North America Mining Equipment Market Size & Outlook
North America mining equipment market, 2018-2030 (US$M)
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North America mining equipment market highlights
- The North America mining equipment market generated a revenue of USD 31,509.4 million in 2022.
- The market is expected to grow at a CAGR of 4.1% 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, Mexico is expected to register the highest CAGR from 2023 to 2030.
North America data book summary
| Market revenue in 2022 | USD 31,509.4 million |
| Market revenue in 2030 | USD 43,413.4 million |
| Growth rate | 4.1% (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, North America region accounted for 23.3% 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 39.55% in 2022. Horizon Databook has segmented the North 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.
According to the International Monetary Fund (IMF) World Economic Outlook, the GDP growth rate of North America was 5.6% in 2021, supported by robust consumer spending in the face of elevated price pressures. The region is characterized by substantial growth in the information technology (IT), construction, and mining sectors.
The region includes the U.S., Mexico, and Canada, which are significant and complex economic systems. North America is the largest and most influential economy globally, and it witnesses significant growth owing to the industrial dynamics and commodity abundance in its countries.
Rising mineral mining activity, increased use of cutting-edge mining equipment, and government initiatives in North America are the major drivers boosting the market growth. For instance, in July 2020, the U.S. House of Representatives established a bipartisan caucus with the goal of finding ways to increase local production of specific minerals used to make cell phones, missiles, and other high-tech equipment.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America mining equipment market size, by country, 2018-2030 (US$M)
North America Mining Equipment Market Outlook Share, 2022 & 2030 (US$M)
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