Mining Excavators Market By Type (Diesel Mining Excavators, Electric Mining Excavators, Hydraulic Mining Excavators), By End User (Surface Mining, Sub-surface Mining) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Growing Demand for Robust Mining Equipment Is Fueling the Growth of the Mining Excavators Market

Globally, the mining excavators market is expected to grow with a CAGR of more than 5% during the forecast period from 2019 to 2027. 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 the recovery of commodity prices and an increasing focus on technology and automation as the way forward.

Over the 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 the use of technology-driven and robust mining excavators. In addition, many companies are developing technologically advanced, power-driven excavators that make operations easy and time-saving.

Along with the growing development of electric and autonomous mining equipment, increasing investments in the mining sector are equally responsible for this market's growth. Companies such as Liebherr, John Deere, and many others are investing and opening new factories dedicated to developing mining excavators. Such activities enable the companies to enhance their existing product offerings while simultaneously fueling market growth by introducing new and innovative equipment.

However, stringent government regulations concerning safety standards, environmental concerns, emission norms, import regulations, a growing market for reused excavators, a lack of standardization, and the high equipment cost are likely to hinder the market's growth during the forecast period.

Market Synopsis

Electric mining excavators are expected to dominate the market.

In 2018, hydraulic mining excavators dominated the global market; however, this market segment is experiencing steady growth as conventional hydraulically driven excavators are being upgraded to electric excavators. In addition, the 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 worldwide in the most demanding conditions, electric equipment provides a more significant advantage for them. The benefit of an electric excavator, such as its lower power consumption and loss compared to a diesel engine, not only provides easy operations but also increases the operating hours without requiring any major maintenance on the electric motor. These advantages have resulted in the increased adoption of electric excavators for mining purposes.

Thus, increasing demand has propelled the manufacturers to improve 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, holding the largest market share of nearly 60% of worldwide revenue.

With the increased expansion of coal and metal mining in the region, the demand for advanced mining equipment is high. Along with this, major manufacturers operating in the global mining excavators market have a wide presence in this region and conduct significant investments in the Asia-Pacific manufacturing sector. Moreover, emerging countries such as China and India reduce fossil fuel consumption to fight pollution, increasing the need for coal mining in Asia-Pacific. This, in turn, fuels market growth.

In addition, major companies such as Atlas Copco and Deere & Company are heavily investing in expanding their presence in this region. China has the largest market share in Asia-Pacific as it is a pioneer in the mining equipment industry.

Some 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 and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, the compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The mining excavators market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global mining excavators market based on type, end-user, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

• What was the size of the market for mining excavators in 2018, and what is the forecast up to 2027?
• Which is the largest regional market for hydraulic excavators?
• What significant trends followed in the mining excavator market across different regions?
• Who are the critical mining excavator companies leading the market?
• What key strategies are adopted by the leading mining excavator companies?

Unique data points of this report

• Statistics on mining excavators' penetration and spending worldwide
• Recent trends across different regions in terms of the adoption of mining excavators for various applications in the mining industry
• Notable developments are going on in the mining excavators industry.
• Attractive investment propositions for segments as well as geography
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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