Mining Equipment Market Size, Share, Automation & Electrification Trends 2035

Mining Equipment Market Size and Forecast 2026-2035

The global mining equipment market reached USD 26.60 billion in 2025 and rises to USD 27.72 billion in 2026. At a CAGR of 4.2%, the market reaches USD 40.14 billion by 2035. Asia-Pacific leads both market size and growth.

Mining equipment demand is increasingly tied to metal extraction, mine automation, electrification and long-life brownfield fleet replacement. Copper is especially important: IEA data show copper-focused company investment increased 8% in 2025, while copper demand adds around 7 million tonnes through 2040 and the projected 2035 supply gap remains 25%. These conditions support continued mine-development and equipment expenditure across copper-producing regions.

Global Mining Equipment Market Highlights

• 2026 Market Size: USD 27.72 Billion
• 2035 Forecast: USD 40.14 Billion
• CAGR, 2026–2035: 4.2%
• Largest Region: Asia-Pacific
• Fastest-Growing Region: Asia-Pacific
• Leading Equipment Category: Surface Mining Equipment
• Leading Application: Metal Mining
• Dominant Power Source: Diesel
• Highest-Growth Technologies: Autonomous haulage, battery-electric underground equipment, electric haul trucks, dynamic charging and AI-enabled fleet management.

Mining Equipment Market Definition

Mining equipment includes heavy machinery, processing systems and digital operating technologies used to extract, transport, crush, process and handle ores, coal and industrial minerals.

Surface mining fleets include rigid and articulated haul trucks, hydraulic and electric rope shovels, excavators, loaders, dozers, graders, drills and auxiliary equipment. Underground fleets include load-haul-dump machines, underground trucks, jumbos, production drills, bolters and utility vehicles.

Mineral processing equipment covers crushers, screens, grinding systems, flotation equipment, feeders, conveyors and related material-handling systems.

The market is moving beyond individual machine purchases toward integrated systems combining equipment, autonomy software, fleet management, collision avoidance, predictive maintenance, charging infrastructure and lifecycle services. Epiroc ended 2025 with 3,900 driverless machines operating across its installed base, up 13% from 2024.

Mining Equipment Market Key Takeaways

• Autonomous haulage has reached industrial scale. Komatsu commissioned its 1,000th autonomous ultra-class haul truck in April 2026, while FrontRunner-equipped fleets have moved more than 11.5 billion tonnes of material.
• Metal mining is the largest equipment application, holding 48.15% of 2025 revenue, supported by copper, gold, iron ore, nickel and critical-mineral investment.
• Surface mining remains the largest equipment category. Open-pit operations continue to require large truck, shovel, loader, drilling and support fleets.
• Battery-electric equipment has moved from prototype development into mine-site validation. BHP, Rio Tinto and Caterpillar are testing 240-tonne Cat 793 XE battery-electric haul trucks under full Pilbara operating conditions.
• Underground electrification is commercially established. Sandvik has more than 600 electric mining units operating globally, covering loaders, trucks and drilling equipment.
• AI and software are increasing lifetime equipment value. Autonomous haulage, collision avoidance, fleet optimization and predictive maintenance are moving equipment OEMs toward recurring software and service revenue. Epiroc reported strong 2025 demand for autonomous equipment and multi-year connectivity and digital-platform contracts.
• Asia-Pacific remains the center of equipment demand and deployment, holding 59.35% of 2025 global revenue, supported by China, Australia, India and Indonesia. 

Mining Equipment Market Trends

Autonomous Haulage Is Shifting From Premium Technology to Fleet Standard

Autonomous haulage systems have moved beyond isolated pilot programs.

Komatsu commissioned its 1,000th FrontRunner autonomous ultra-class truck in April 2026. The milestone vehicle was a 290-tonne 930E-5AT deployed at Nevada Gold Mines. More than 500 autonomous units within Komatsu's installed base are 930E-class trucks.

Caterpillar is also expanding established autonomy deployments. In March 2026, Fortescue renewed the use of Cat MineStar Command for hauling across three Western Australian operations, extending a commercial relationship that began in 2012.

Autonomy is now extending beyond the largest mines. Caterpillar announced autonomous hauling for Carmeuse's Drummond Island quarry in May 2026, while Epiroc is deploying its OEM-agnostic LinkOA system in the aggregates sector.

The commercial opportunity has therefore expanded from ultra-large iron ore and copper mines toward gold, quarrying, aggregates and mixed-fleet operations.

Battery-Electric Haul Trucks Enter Real Mining Operations

Large surface haulage remains one of mining's hardest processes to electrify because trucks require extremely high energy capacity and charging power.

BHP, Rio Tinto and Caterpillar are testing two Cat 793 XE battery-electric haul trucks at BHP's Jimblebar iron ore operation. Early testing exceeded 100 operating hours and 200 test laps by June 2026. The next test phase includes dynamic charging while trucks are moving.

The trial is important because battery performance alone does not determine commercial viability. Mines must redesign charging, power distribution, fleet dispatch, maintenance and energy-management systems around large electric fleets.

BHP confirms that high-capacity haulage remains technically demanding, particularly in the 240-tonne-and-above class, where battery architecture and high-power charging remain under active development.

Underground Mining Is Electrifying Faster Than Ultra-Class Surface Haulage

Underground mines receive an additional economic benefit from electric equipment because removing diesel engines reduces heat and exhaust underground.

Sandvik has an installed base exceeding 600 electric units worldwide. Its offering includes battery-electric loaders and trucks alongside electric drilling equipment. Battery changes using its AutoSwap and AutoConnect system can be completed in about three minutes.

Epiroc won a SEK 380 million African order in March 2026 for fully autonomous cable-electric Pit Viper 275 E drill rigs. The machines eliminate exhaust emissions at the point of operation while combining electrification with autonomous drilling.

Electrification therefore reaches commercial maturity faster in drilling and underground loading than in the largest open-pit haul-truck classes.

Dynamic Charging Is Becoming a Critical Surface-Mining Technology

Static fast charging alone can reduce truck availability if machines spend too much production time connected to chargers.

Dynamic charging addresses that problem by transferring power while a truck is travelling.

The Caterpillar-BHP-Rio Tinto program will test charging in motion after completing early static operating trials.

Komatsu has already demonstrated an autonomously operated electric-drive truck connected to a dynamic trolley line. Its autonomy strategy increasingly combines software-defined fleet control with different power architectures rather than treating automation and electrification as separate technologies.

Copper Investment Is Strengthening High-Value Equipment Demand

Critical-mineral investment softened overall in 2025, but copper moved in the opposite direction.

IEA data show total critical-mineral investment declined 9% in 2025, while copper-focused company investment increased 8%. Lithium-focused investment fell around 40%.

Copper also records the largest absolute mineral-demand growth through 2040, adding around 7 million tonnes.

This favors equipment manufacturers exposed to large copper developments in Latin America, Africa, Australia and North America, particularly haulage, drilling, grinding and underground hard-rock equipment.

Sandvik's June 2026 equipment order for the Khoemacau copper mine in Botswana provides a direct example of new copper capacity translating into underground equipment demand.

Predictive Maintenance Is Expanding OEM Aftermarket Revenue

Mining equipment operates under high loads, abrasive conditions and long production schedules. Unplanned downtime therefore has significant economic impact.

OEM business models increasingly combine equipment with telemetry, remote monitoring, condition monitoring and software.

Epiroc generated SEK 61.998 billion in 2025 revenue, while service represented a major portion of its business mix. The company reported strong mining demand for equipment, services, tools, and multi-year digital-platform contracts.

Caterpillar reported USD 67.6 billion in total 2025 sales and revenue, with higher equipment sales to end users contributing to growth. Its digital and autonomous platforms further increase the importance of lifecycle customer relationships.

Chinese OEMs Are Expanding Into Global Zero-Emission Mining Fleets

Chinese mining-equipment manufacturers are increasingly competing outside their domestic market.

Fortescue awarded XCMG a contract valued at more than USD 400 million for more than 100 pieces of zero-emission heavy mobile equipment. Battery-electric loaders, wheel dozers, water carts, graders and other equipment begin entering Pilbara operations from 2026.

XCMG also delivered 100 all-electric autonomous mining trucks to the Huaneng Yimin open-pit coal mine in Inner Mongolia in 2025.

Price competition is therefore increasingly combined with competition in batteries, autonomy, production scale, and global dealer support.

Mining Equipment Market Scope

Mining Equipment Market Dynamics

Critical-Mineral Demand Supports Long-Term Fleet Investment

Energy-transition mineral demand remains a long-term equipment driver despite uneven commodity cycles.

IEA projections show total critical-mineral demand nearly doubling by 2040 under stated policies. Lithium demand rises more than threefold, while nickel, graphite and rare-earth demand increases between 50% and 90%.

Mine development for these commodities requires drilling, excavation, haulage and processing capacity well before first commercial production.

Mine Depth Increases Underground Equipment Intensity

Mature ore bodies frequently move deeper as near-surface reserves are exhausted.

Deeper operations increase demand for underground trucks, LHDs, development jumbos, production drills, ground-support equipment, ventilation systems and automation.

Battery-electric equipment gains additional value at depth because reduced exhaust and heat can lower ventilation requirements. Sandvik's underground portfolio now includes diesel, battery-electric and cable-electric machines across multiple size classes.

Workforce Safety Accelerates Automation

Autonomy removes operators from haul roads, blasting areas and underground production zones.

Komatsu's 1,000 autonomous trucks and Epiroc's 3,900 driverless machines show that automation now operates at commercial fleet scale rather than experimental scale.

Collision avoidance, remote drilling and teleoperation further expand the safety market beyond fully autonomous trucks.

High Capital Cost Restrains Fleet Conversion

Mining trucks, electric shovels and underground fleets are long-life capital assets.

Replacing a functioning diesel fleet before the end of its economic life can destroy residual asset value. Electric fleets may also require chargers, substations, mine-grid upgrades, software and new maintenance capabilities.

This makes retrofit autonomy, trolley assistance, phased electrification and mixed-fleet software commercially important.

Battery-Electric Surface Mining Still Requires Infrastructure Development

Large truck batteries create mine-scale power requirements.

The Jimblebar trial is explicitly measuring infrastructure, charging, maintenance and energy-management requirements alongside truck performance.

Commercial adoption therefore depends on total-system economics, not truck purchase price alone.

Mining Equipment Market Segment Analysis

Surface Mining Equipment Leads with 40.42%

Surface mining equipment held 40.42% of market revenue in 2025, equal to USD 10.75 billion against the USD 26.60 billion market base.

Large open-pit iron ore, copper, coal, gold and nickel mines require high-value fleets of haul trucks, shovels, excavators, loaders, drills and auxiliary vehicles.

Autonomous haulage is strengthening the value of this category because software, sensors, fleet-management systems and remote operations add revenue above the base vehicle.

Underground Mining Equipment Gains from Deeper Ore Bodies

Underground equipment is the fastest-changing physical equipment segment.

Demand centers on loaders, trucks, development drills, production drills and ground-support machinery.

Electrification adds particular value underground. Sandvik states that one in three brownfield underground mines can already achieve lower cash cost per tonne using battery-electric equipment than equivalent internal-combustion fleets under suitable operating conditions.

Battery-as-a-Service models also reduce the need for mines to own and manage the battery asset directly.

Mineral Processing Equipment Benefits From Lower Ore Grades

Processing equipment demand rises when miners must process larger volumes of material to recover the same quantity of saleable metal.

Crushing, grinding, screening, flotation and material-handling equipment therefore benefit from both new projects and brownfield debottlenecking.

Metso remains a major participant in this part of the value chain, while Caterpillar, Komatsu, Sandvik and Epiroc are more concentrated in mobile and excavation equipment.

Metal Mining Holds 48.15%

Metal mining generated 48.15% of 2025 mining equipment revenue, equal to USD 12.81 billion.

Copper, gold, iron ore, nickel and other metal mines require large capital fleets and processing systems.

The segment gains further support from copper investment: copper-focused mining-company spending rose 8% in 2025 despite the overall decline in critical-mineral investment.

Coal Mining Retains a Large Equipment Base

Coal remains a significant source of equipment demand across China, India, Indonesia, Australia and other producing countries.

India's captive and commercial coal production reached 210.46 million tonnes in FY2025–26, rising 10.22% year over year.

Expansion of commercial coal mining and domestic equipment manufacturing supports Indian demand for dumpers, shovels, continuous miners, drills, dozers and material-handling equipment.

Diesel Remains the Dominant Power Source

Internal-combustion equipment held 86.24% of 2025 industry revenue in a global equipment benchmark, showing the scale of the installed diesel ecosystem.

Diesel remains difficult to replace in remote surface mines because of energy density, refueling speed and existing infrastructure.

Its share will decline as battery-electric, trolley-assisted and cable-electric technologies expand, but the transition will occur over several fleet-replacement cycles.

Mining Equipment Market Geographical Analysis

Asia-Pacific  Mining Equipment Market Leads with 59.35%

Asia-Pacific held 59.35% of global mining equipment revenue in 2025, representing USD 15.79 billion when applied to the market base.

China remains central through coal, metals, critical minerals and domestic equipment manufacturing. XCMG's deployment of 100 autonomous electric mining trucks demonstrates the increasing integration of Chinese machinery, battery systems and autonomous controls.

Australia is one of the world's most advanced markets for large-scale autonomous and electric mining equipment. The Pilbara hosts major Caterpillar, Komatsu, Liebherr and XCMG fleet programs, including current battery-electric haul-truck trials.

India combines rising coal output, metal mining and equipment localization. Commercial and captive coal production reached 210.46 million tonnes in FY2025–26, increasing demand for excavation, haulage and processing assets.

Indonesia remains an important equipment market through nickel and coal extraction, while Japan and South Korea contribute through OEM technology, components and industrial supply chains.

North America Mining Equipment Market Holds USD 3.94 Billion

North America accounts for 14.8% of 2025 revenue, equal to USD 3.94 billion.

The United States is the region's largest equipment market, supported by copper, gold, aggregates, industrial minerals and coal.

Nevada Gold Mines received Komatsu's 1,000th autonomous ultra-class haul truck in 2026, demonstrating continued U.S. adoption of large-scale autonomous mining.

Hitachi Construction Machinery is also advancing open-platform autonomy. In July 2026, Hitachi and Pronto signed a strategic partnership to develop mine automation solutions with an emphasis on broader equipment compatibility.

Canada is a particularly strong underground mining and electrification market. Sandvik received a major battery-electric fleet order from Eldorado Gold for its Lamaque mine.

Europe Mining Equipment Market Holds USD 3.56 Billion

Europe represents 13.4% of 2025 revenue, equal to USD 3.56 billion.

The region combines mining operations with a concentrated mining-technology manufacturing base.

Sweden is home to both Sandvik and Epiroc, two major suppliers of underground equipment, drilling, automation and electrification systems.

Epiroc recorded SEK 61.998 billion in 2025 revenue and strong demand from mining customers for electric equipment, autonomous equipment and digital systems.

Europe also provides a significant technology base for crushing, screening, mineral processing and digital mine planning.

South America Mining Equipment Market Holds USD 2.02 Billion

South America accounts for 7.6% of 2025 market revenue, equal to USD 2.02 billion.

Chile and Peru remain key markets because of their large copper sectors, while Brazil contributes through iron ore, gold and base metals.

Copper is a particularly strong equipment driver because IEA analysis shows continued long-term supply pressure and a 25% projected copper deficit in 2035 under the current project pipeline.

Surface haulage, drilling, crushing and grinding dominate large copper operations, while deeper ore bodies support underground fleet demand.

Middle East & Africa Mining Equipment Market Holds USD 1.29 Billion

Middle East & Africa contributes 4.85% of 2025 global revenue, equal to USD 1.29 billion.

Africa's equipment market is increasingly shaped by copper, gold and critical-mineral development.

Epiroc received a SEK 380 million African order for autonomous electric surface drills in March 2026.

Sandvik received a major underground equipment order for Botswana's Khoemacau copper operation in June 2026.

Zambia is another important technology-validation market. Hitachi's battery-electric dump truck accumulated more than 4,000 km of haul-road operation and transported more than 30,000 tonnes during trials at Kansanshi copper mine.

Mining Equipment Competitive Landscape

Caterpillar

Caterpillar remains one of the largest global mining-equipment manufacturers across surface haulage, loading, excavation and digital mine management.

The company recorded USD 67.6 billion in total sales and revenue during 2025. Fourth-quarter Resource Industries sales reached USD 3.353 billion, increasing 13% year over year.

Its current mining strategy centers on MineStar autonomy, battery-electric haul trucks, charging infrastructure, connected assets and lifecycle services.

The Cat 793 XE battery-electric trial with BHP and Rio Tinto is one of the most important large-haul electrification programs now operating at a mine site.

Komatsu

Komatsu combines ultra-class haulage, electric-drive trucks, loading equipment, autonomous systems and underground mining assets.

Its key 2026 milestone was commissioning 1,000 autonomous ultra-class haul trucks, with FrontRunner fleets having transported more than 11.5 billion tonnes since commercial launch.

Komatsu also continues developing dynamic trolley electrification and equipment-agnostic digital operating models.

Sandvik

Sandvik holds a strong position in underground hard-rock mining, drilling, crushing, screening, automation and battery-electric equipment.

Its electric installed base exceeds 600 mining units worldwide.

The company's Battery as a Service offering reduces upfront battery ownership requirements, while AutoMine provides autonomous and remotely operated fleet capabilities.

Epiroc

Epiroc competes across drilling, underground loading and haulage, rock excavation, automation, digital systems and electrification.

The company ended 2025 with 3,900 driverless machines and revenues of SEK 61.998 billion.

Its LinkOA platform is strategically important because it supports OEM-agnostic autonomous haulage, allowing mine operators to automate mixed fleets rather than remain tied to a single truck manufacturer.

Hitachi Construction Machinery

Hitachi is strengthening both battery-electric haulage and open automation.

Its full battery dump-truck trial at Kansanshi mine exceeded 4,000 km and 30,000 transported tonnes.

The July 2026 partnership with Pronto adds an open-autonomy strategy intended to make autonomous haulage available across wider mining fleets. Hitachi reported JPY 1.4055 trillion in FY2025 consolidated sales revenue.

Liebherr

Liebherr competes in mining trucks, hydraulic excavators, dozers and digital systems.

Its T 264 Battery Electric addresses the 240-tonne haulage class and supports autonomous operation. Liebherr's high-power charging system reaches 6 MW.

The Fortescue partnership covers 475 Liebherr machines, including 360 autonomous battery-electric T 264 trucks.

XCMG

XCMG is expanding aggressively across large mining equipment, electric machines and autonomous haulage.

Its Fortescue contract exceeds USD 400 million and covers more than 100 zero-emission machines scheduled for Pilbara deployment through 2030.

The company has also demonstrated fleet-scale autonomy through the 100-truck electric autonomous deployment in Inner Mongolia.

Other major participants include Metso, SANY, John Deere, Volvo Construction Equipment and regional specialist manufacturers.

Recent Mining Equipment Market Developments

• August 2026: Caterpillar Inc. continued expanding its autonomous and battery-electric mining equipment portfolio, focusing on zero-exhaust-emission solutions, autonomous haulage and digital mine-management technologies.
• July 16, 2026: Hitachi Construction Machinery and Pronto announced a strategic partnership to advance open mine-automation systems and broaden access to autonomous haulage.
• June 23, 2026: BHP, Rio Tinto and Caterpillar launched the mine-site trial phase for two Cat 793 XE battery-electric haul trucks at Jimblebar in Western Australia.
• June 4, 2026: Epiroc received an order to deploy LinkOA autonomous haulage technology at an Australian Heidelberg Materials operation, extending OEM-agnostic autonomy into aggregates.
• July 2026: Sandvik AB continued advancing its underground mining equipment portfolio, with growing emphasis on battery-electric loaders, drills and automated equipment to improve productivity and reduce mine-site emissions.
• July 2026: Epiroc and other mining-equipment providers continued accelerating electrification and automation initiatives as mining companies increased investments in safer, lower-emission and digitally connected operations.
• July 2026: Liebherr-International AG continued developing autonomous haulage and electric mining technologies, strengthening its position in large-scale surface-mining equipment and digital fleet-management solutions.
• June 2026: Hitachi, Ltd. continued advancing autonomous mining haul trucks and digital mining solutions, focusing on fleet optimization, remote operations and improved productivity at large open-pit mines.
• June 2026: Komatsu and Deere & Company continued expanding automation, precision technologies and electrification across heavy equipment, supporting the mining industry's transition toward connected and lower-emission machinery.
• June 2026: XCMG Machinery continued expanding its intelligent mining-equipment portfolio, including large-scale mining trucks, excavators and autonomous technologies for surface-mining operations.
• May 2026: Atlas Copco AB continued strengthening its mining equipment and drilling portfolio, emphasizing electric underground equipment, automated drilling and energy-efficient technologies.
• May 2026: Metso Corporation continued expanding its mining processing equipment and services portfolio, focusing on crushing, screening, grinding and minerals-processing technologies designed to improve energy efficiency and resource recovery.
• April 2026: Doosan Corporation continued advancing its heavy construction and mining machinery portfolio, with increasing emphasis on electrification, automation and digital fleet-management technologies.

Mining Equipment Market Strategic Growth Opportunities Through 2035

Autonomous Mixed Fleets

The next autonomy market extends beyond single-OEM fleets.

Epiroc LinkOA and Hitachi's open-platform strategy directly address mines operating trucks and loaders from several manufacturers.

Mixed-fleet autonomy increases the addressable installed base without forcing operators to replace functioning machines.

Battery-Electric Underground Mining

Underground loaders, trucks and drills already have commercial battery-electric platforms.

Reduced diesel heat and exhaust provide an additional operating-cost case beyond carbon reduction, making underground hard-rock mining one of the clearest electrification markets.

Dynamic and Megawatt Charging

Large electric haul trucks require charging systems measured in megawatts rather than conventional EV charging levels.

Liebherr's T 264 architecture supports charging systems up to 6 MW, while the Pilbara Caterpillar trial is advancing toward dynamic charging.

Charging hardware, mine-grid upgrades and energy-management software therefore form a growing adjacent market.

Copper Mine Expansion

Copper remains one of the most attractive equipment end markets because long-term demand continues to outpace current project supply.

The 25% projected 2035 copper supply gap supports new mine development, brownfield expansion and equipment replacement.

AI-Enabled Fleet Optimization

Autonomous equipment produces large volumes of operational data.

The next productivity gains come from optimizing complete systems-truck dispatch, loading, charging, road maintenance and processing-rather than automating machines separately.

Retrofit Autonomy

Mines hold large installed fleets with years of remaining service life.

Retrofitting autonomous technology onto existing trucks avoids premature asset replacement and expands the addressable market for sensors, control systems and fleet-management software.

Komatsu's Smart Quarry offering and Epiroc's OEM-agnostic approach demonstrate the commercial direction.

Equipment-as-a-Service and Lifecycle Revenue

Equipment manufacturers are increasingly capturing revenue through batteries, maintenance, software, parts, remote monitoring and performance contracts.

Sandvik's Battery as a Service allows the OEM to retain ownership of battery packs, chargers, spare parts and associated maintenance.

This structure lowers customer technology risk while increasing recurring OEM revenue.

Target Audience

Mining equipment manufacturers, mining companies, mine contractors, autonomous-system developers, battery and charging companies, fleet-management providers, mineral-processing companies, metal producers, coal companies, engineering firms, equipment distributors, investors, procurement teams and mine-development organizations.