Latin America Mining Equipment Market Size & Outlook
Latin America mining equipment market, 2018-2030 (US$M)
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Latin America mining equipment market highlights
- The Latin America mining equipment market generated a revenue of USD 11,550.3 million in 2022.
- The market is expected to grow at a CAGR of 5.2% from 2023 to 2030.
- In terms of segment, surface mining equipment was the largest revenue generating equipment type in 2022.
- Underground Mining Equipment is the most lucrative equipment type segment registering the fastest growth during the forecast period.
- Country-wise, Argentina is expected to register the highest CAGR from 2023 to 2030.
Latin America data book summary
| Market revenue in 2022 | USD 11,550.3 million |
| Market revenue in 2030 | USD 17,353.6 million |
| Growth rate | 5.2% (CAGR from 2022 to 2030) |
| Largest segment | Surface mining equipment |
| Fastest growing segment | Underground Mining Equipment |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment, Drills & Breakers |
| Key market players worldwide | Epiroc AB DR, Caterpillar Inc, China Coal Energy Co Ltd Class H, Komatsu Ltd, Liebherr Group, Metso Corp |
Other key industry trends
- In terms of revenue, Latin America region accounted for 8.6% of the global mining equipment market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 75,615.4 million by 2030.
Surface mining equipment was the largest segment with a revenue share of 44.89% in 2022. Horizon Databook has segmented the Latin America mining equipment market based on underground mining equipment, surface mining equipment, crushing, pulverizing & screening equipment, drills & breakers covering the revenue growth of each sub-segment from 2018 to 2030.
In the countries of Central & South America, notably Brazil, Peru, and Argentina, net exports from the manufacturing sector have returned to pre-pandemic levels, resulting in economic growth. Increasing remittances, rising food costs, and effective continued support from these countries’ governments for the improvement of their economies have all contributed to the growth of the regional GDP.
After a 6.9% rebound in 2021, the regional GDP is projected to increase by 2.3% in 2022 and 2.2% in 2023, with majority of countries recouping GDP losses incurred during the pandemic crisis, according to the International Monetary Fund (IMF).
Foreign Direct Investments in the region likewise achieved record lows in 2020, falling by 34.7% compared to 2019. As the economies of Central & South America gradually recover from the COVID-19 crisis, the industry is prepared for steady future growth.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America mining equipment market size, by country, 2018-2030 (US$M)
Latin America Mining Equipment Market Outlook Share, 2022 & 2030 (US$M)
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