Dublin, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The "Global Mining Equipment Market, By Category (Crushing, Pulverizing, Screening, Mineral Processing, Surface & Underground), By Application (Metal, Mineral, Coal, Others), By Propulsion, By Power Output, By Vehicle Type, By Region, Competition Forecast and Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Mining Equipment Market stood at around USD2.87 billion in 2020 and is estimated to grow at a CAGR of 8.50% to reach USD4.55 billion by 2026.
An increase in the activities focusing on metal procurement to meet the high demand from all over the globe, the introduction of advanced and efficient mining equipment, and flourishing automotive industry are the primary drivers for the Global Mining Equipment Market growth.
Ongoing infrastructure developments, rapid urbanization, and the rise in the initiatives taken by the leading authorities in developing economies to construct roads, buildings, highways, railways, and other network systems are bolstering the demand for mining of raw materials to ensure continuous construction process.
Mechanization of the mining industry and the introduction of advanced and efficient equipment providing better results to accelerate the mining process are contributing to the market growth. With the growing per capita income of consumers and the high demand for convenience products, the demand for automobiles is witnessing exponential growth all around the globe.
During the automobile manufacturing process, the need for raw materials such as steel for the frame, rubber for tires, and lithium for making batteries is also growing. High production of passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, and four-wheeler vehicles are boosting the growth of the Global Mining Equipment Market.
Increased demand for electric vehicles, rise in mining industries, and growing use of telematics technology in the mining industry is expected to create growth opportunities for the Global Mining Equipment Market in the forecast period.
Based on the vehicle type, the market is divided into articulated dump trucks, crawler dozers, crawler excavators, motor graders, rigid dump trucks, drills, electric shovels, hydraulic excavators, mining dozers, mining trucks, wheeled loaders, and others. The mining trucks are expected to hold the major market share in the forecast period, 2022-2026.
Continuous rise in the demand for minerals and ores and growing mining activities, and the launch of electric mining trucks are fueling the demand for mining trucks all around the globe.
Major players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
Objective of the Study:
- To analyze the historical growth in the market size of the Global Mining Equipment Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Mining Equipment Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Global Mining Equipment Market based on category, application, propulsion, power output, vehicle type, regional distribution, and competitive landscape.
- To identify the dominant region or segment in the Global Mining Equipment Market.
- To identify drivers and challenges for the Global Mining Equipment Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Mining Equipment Market.
- To identify and analyze the profiles of leading players operating in the Global Mining Equipment Market.
- To identify key sustainable strategies adopted by market players in the Global Mining Equipment Market.
Key players in the market include
- Caterpillar Inc.
- Komatsu Ltd.
- Liebherr International AG
- Hitachi Ltd.
- Deere & Company
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- Doosan Heavy Industries & Construction Co., Ltd.
- SANY Group
- Volvo Construction Equipment AB
- JC Bamford Excavators Ltd.
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Mining Equipment Market, By Category
- Surface & Underground
- Crushing
- Pulverizing
- Mineral Processing
- Screening
Mining Equipment Market, By Application
- Coal
- Metal
- Mineral
- Others
Mining Equipment Market, By Propulsion
- Diesel
- CNG/LNG
- Electric
Mining Equipment Market By Power Output:
- < 500HP
- 500HP-2000HP
- >2000HP
Mining Equipment Market, By Vehicle Type
- Mining Trucks
- Drills
- Hydraulic Excavators
- Mining Dozers
- Electric Shovels
- Articulated Dump Trucks
- Wheeled Loaders
- Crawler Excavators
- Rigid Dump Trucks
- Crawler Dozers
- Motor Graders
- Others
Mining Equipment Market, By Region
- Asia-Pacific
- China
- Australia
- India
- Indonesia
- Malaysia
- South Korea
- North America
- United States
- Canada
- Mexico
- Europe & CIS
- Russia
- Germany
- Norway
- United Kingdom
- Uzbekistan
- France
- Sweden
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- UAE
- Qatar
- South America
- Brazil
- Colombia
- Argentina
- Peru
- Chile
For more information about this report visit https://www.researchandmarkets.com/r/vxceqa
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