Market Trends of Asia Pacific Mining Equipment Industry
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.
