Construction Mining Equipment Market Share

Global Construction Mining Equipment Market Overview

Construction Mining Equipment Market Size was valued at USD 7.15 Billion in 2022. The Construction Mining Equipment industry is projected to grow from USD 7.54 Billion in 2023 to USD 11.59 Billion by 2032, exhibiting a (CAGR) compound annual growth rate of 5.51% during the forecast period (2023 - 2032). Increased infrastructure investment and the trend toward autonomous construction equipment are the key market drivers increasing market expansion.Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Construction Mining Equipment Market Trends

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  Construction machinery that operates autonomously is driving market growth

  
  

Market CAGR for Construction Mining Equipment is being driven by the Construction machinery that operates autonomously. Roads, tunnels, bridges, and other structures, both residential and non-residential, are built using construction equipment. Drilling, mineral processing, and surface mining all make use of mining equipment. Using mining equipment allows for a reduction in labour requirements and the elimination of the need for bursting and explosions. Business owners can complete projects within the allotted period thanks to technological developments in mining and construction equipment.

Additionally, numerous technological developments are being made for more reliable and optimized products in the construction equipment sector. Due to its ability to boost production with little work and fewer errors, automated solutions are becoming more and more popular. The market for off-highway operating vehicles is slowly becoming more and more popular using autonomous operating technologies. Due to the repetitive, physical, accurate, and time-sensitive nature of construction labor, autonomous machinery is well suited for it. This is fueling interest in the creation of autonomous construction machinery.

Because of the restarting of suspended construction projects and expected new investments in the building industry as part of the infrastructure development activities, throughout the Covid-19 period, the market for building equipment has gradually grown. Infrastructure spending, infrastructure for homes and businesses, and an increased institutional investment in capital Several factors have an impact on the growth of producers of construction equipment globally. Nevertheless, there are regional differences in the laws and rules governing the production, import, and export of construction equipment. Different import taxes are levied by nations for international trade in order to prevent unfair competition and benefit homegrown producers. Governments usually enter into bilateral trade agreements with other nations to lower tariffs and obstacles to a free trade zone or single market.

For instance, US infrastructure has received attention. The US government launched a roughly $1 trillion plan in November 2021, with 4,300 projects already under way and more than 110 thousand million dollars in investment as part of the building investment package. Because of these anticipated investments and rising building activity for infrastructure development, during the forecast period, the demand for construction equipment would be driven. Thus, result in driving the Construction Mining Equipment market revenue.

In April 2024, Sany India, a manufacturer of construction and mining equipment, unveiled the SKT105E Electric Dump vehicle, which is the inaugural totally electric open cast mining vehicle. This off-highway dump truck is specifically designed to satisfy the challenging requirements of open-cast mining operations. It incorporates the latest advancements in construction and mining equipment manufacture, showcasing indigenous creativity. The company is supporting the country's goal of sustainable development and improving operational efficiency by producing goods locally and implementing advanced electric technologies. The truck is produced using a combination of local knowledge and international advancements. It is said to possess remarkable energy efficiency and affordability, along with an astonishing ability to carry a weight of 70 tons. The corporation also guarantees to serve as a dominant and valuable resource for mining businesses around the country. The truck is ingeniously engineered to operate without emitting any pollutants, thanks to its sophisticated electric propulsion system. This design guarantees exceptional performance while minimizing the vehicle's impact on the environment by lowering carbon emissions. The manufacturer seeks to promote ecologically friendly solutions for Indian mining sites and asserts that this launch would support the adoption of greener technologies.

Construction Mining Equipment Market Segment Insights

Construction Mining Equipment Product Type Insights

The Construction Mining Equipment market segmentation, based on product type includes Loaders, Dozers, Excavators, Crushing, Pulverizing & Screening Equipment, and Others. The excavators segment dominated the market. Due of technical advancements, contemporary automated excavators are more effective than earlier ones. They quickly notify service centers of malfunctions or operational problems, cutting down on the time and expense of information flow.

Construction Mining Equipment Market Type Insights

The Construction Mining Equipment market segmentation, based on Market Type, includes New Sales, and Aftermarket. The aftermarket category generated the most income. Luxury furniture sales will increase, which will fuel industry expansion. Increasing need for construction equipment the effectiveness, productivity, and performance of the construction equipment are greatly improved by spare parts.

Construction Mining Equipment Propulsion Type Insights

The Construction Mining Equipment market segmentation, based on Propulsion Type, includes Diesel, and CNG/LNG/RNG. The diesel category generated the most income. Diesel mining equipment is increasingly in demand as surface mines proliferate all over the world. The significant torque at low speeds that diesel engines produce is expected to make the diesel category the market leader in terms of value during the projected period.

Figure1: Construction Mining Equipment Market, by Propulsion Type, 2022 & 2032 (USD Billion)Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Construction Mining Equipment Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Construction Mining Equipment market area will dominate this market, owing to rising mineral mining activity, expanded use of cutting-edge mining machinery, and initiatives by the government in North America. The demand for these products is also predicted to increase during the forecast period as conventional underground mining gives way to modern, affordable open-pit mining.

Further, the major countries studied in the market report are The German, US, Canada, France, the UK, Italy, Spain, India, China, Japan, Australia, South Korea, and Brazil.

Figure 2: CONSTRUCTION MINING EQUIPMENT MARKET SHARE BY REGION 2022 (USD Billion) Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe Construction Mining Equipment market accounts for the second-largest market share due to the increased focus of manufacturers' on conducting underground mining operations, cutting carbon emissions, and improving worker safety in Europe. Further, the German Construction Mining Equipment market held a dominant market share, and the UK Construction Mining Equipment market was the fastest growing market in the European region

The Asia-Pacific Construction Mining Equipment Market is anticipated to see the fastest CAGR between 2023 and 2032. This is due to market expansion is anticipated in the upcoming years as a result of the growing switch to renewable energy sources and the use of electric vehicles in developing nations like China and India. Moreover, China’s Construction Mining Equipment market held the largest market share, and the Indian Construction Mining Equipment market exhibited the Asia-Pacific region's fastest rate of growth.

Construction Mining Equipment Key Market Players & Competitive Insights

Leading market players are putting a lot of money into R&D to expand their product line, which will help the Construction Mining Equipment market, grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other organizations. To grow and endure in an environment of increasing market competition, Construction Mining Equipment industry must offer cost-effective items.

One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the Construction Mining Equipment industry to benefit clients and increase the market sector. In recent years, the Construction Mining Equipment industry has offered some of the most significant advantages to infrastructural sector. Major players in the Construction Mining Equipment market, including Liebherr-International AG, Zoomlion Heavy Industry Science & Technology Development Co., Terex Corporation, CNH Industrial N.V., Joy Inc., and others, are investing in research and development operations in an effort to improve market demand.

Liebherr is a German-Swiss multinational equipment manufacturer with headquarters in Bulle, Switzerland. There are more than 130 firms that make up Liebherr, and they are divided into 11 different categories: earthmoving, mining, mobile cranes, tower cranes, concrete technology, maritime cranes, aircraft and transportation systems, machine tools and automation systems, home appliances, and components. With almost 42,000 employees worldwide, it generated nine billion Euros in revenue in 2017. It was the largest crane firm in the world in 2007. In March 2020, with the assistance of PR and communication expert Stanley Kan and his colleagues, Liebherr opened their first APAC headquarters in Singapore and debuted their custom $35,000 SGD Bespoke Luxe Refrigerator.

Komatsu Ltd., sometimes known as Komatsu, is a Japanese multinational corporation that produces machinery for the construction, mining, forestry, and military industries as well as diesel engines and business tools like press machines, lasers, and thermoelectric generators. Its corporate headquarters are located in Minato, Tokyo, Japan. The city of Komatsu in the Ishikawa Prefecture, where the business was established in 1921, served as the inspiration for the name of the organization. The Komatsu Group is made up of 258 other businesses in addition to Komatsu Ltd. After Caterpillar, Komatsu is the second-largest producer of mining and construction machinery worldwide. In December 2022, with the acquisition of the German company Gelsenkirchen GGH Group, Komatsu announced the growth of its underground mining equipment division. This acquisition will strengthen the business's position in the mining industries of Europe, South Africa, and India.

Key Companies in the Construction Mining Equipment market include

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  Liebherr-International AG

  
  


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  Zoomlion Heavy Industry Science & Technology Development Co.

  
  


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  Terex Corporation

  
  


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  CNH Industrial N.V.

  
  


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  Joy Inc.

  
  


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  Hitachi Construction Machinery Co. Ltd.

  
  


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  Atlas Copco AB

  
  


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  Volvo Group

  
  


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  Caterpillar Inc.

  
  


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  Komatsu Ltd.

  
  

Construction Mining Equipment Industry Developments

August 2022: Epiroc signed a strategic partnership with AARD Mining Equipment, a leading efficient and environmentally friendly partner for mining and infrastructure development. AARD Mining Equipment is a South African producer of mining equipment.

June 2023: Metso signed an agreement to acquire Häggblom. By providing comprehensive loading & hauling solutions and strengthening the business's position in the aftermarket, the strategic effort sought to increase the range of bodies and buckets that Metso offered.

June 2023: Epiroc introduced the MTVR, a hydraulically movable power pack mounted atop a wagon. Because MTVR reduces the requirement for high-voltage cable management, mining applications benefit from increased productivity and uptime as well as agility and reliability.

In December 2023, Volvo Construction Equipment India presented a wide array of electric and other machinery, as well as new service solutions, at Excon 2023. Volvo CE is in the forefront of promoting environmentally-friendly practices in the mining, material handling, steel, cement, and urban infrastructure industries. Volvo CE is leading the way in transitioning to zero-emission mining and construction machinery with the introduction of the EC500 Electric, India's first grid-connected electric excavator in the 50-ton class. Furthermore, the L120 Electric Wheel Loader, introduced as a pilot launch, showcases its ability to revolutionize material handling in ports, mines, plants, and construction sites. It offers numerous advantages such as zero tailpipe emissions, exceptionally quiet operations, and a more pleasant work environment for both indoor and outdoor applications. The EC80 Electric, a new model in the small electric series by EC55, is designed for urban construction and forestry applications. It is currently being presented as a near-production prototype. This cutting-edge device achieves exceptional efficiency with a battery that provides 6-8 hours of uninterrupted operation.

Construction Mining Equipment Market Segmentation

Construction Mining Equipment Type Outlook

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  Loaders

  
  


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  Dozers

  
  


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  Excavators

  
  


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  Crushing

  
  


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  Pulverizing & Screening Equipment

  
  


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  Others

  
  

Construction Mining Equipment Market Type Outlook

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  New Sales

  
  


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  Aftermarket

  
  

Construction Mining Equipment Propulsion Type Outlook

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  Diesel

  
  


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  CNG/LNG/RNG

  
  

Construction Mining Equipment Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America