NEW YORK, Nov. 19, 2020 /PRNewswire/ -- The global mining machinery market size is projected to reach USD 36.2 billion by 2025, from an estimated value of USD 29.0 billion in 2020, at a CAGR of 4.5%. Increasing use of electric machinery in underground mining and an increase in demand for metals and commodities are the driving factors are expected to boost the mining machinery market. The constant R&D efforts by mining machinery manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the autonomous mining machinery market in the coming years.

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Surface mining segment, by automomous machinery market is expected to the largest market owing to improvement in mining operationsIn the autonomous mining machinery segment, demand from surface mining is projected to be the highest by 2025.The mining industry has witnessed many advancements, especially with the introduction of autonomous mining machinery.

Autonomous mining trucks are capable of driving an exact route every time and help in meeting material handling capacity requirements, resulting in reduced production time, fewer chances of human error, increased safety, high production volume, and increased accuracy and repeatability. Caterpillar Inc. (US), Volvo CE (Sweden), and Komatsu Ltd. (Japan), some of the market leaders, manufacture autonomous mining trucks that are used at sites around the globe.

Lithium-ion segment, by battery type, is estimated to account for the largest market share in 2020 due to advantages such as long life, long charging cycle, and safety in all working conditions.

Electric mining machinery market, by battery type, is led by the lithium-ion segment as they offer an edge over conventional ones, considering carbon emissions and safety in underground environments.The mining industry is slowly switching to the use of lithium-ion battery technology, considering its advantages over lead-acid batteries.

The high adoption of lithium-ion batteries in the mining industry, considering the safety concerns over lead-acid batteries, is driving the demand for lithium-ion off-highway battery electric vehicles. Ongoing developments in solid-state battery technology are expected to further increase the commercialization of such technologies in battery electric mining machinery.

Mining trucks, by electric mining machinery, to grow at the highest CAGRCurrent battery technologies are not developed enough to operate heavy mining machinery.Hence, the electrification trend in mining machinery is focusing more on underground mining.

Some companies do offer cable-connected mining machinery, where charging limitations are reduced; however, their working range is highly limited.Hence, mining machinery that requires more power to operate currently works on hybrid-electric technology.

A major chunk of the global electric trucks market is currently held by hybrid mining dump trucks due to their high capacity, power output, fuel efficiency, and low maintenance cost. Currently, Asia Oceania is leading the market due to the presence of huge mines and mining corporations, especially in China, India, and Australia.

Asia Oceania is projected to be the largest market throughout 2025To cope with the increasing demand for conventional and electric vehicles, the demand for metals is always on the rise.Countries in Asia Oceania have witnessed significant mergers, partnerships, and collaborations in the automotive industry.

China and India are two of the largest automotive manufacturing nations; China accounts for the largest market share of electric vehicles in the world.The country has witnessed significant sales of battery electric vehicles, plug-in hybrid vehicles, and hybrid electric vehicles.

With the growing electric vehicle ecosystem and infrastructure, the need for metals is imminent.Lithium, an essential element for battery electric vehicles, is expected to drive the mining industry in the country.

China has focused on building capacity at every stage of its battery supply chain. Based on MarketsandMarkets secondary research, China has a minimum of 100 lithium-ion battery plants. In addition to rare earth metals, the manufacturing of lithium-ion batteries depends on some key materials, such as graphite. Hence, Asia Oceania is expected to dominate the mining machinery market, mainly because of China.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market. By Company Type: OEM 70%, Tier 1 - 30% By Designation: C Level - 30%, D Level - 30%; and Others 40% By Region: Asia Oceania - 40%, North America 20%, South America - 30%, and Europe - 10%

Caterpillar Inc. (US), Komatsu Ltd. (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), Doosan Corporation (South Korea) are the leading manufacturers of mining machinery in the global market.

Research Coverage:This study segments the mining machinery market and forecasts the market size based on machinery category [crushing, pulverizing, and screening; mineral processing, surface mining (articulated dump trucks, crawler excavators, crawler dozers, motor graders, rigid dump trucks); and underground mining (electric shovels, hydraulic excavators, mining dozers, mining trucks, drills, and wheel loaders)], propulsion (diesel and CNG/LNG/RNG), application (coal, metals, and minerals), electric machinery by type (mining trucks and LHD), electric machinery by battery type (lithium ion, lead acid, others), autonomous machinery (surface and underground), and region (North America, Asia Oceania, Europe, South America, and Middle East & Africa).

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall mining machinery market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the market's pulse and provides them information on key market drivers, restraints, challenges, and opportunities.

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The global mining machinery market size is projected to reach USD 36.2 billion by 2025, from an estimated value of USD 29.0 billion in 2020, at a CAGR...