Asia Pacific Mining Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 16.70 Billion |
| Market Size (2028) | USD 21.90 Billion |
| CAGR (2024 - 2029) | > 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Mining Equipment Market Analysis
The Asia Pacific Mining Equipment Market size is estimated at USD 16.70 billion in 2024, and is expected to reach USD 21.90 billion by 2028, growing at a CAGR of greater than 4.20% during the forecast period (2024-2028).
Rapid economic growth and industrialization in countries like China and India are expected to drive the demand for mining equipment in Asia-Pacific. Raw materials like coal, iron ore, and copper are in high demand as these countries continue to grow in population and infrastructure. As a result, the mining sector has expanded, and the mining equipment market is expected to have healthy growth.
Additionally, the key driver of the demand for mining equipment in Asia-Pacific is the depletion of surface mineral reserves due to the high demand for these minerals worldwide. After the depletion of these minerals from the surface, deep mining activities are growing in the region, thus increasing the demand for mining equipment.
According to the United Nations Environment Program (UNEP), China is the world’s leader in mineral and metal consumption and the world’s leading producer of over 20 metals and minerals.
Asia-Pacific is the largest coal mining market, with almost 75% of mining being done within the region. China, Australia, and India are some of the global leaders in terms of coal production, which is used for many essential activities like power generation and steel production. Hence, the requirement for mining activities in the region is high, which drives the demand for mining equipment.
- In July 2023, Metso Corporation signed an agreement to acquire Brouwer Engineering, an Australian company. Metso's diverse bulk material handling equipment complements Brouwer Engineering's expertise in electrical and control systems, creating a synergy to provide customers with holistic solutions.
Asia Pacific Mining Equipment Market Analysis
An Increase in the Number of Trucks for Mining Operations
The growing number of dump trucks in Asia-Pacific is driving the mining equipment market due to increased mining activity. The demand for dump trucks and mining trucks is high in countries like China, India, Japan, and Australia, thus propelling the growth of the mining equipment market. The region's vast mineral reserves and infrastructure development projects are also fueling the demand for mining equipment, making it an attractive market for manufacturers.
- In December 2023, Propel Industries Private Limited, a prominent manufacturer of crushing and screening equipment, launched two electric dump truck variants (470 MEV and 470 HEV) at EXCON 2023. Nitin Gadkari, India's Minister for Road Transport and Highways, attended the event. These trucks, designed and manufactured in India, have gross vehicle weights of 45 tons and 60 tons, respectively.
- In June 2024, XCMG Machinery introduced a new hydrogen-powered dump truck, the EHSL552F model, designed for long-distance operations. The truck is equipped with advanced technology and robust performance features and boasts a quick 6-speed gearbox and high chassis clearance, enabling it to easily tackle steep inclines.
The demand for dump trucks is also driven by the need for minerals and ores in various industries, such as construction, steel, and electronics. Government initiatives and investments in mineral exploration are also driving the demand for mining equipment in the region. As a result, the Asia-Pacific mining equipment market is expected to register a significant CAGR during the forecast period.
China and Australia are expected to be the major players in the Asia-Pacific mining equipment market. China's Belt and Road Initiative and Australia's mining industry expansion are expected to drive growth. India and Japan are also expected to contribute to the market’s growth, driven by their increasing demand for minerals and ores. The growth of the Asia-Pacific mining equipment market is expected to create opportunities for manufacturers, suppliers, and service providers in the industry.
China and Australia are Expected to Lead the Market
Asia-Pacific is expected to be the largest underground mining equipment market worldwide. With high government spending for metal expeditions, Australia and China, which are home to many rare minerals, are touted to be the major players for mining equipment in the region. Australia is expected to be a leader in global mining innovation, as 60% of the mining software used globally is produced in this country. Therefore, it is expected to be the leading exporter of mining technology in Asia and worldwide. Many companies are taking severe initiatives in Australia to ramp up their presence in order to capitalize on the emerging opportunity.
- In June 2024, Weir, a global leader in mining technology, officially opened its new Port Hedland Service Centre, strategically located in the heart of the Pilbara region, Western Australia. This AUD 28 million (USD 18.64 million) state-of-the-art facility strengthens Weir’s commitment to sustainable mining. It also serves as the flagship Enduron® high-pressure grinding rolls (HPGR) service center in the region.
- In June 2024, Gears Minings, a Toowoomba, Queensland-based organization, announced the launch of what it claims to be the world’s largest liner handler machine. With a record-breaking weighted capacity of 8,100 kg, this new machine represents a significant advancement and positions Gears Mining at the forefront of the mining equipment industry.
Asia is also a significant coal producer, with countries like China, India, Indonesia, and Australia playing key roles. China is the world's largest producer and consumer of coal, while India has been rapidly expanding its coal production to meet its growing energy needs. Indonesia is a major coal exporter, and Australia is known for its high-quality coal reserves. However, environmental concerns and efforts to transition to cleaner energy sources are impacting the future of coal production in the region.
With continual government support for innovation and strong demand from the mining sector, the miners in the country may continue to be front-runners in the race to utilize cutting-edge mining technology, thus helping in the overall market’s growth.
Asia Pacific Mining Equipment Industry Overview
The Asia-Pacific mining equipment market is moderately fragmented, with few key players vying for market share. Some prominent companies are Caterpillar Inc., Hitachi Ltd, JCB, and SANY Heavy Equipment. Companies are investing heavily in R&D to innovate new and advanced products and technologies. For instance, Caterpillar introduced a trolley assist system for electric drive mining trucks. This innovation is a move toward government and activists’ stringent norms against increasing pollution due to mining activities.
- In March 2023, Volvo Trucks and Boliden, the Swedish mining company, teamed up to launch battery-electric trucks for heavy underground transport in Boliden's Kankberg mine. This initiative aims to promote a more sustainable mining sector and reduce CO2 emissions by more than 25%.
- In March 2023, Ramjack Technology Solutions, a specialized system integrator for advanced technology solutions in the mining sector, announced its expansion into Asia-Pacific. Mining technology veteran Roy Pater was appointed VP of Asia-Pacific and will lead the team from its regional headquarters in Brisbane.
Asia Pacific Mining Equipment Market Leaders
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Caterpillar Inc
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Hitachi Ltd
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AB Volvo
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Liebherr Group
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JCB
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Mining Equipment Market News
- May 2024: Sandvik opened a new mining equipment production unit in Malaysia. This facility aims to reduce lead times for mining customers in Asia-Pacific, enhancing Sandvik’s ability to meet regional demands more efficiently.
- April 2023: XCMG Group (China) introduced the autonomous electric dump truck XDR80TE-AT.
- March 2023: Liugong India debuted the 856HEMax, an electric wheel loader, at Bauma Conexpo India 2023.
- March 2023: Tata Hitachi launched the new Mining Excavator ZX670H at its Kharagpur factory. This machine is designed to meet client expectations for exceptional efficiency, high durability, low operating costs, easy maintenance, and increased safety and comfort.
Asia Pacific Mining Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 There is Growing Demand for Minerals, Driven by Construction, Automotive, and Electronics Industries
4.2 Market Restraints
4.2.1 Rising Environmental Concerns
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4
5. MARKET SEGMENTATION
5.1 Equipment
5.1.1 Trucks
5.1.2 Excavators
5.1.3 Dozers
5.1.4 Shovels
5.1.5 Other Equipment
5.2 Activity
5.2.1 Crushing Equipment
5.2.2 Surface Mining Equipment
5.2.3 Underground Mining Equipment
5.3 Geography
5.3.1 India
5.3.2 China
5.3.3 Japan
5.3.4 South Korea
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Caterpillar Inc.
6.2.2 Hitachi Ltd
6.2.3 AB Volvo
6.2.4 Liebherr Group
6.2.5 J.C. Bamford Excavators Limited
6.2.6 Northern Heavy Industries Group Co.
6.2.7 Sany Heavy Equipment International Holdings
6.2.8 Metso Corporation
6.2.9 Tata Motors
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Shift Toward Sustainable Mining Practices
Asia Pacific Mining Equipment Industry Segmentation
Mining equipment refers to machinery, tools, and devices specifically designed and utilized to extract valuable minerals or other geological materials from the earth's surface or underground.
The Asia-Pacific mining equipment market is segmented by equipment, activity, and geography. By equipment, the market is segmented into trucks, excavators, dozers, shovels, and other equipment. By activity, the market is segmented by crushing equipment, surface mining equipment, and underground mining equipment. By geography, the market is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific.
| Equipment | |
| Trucks | |
| Excavators | |
| Dozers | |
| Shovels | |
| Other Equipment |
| Activity | |
| Crushing Equipment | |
| Surface Mining Equipment | |
| Underground Mining Equipment |
| Geography | |
| India | |
| China | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
Asia Pacific Mining Equipment Market Research Faqs
How big is the Asia Pacific Mining Equipment Market?
The Asia Pacific Mining Equipment Market size is expected to reach USD 16.70 billion in 2024 and grow at a CAGR of greater than 4.20% to reach USD 21.90 billion by 2028.
What is the current Asia Pacific Mining Equipment Market size?
In 2024, the Asia Pacific Mining Equipment Market size is expected to reach USD 16.70 billion.
Who are the key players in Asia Pacific Mining Equipment Market?
Caterpillar Inc, Hitachi Ltd, AB Volvo, Liebherr Group and JCB are the major companies operating in the Asia Pacific Mining Equipment Market.
What years does this Asia Pacific Mining Equipment Market cover, and what was the market size in 2023?
In 2023, the Asia Pacific Mining Equipment Market size was estimated at USD 16.00 billion. The report covers the Asia Pacific Mining Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Mining Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Pacific Mining Equipment Industry Report
Statistics for the 2024 Asia Pacific Mining Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Mining Equipment analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
