New York, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Mining Equipment Market, By Category, By Application, By Propulsion, By Power Output, By Vehicle Type, By Region, Competition Forecast and Opportunities, 2026" - https://www.reportlinker.com/p06130389/?utm_source=GNW
The global mining equipment market stood at around USD2.87 billion in 2020 and is estimated to grow at a CAGR of 8.50% to reach USD4.55 billion by 2026. An increase in the activities focusing on metal procurement to meet the high demand from all over the globe, the introduction of advanced and efficient mining equipment, and flourishing automotive industry are the primary drivers for the global mining equipment market growth.
Ongoing infrastructure developments, rapid urbanization, and the rise in the initiatives taken by the leading authorities in developing economies to construct roads, buildings, highways, railways, and other network systems are bolstering the demand for mining of raw materials to ensure continuous construction process.Mechanization of the mining industry and the introduction of advanced and efficient equipment providing better results to accelerate the mining process are contributing to the market growth.
With the growing per capita income of consumers and the high demand for convenience products, the demand for automobiles is witnessing exponential growth all around the globe.During the automobile manufacturing process, the need for raw materials such as steel for the frame, rubber for tires, and lithium for making batteries is also growing.
High production of passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, and four-wheeler vehicles are boosting the growth of the global mining equipment industry. Increased demand for electric vehicles, rise in mining industries, and growing use of telematics technology in the mining industry is expected to create growth opportunities for the global mining equipment market in the forecast period.
The global mining equipment market is segmented into category, application, propulsion, power output, vehicle type, regional distribution, and competitive landscape.Based on the vehicle type, the market is divided into articulated dump trucks, crawler dozers, crawler excavators, motor graders, rigid dump trucks, drills, electric shovels, hydraulic excavators, mining dozers, mining trucks, wheeled loaders, and others.
The mining trucks are expected to hold the major market share in the forecast period, 2022-2026. Continuous rise in the demand for minerals and ores and growing mining activities, and the launch of electric mining trucks are fueling the demand for mining trucks all around the globe.
Caterpillar Inc., Komatsu Ltd., Liebherr International AG, Hitachi Ltd., Deere & Company, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Doosan Heavy Industries & Construction Co., Ltd., SANY Group, Volvo Construction Equipment AB, JC Bamford Excavators Ltd. Are the key players in the market. These major players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
• To analyze the historical growth in the market size of the global mining equipment market from 2016 to 2020.
• To estimate and forecast the market size of global mining equipment market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast the global mining equipment market based on category, application, propulsion, power output, vehicle type, regional distribution, and competitive landscape.
• To identify the dominant region or segment in the global mining equipment market.
• To identify drivers and challenges for the global mining equipment market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global mining equipment market.
• To identify and analyze the profiles of leading players operating in the global mining equipment market.
• To identify key sustainable strategies adopted by market players in the global mining equipment market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst examined the manufacturers, distribution channels and presence of all major players across the globe.
The analyst calculated the market size of the global mining equipment market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Mining equipment manufacturers/ distributors
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums, and alliances related to mining equipment
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global mining equipment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Mining Equipment Market, By Category:
o Surface & Underground
o Crushing
o Pulverizing
o Mineral Processing
o Screening
• Mining Equipment Market, By Application:
o Coal
o Metal
o Mineral
o Others
• Mining Equipment Market, By Propulsion:
o Diesel
o CNG/LNG
o Electric
• Mining Equipment Market By Power Output:
o <500HP
o 500HP-2000HP
o >2000HP
• Mining Equipment Market, By Vehicle Type:
o Mining Trucks
o Drills
o Hydraulic Excavators
o Mining Dozers
o Electric Shovels
o Articulated Dump Trucks
o Wheeled Loaders
o Crawler Excavators
o Rigid Dump Trucks
o Crawler Dozers
o Motor Graders
o Others
• Mining Equipment Market, By Region:
o Asia-Pacific
China
Australia
India
Indonesia
Malaysia
South Korea
o North America
United States
Canada
Mexico
o Europe & CIS
Russia
Germany
Norway
United Kingdom
Uzbekistan
France
Sweden
o Middle East & Africa
Saudi Arabia
South Africa
Iran
UAE
Qatar
o South America
Brazil
Colombia
Argentina
Peru
Chile
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global mining equipment market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06130389/?utm_source=GNW
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