"Growing Demand for Robust Mining Equipment Is Fueling the Growth of Mining Excavators Market"
Globally, the mining excavators market is expected to grow with a CAGR of more than 5% during the forecast period from 2023 to 2030. Globally, the mining equipment industry has witnessed considerable growth based on increased mining operations across various parts of the globe. The demand for mining equipment such as excavators is mainly driven by recovery of commodity prices and increasing focus on technology and automation as the way forward.
Since past few years, many miners across the globe are increasingly adopting new technologies and innovative products to maintain the pace with the competitive industry and enhance productivity. This includes use of technology driven and robust mining excavators. Large number of companies are developing such technologically advanced and power driven excavators that which makes the operations easy and time saving.
Along with growing development of electric and autonomous mining equipment, increasing investments in mining sector is also equally responsible for the development of this market. Companies such as Liebherr, John Deere, and many others are investing and opening new factories dedicated to development of mining excavators. Such activities enable the companies to enhance their existing product offerings and simultaneously fuel the market growth with introduction of new and innovative equipment.
However, stringent government regulations with respect to safety standards, environmental concerns, emission norms, and import regulations, growing market for reused excavators, lack of standardization and high cost of equipment are likely to hinder the market growth during the forecast period.
"Electric mining excavators are expected to dominate the market"
In 2020, the hydraulic mining excavators dominated the global market; however, this market segment is experiencing a steady growth as conventional hydraulic driven excavators are being upgraded to electric excavators. Increasing number of excavating tasks in the mining industry across the globe has created a significant demand for new and improved electric excavators.
As mining activities are conducted all around the world in the most demanding conditions, the electric equipment provide a greater advantage for them. The benefit of electric excavator such as less power consumption and loss compared to a diesel engine not only provides easy operations but also increases the operating hours without any major maintenance of the electric motor. These advantages have resulted in increased adoption of electric excavators for mining purposes.
Thus, increasing demand has propelled the manufacturers to increase their production capacities and provide efficient electric excavators in the mining industry.
"Asia Pacific to Register the Fastest Growth"
Asia-Pacific dominates the mining excavators market by holding largest market share of nearly 60% of the total revenue generated worldwide.
As there is increased expansion of coal and metal mining in the region, the demand for advanced mining equipment is high in this region. Along with this, major manufacturers operating in the global mining excavators market have a wide presence in this region and conduct large investment in the Asia-Pacific manufacturing sector. Moreover, emerging countries such as China and India reduce fossil fuel consumption to fight pollution, which results in increasing the need for coal mining in the Asia-Pacific region. This in turns fuels the market growth.
In addition to this, major companies such as Atlas Copco, Deere & Company, are highly investing in expansion of their presence in this region. In Asia-Pacific, China account for largest market share as it pioneers in the mining equipment industry.
Some of the prominent players operating in the mining excavators market include Liebherr Group, Hitachi Ltd., Caterpillar, Komatsu Ltd., BEML Ltd., XCMG Group, LiuGong, Demag, JCB, Kobelco Construction Machinery, Metso, CNH Industrial, Terex and Volvo Construction Equipment.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Mining Excavators market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
