growing application segment, fueled by the 30% surge in copper and lithium projects.
- Asia-Pacific continues to be the dominant investment hotspot, particularly with nickel expansions in Indonesia and coal mining in India and Australia and Chile to also remain opportunity spaces for mining equipment market players.
- Competitive intensity is increasing as traditional OEMs like Caterpillar and Komatsu engage in technology-driven mergers and acquisitions to acquire software and automation capabilities.
- Rising demand for Battery-Electric Vehicles is creating new value pools, with electric units growing at nearly double the rate of ICE models.
Market Dynamics Shaping the Mining Equipment Market
Rising mineral gap in the supply chain driving mining equipment market
Growing demand for metals, battery minerals, construction aggregates, etc. continues to drive investment in new and replacement mining equipment fleets. Rising mandate for electrification is forcing a significant ramp-up in the extraction of copper, lithium, cobalt and other minerals. Since, high-grade surface deposits are thinning, operators are investing in high-capacity, specialized machinery that can handle higher volumes of ore-to-waste ratios efficiently creating new demand in mining equipment market.
Electrification & automation creating lucrative opportunities in mining equipment market
Electric, hybrid, and autonomous mining equipment presents a high-growth opportunity for mining equipment market players as miners are seeking lower operating costs, improved safety, as well as emissions compliance. There is a significant white space to provide autonomy-as-a-service. Mines are moving into hazardous or remote territories fueling the demand for autonomous haulage and remote-operated drilling rigs, offering a way to bypass labor shortages and improve safety KPIs.
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Upfront capital and infrastructure gaps providing headwind for mining equipment market growth
High upfront equipment costs, long replacement cycles, recent supply chain disruptions and rising geopolitical tensions remain key constraints for mining equipment market, especially for mid-tier and emerging-market players. Further, green premium on electric and autonomous equipment remains a barrier for mid-tier players. Many remote mine sites in South America and Africa lack grid infrastructure which are required to support a fully digitized fleet, delaying the transition.
Mining Equipment Market Segmentation
By Equipment Type
- Surface Mining Equipment
- Underground Mining Equipment
- Support and Utility Equipment
Surface mining equipment accounts for around 60% of the sales value. Excavators, loaders, haul trucks, crushers, drills dominate demand in surface mining equipment type, with haul trucks representing a key revenue share due to high unit value and utilization rates. However, underground equipment is seeing a surge as mining companies are looking for underground mining technologies where grades are higher but conditions are tougher.
By Power Source
- Diesel Powered
- Electric Powered
- Hybrid Powered
- Alternative Fuel Powered
Diesel power equipment accounts for the majority of the installed bases in mining equipment market, however new demand is decreasing owing to rise in regulations. Hybrid and electric based mining equipment remains under 15% of installed base and are gaining momentum as mining sites target fuel cost reduction and decarbonization. Advancement in battery technology like higher energy density, fast-charging systems, as well as improved cycle life are resulting in electric based equipment growth.
By Power Output
- Up To 50 kW
- 51 kW To 150 kW
- 151 kW To 500 kW
- 501 kW To 1000 kW
- 1,001 kW To 2,000 kW
- 2,001 kW To 5,000 kW
- Above 5,000 kW
Medium-to-high power output equipment leads in sales in mining equipment market including those fall under 500 to 2000 kW, aligned with majority of the mining operations. The high-output (>2000 kW) category is witnessing higher growth owing to large-scale open-pit operations aiming for economies of scale.
By Application
- Exploration and Development
- Overburden Removal and Site Preparation
- Drilling and Blasting
- Loading and Hauling
- Ground Control and Safety
- Crushing, Screening and Conveying
- Processing and Beneficiation
- Mine Services and Maintenance
Loading and hauling operations remain the key application in mining equipment market as these activities represent operations occurring in most mining sites. Mining sector is witnessing a shift in exploration and development activities, including core drilling and geological surveying witnessing increase in investments as market players are focusing to de-risk projects. Drilling and blasting also are critical application, where operations get smarter about blast hole precision to reduce downstream processing expenditure.
By End User
- Major Mining Companies
- Mid-Tier Mining Companies
- Junior Mining Companies
- Mining Contractors
- Quarry Operators
- Government and State-Owned Enterprises
Large mining companies remain primary buyers of these equipment, though contractors are increasing fleet investments to support outsourced operations. The mining equipment market is witnessing a trend toward mining contractors adopting more flexible, tech-heavy fleets to cater multiple clients.
By Region
- North America
- Europe
- Asia Pacific
- South America
- MEA
Asia-Pacific accounts for more than two-fifth of the global mining equipment market supported by large-scale mining activity in China’s coal and rare earth mining and Australia push into autonomous iron ore mines provide a solid floor for demand. Latin America, especially Chile and Peru are witnessing accelerated growth from copper and lithium projects. Africa is emerging as a longer-term growth region, with certain markets posting above 5% CAGR rise in equipment demand growth.
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Competitive Landscape – Mining Equipment
Leading market players are strengthening their positions through product innovation, digital integration, acquisitions and expansion strategies. key players are expanding their sales in Asia-Pacific and Latin America to cater the rising demand and bolster their revenue growth. Focus areas include autonomous systems, electrified platforms, lifecycle service offerings, as OEMs seek to lock in long-term customer relationships and recurring revenue streams.
Key Players in Mining Equipment Market are
- Caterpillar Inc.
- Komatsu Ltd.
- Sandvik AB
- Epiroc AB
- Hitachi Construction Machinery Co., Ltd.
- Liebherr Group
- Volvo Construction Equipment
- Sany Heavy Industry Co., Ltd.
- XCMG Group
- Doosan Bobcat Inc.
- Deere and Company
- Metso Oyj
- FLSmidth
- Weir Group Plc
- Atlas Copco
- Wabtec Corporation
- Astec Industries, Inc.
- Terex Corporation
- Zoomlion Heavy Industry Science & Technology
- Bharat Earth Movers Ltd
Key Developments:
- In September 2024 Epiroc showcased its “all-electric” mine truck and battery-powered Scooptram at MINExpo, signaling a total commitment to zero-emission underground mining.
- In September 2024, Caterpillar launched Cat Precision Mining, a digital suite that uses real-time orebody monitoring to link equipment performance directly to processing plant efficiency.
- In November 2024, Caterpillar announced the expansion of autonomous haulage fleet to over 700 trucks, with a goal to triple this by 2030.
- In April 2025, Sandvik secured an order for battery-electric underground loaders from a major Canadian gold miner.
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