Home / Mining, Minerals and Metals / Electric Mining Equipment Market by Product Type (Mining Trucks, Load Haul Dump (LHD)) by Battery Type (Lithium-ion, Lead-acid, Other Battery Types) by Application (Mineral Mining, Metal Mining, Coal Mining): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

Electric Mining Equipment Market by Product Type (Mining Trucks, Load Haul Dump (LHD)) by Battery Type (Lithium-ion, Lead-acid, Other Battery Types) by Application (Mineral Mining, Metal Mining, Coal Mining): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

Published: Jun 2021 | Report Code: 60385-06-21

The electric mining equipment market is expected to cross market value of USD 16,714.1 million in 2027 from USD 11,580.0 million in 2020. It is expected to grow at a CAGR of over 5.4% during the forecast period.

Key Market Drivers and Restraints

Growing demand for mining trucks, powered by lithium-ion batteries boasts three times more power than a diesel, and the capability to haul 50 tons of material. It also features regenerative braking and an automated battery swap system that can refuel the vehicle in about 10 minutes. This is a factor expected to drive growth of the global electric mining equipment market. Also, technological advancement in electric equipment have boosted growth of global electric mining equipment market over the forecast period.

However, high manufacturing cost of the electric equipment is a factor expected to hamper the global electric mining equipment market. Companies are being pressured by stockholders, workers, local communities, consumers and governments to reduce greenhouse gas emissions, reduce carbon footprints, improve air quality and protect the health and safety of workers and people living near mines. Adoption of battery-powered equipment to replace hydraulics is a factor expected to create potential opportunity for the prominent manufacturers operating in the market.

Impact of COVID 19

COVID-19 has pushed many industries away from traditional ways of doing business, and the mining industry is certainly no exception. The pandemic has accelerated many of the technological developments that were previously underway to help mining companies remotely access certain equipment. The electric mining equipment market will show considerable growth on the back of the global pandemic. Due to the COVID-19 outbreak, global or partial shutdown have a negative impact on the supply chain and product demand. In addition, decrease in work employees in this pandemic has impacted the market growth negatively.

Asia Pacific to Dominate the global electric mining equipment market

The global electric mining equipment market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted for more than 31.6% of the target market. This is attributed to increasing demand for the electric equipment in mining and rising collaboration among players to enhance market penetration.

Mining Trucks would continue to dominate the global electric mining equipment market in terms of Product Type

Mining trucks and load haul dump (LHD) are the product type of electric mining equipment market. In 2020, mining trucks segment accounted for the largest share of global electric mining equipment market, owing to growing demand in mining field.

Lithium-ion is the major segment in the global electric mining equipment market in terms of battery type

Lithium-ion, lead-acid, and other battery types are the battery type of electric mining equipment market. In 2020, lithium-ion segment accounted for the largest share of global electric mining equipment market.

Metal Mining is the major segment in the global electric mining equipment market in terms of Application

Based on application, the global electric mining equipment market is segregated into mineral mining, metal mining, and coal mining. In 2020, metal mining segment is accounted for a significant share in 2020 of the global electric mining equipment market.

Frequently asked questions about global electric mining equipment market

  • What are the consequences of COVID 19 on global electric mining equipment market?
    Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
  • Which is the key product type through electric mining equipment market?
    Ans: Mining trucks is the most frequently through electric mining equipment market
  • Which is the key battery type through which electric mining equipment market occurs?
    Ans: Lithium-ion is the main battery type segment in electric mining equipment market
  • Which is the key application through which electric mining equipment market occurs?
    Ans: Metal mining is the major battery type segment in electric mining equipment market
  • Who are the key players in the global electric mining equipment market?
    Ans: Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., Dakota Equipment Manufacturing Inc., Doosan Group, Hitachi Construction Machinery Co., Ltd., JCB, Komatsu Ltd., Liebherr, Sandvik AB, Volvo Construction Equipment, and Others are key players operating in this market
  • Which is the leading regional market for global electric mining equipment market?
    Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
  • What will be the CAGR (2021-2027) of in global electric mining equipment market?
    Ans: The market is anticipated to grow at a CAGR of 5.4% throughout the forecast period
  • Which are the major factors driving the growth of global electric mining equipment market?
    Ans: Increasing demand for the electric equipment in mining fields is a key driving factor propelling the growth of this market


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