U.S. Mining Equipment Market Size & Outlook, 2022-2030
U.S. mining equipment market, 2018-2030 (US$M)
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U.S. mining equipment market highlights
- The U.S. mining equipment market generated a revenue of USD 16,613.6 million in 2022 and is expected to reach USD 22,211.0 million by 2030.
- The U.S. market is expected to grow at a CAGR of 3.7% 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.
Mining equipment market data book summary
| Market revenue in 2022 | USD 16,613.6 million |
| Market revenue in 2030 | USD 22,211.0 million |
| Growth rate | 3.7% (CAGR from 2022 to 2030) |
| Largest segment | Surface mining equipment |
| Fastest growing segment | Underground Mining Equipment |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 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, U.S. accounted for 12.3% of the global mining equipment market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. mining equipment market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 9,311.7 million by 2030.
Surface mining equipment was the largest segment with a revenue share of 45.05% in 2022. Horizon Databook has segmented the U.S. 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 the U.S. declined by 3.5% in 2020. This drop can be attributed to the nationwide lockdown imposed in the U.S. to contain the spread of COVID-19.
Elaborating on the U.S., the country offers numerous lucrative opportunities for the mining equipment market, owing to the increasing mining activities in the area on account of the burgeoning consumer demand.
For instance, in February 2022, the U.S. government announced supporting the production of minerals used in electric vehicles and other renewable energy products. Furthermore, in October 2021, Volvo Construction Equipment expanded its range of electric construction equipment by launching three new compact electric machines, the ECR18 Electric excavators, EC18 Electric, and the L20 electric wheeled loader.
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Mining Equipment Market Scope
Mining Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. mining equipment market size, by equipment type, 2018-2030 (US$M)
U.S. Mining Equipment Market Outlook Share, 2022 & 2030 (US$M)
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