The global mining shovel market is anticipated to be valued at US$ 7.8 billion in 2022. Demand is likely to remain high for mining shovels during the assessment period. This is due to the increased mining operation and garnering US$ 10.4 billion in 2033, recording a CAGR of 2.7% from 2023 to 2033. The market is likely to secure US$ 8.0 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Mining Shovel Market Size Value in 2023 | US$ 8.0 billion |
| Mining Shovel Rental Market Forecast Value in 2033 | US$ 10.4 billion |
| Global Growth Rate | 2.7% CAGR |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Mining Shovel Industry:
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| Attributes | Details |
|---|---|
| Historical CAGR (2018 to 2022) | 2.5% |
| Forecast CAGR (2023 to 2033) | 2.7% |
Demand for mining shovels grew at a 2.5% CAGR between 2018 and 2022. Mining shovels, also called front shovels or power shovels, are bucket-equipped electrically powered machines, commonly used for digging, loading, and extracting earth minerals. They are used to excavate large quantities of rock and soil in the strip or surface mining operations. These machines are available in a wide range of payload capacities and a complete rig can weigh up to 10,000 tons.
Characterized by their huge size, mining shovels primarily exceed 200 feet in length and can have buckets with volumes of up to 180 cubic yards. These machines are increasingly gaining popularity across the mining industry, owing to their ability to dig and excavate huge quantities of earth minerals and work in harsh & difficult mining conditions.
As these shovels assist mining sites in moving the soil and rock at faster rates and at a lower cost per ton, they are increasingly being adopted for surface mining applications for extracting minerals and metals such as iron ore, coal, copper, bauxite, and gold among others. This is projected to bolster the demand for mining shovels in the market.
The Increasing Construction Activities Globally to Drive the Market Growth
As the trend of urbanization and industrialization continues to create deeper inroads across the world, a swift rise in building and construction activities is being witnessed, especially across developing economies such as China, India, Australia, Brazil, and others.
Citing these trends, governments in numerous countries are increasingly aiming at urbanizing their rural areas and investing in upgrading the infrastructure of respective nations. For instance, the Indian government has announced allocating US$ 868 Billion under its Smart City Mission for constructing over 100 smart cities across India.
Such increasing infrastructure development and construction activities are creating strong demand for iron, steel, and other metals. Leading mining industry players are emphasizing expanding their mining capacity to capitalize on the surging iron & steel demand.
For instance, in 2021, JSW Steel, an Indian multinational conglomerate announced acquiring 4 iron ore mines in Odisha, India to ramp up its iron & steel production and supply 51% of its overall requirement. As mining shovels are extensively used across the iron ore & crude steel mines for digging and extraction applications, such a rise in mining activities is estimated to spur sales in the global market.
Principal Consultant
High Cost of Maintenance May Impede the Market Growth
Although there are several advantages associated with mining shovels, extravagant initial cost, difficulty in operation due to their mechanical complexity, and high cost of maintenance due to working in harsh mining conditions are hampering the growth in the market.
The increasing shift of end-user preference towards using excavators for mining applications, owing to this low initiation cost and multifunction capability is hindering the demand for mining shovels. The rising availability of mining equipment such as mining shovels on a rental basis is hindering the sales of new mining shovels in the market.
Increasing Construction of New Mines to Boost the Market Growth
Future Market Insights states that South Asia and the Pacific are forecast to continue dominating the global mining shovel market between 2023 and 2033. Demand for coal is rapidly increasing across the power generation sector, thanks to the introduction of advanced clean coal technologies. With surging power demand across the Asia Pacific, governments in countries across the region are immensely focusing on increasing their production of coal for power generation activities.
For instance, in 2021, the Indian Government announced approving the investment of US$ 6.47 billion for constructing 8 new coal mining projects and expanding 24 existing coal mines for increasing the production of coal in the country. As mining shovels are used in mining activities, such initiatives for constructing new mines are estimated to augment the demand in the market.
Increasing Mining Activities in The Region to Drive the Market Growth
As per FMI, North America is anticipated to account for a significant share of the global mining shovel market over the forecast period 2023 to 2033. North America is expected to account for a CAGR of 2.6% during the forecast period.
Increasing demand for minerals and metals such as iron ore, copper, gold, steel, and others has resulted in accelerating mining activities across the countries such as the United States and Canada, creating sales opportunities for mining equipment.
The leading manufacturers in the market are aiming at launching novel products to capitalize on such opportunities. For instance, in 2020, Caterpillar Inc., a USA-based construction machinery and equipment company announced its new hydraulic mining shovel, 6015B. The shovel is equipped with a single Cat C27 ACERT engine and a 100-ton shovel, providing faster-digging cycles and greater digging power. A multiplicity of such new product launches is estimated to fuel the demand for mining shovels in the North American market.
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30-40 Metric Ton Segment to Remain Highly Sought After
By payload capacity, the 34-40 metric ton payload capacity segment is expected to dominate the market in the forecast period. The segment is projected to account for a CAGR of 2.6% during the forecast period.
This range of mining shovels is used in operations, including open-pit mining of various minerals and materials. These shovels offer a balance between size, power, and efficiency, making them versatile for different types of mining projects.
Coal Segment to generate high Revenue
As per FMI’s analysis, the coal segment accounts for 42.5% of the total mining shovel market share. The segment is projected to account for a CAGR of 2.5% during the forecast period.
Coal mining shovels are specifically designed for excavating and loading coal from open-pit mines or coal seams. These shovels are often equipped with specialized features to handle the unique properties of coal, such as high volume, low density, and potential challenges related to dust control.
Some of the leading players in the mining shovel market are JCB Ltd., Volvo Construction Equipment, Caterpillar Inc., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Metso Corporation, Komatsu Limited, Boart Longyear Ltd., and China National Coal Mining Equipment Co. Ltd.
The global mining shovel market is highly competitive, due to a large number of participants and increasing adoption of product launches and capacity expansion strategies to strengthen the market share.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 2.7% from 2023 to 2033 |
| Market Value in 2023 | US$ 8.0 billion |
| Market Value in 2033 | US$ 10.4 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
The mining shovel market CAGR for 2033 is 2.7%.
The market is valued at US$ 8.0 billion in 2023.
The projected market value of the market for 2033 is US$ 10.4 billion.
Key players are developing the market by partnering with other companies.
Caterpillar, Komatsu, and Sandvik are key market players.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Payload Capacity
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Payload Capacity, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Payload Capacity, 2023 to 2033
5.3.1. 20-30 Metric Tons
5.3.2. 30-40 Metric Tons
5.3.3. 40-50 Metric Tons
5.3.4. More than 50 Metric Tons
5.4. Y-o-Y Growth Trend Analysis By Payload Capacity, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Payload Capacity, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mineral Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Mineral Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Mineral Type, 2023 to 2033
6.3.1. Coal
6.3.2. Iron Ore
6.3.3. Non-ferrous Metals
6.3.4. Industrial Minerals
6.3.5. Precious Metals
6.3.6. Others
6.4. Y-o-Y Growth Trend Analysis By Mineral Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Mineral Type, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Payload Capacity
8.2.3. By Mineral Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Payload Capacity
8.3.3. By Mineral Type
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Payload Capacity
9.2.3. By Mineral Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Payload Capacity
9.3.3. By Mineral Type
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Payload Capacity
10.2.3. By Mineral Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Payload Capacity
10.3.3. By Mineral Type
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Payload Capacity
11.2.3. By Mineral Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Payload Capacity
11.3.3. By Mineral Type
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Payload Capacity
12.2.3. By Mineral Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Payload Capacity
12.3.3. By Mineral Type
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Payload Capacity
13.2.3. By Mineral Type
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Payload Capacity
13.3.3. By Mineral Type
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Payload Capacity
14.2.3. By Mineral Type
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Payload Capacity
14.3.3. By Mineral Type
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Payload Capacity
15.1.2.2. By Mineral Type
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Payload Capacity
15.2.2.2. By Mineral Type
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Payload Capacity
15.3.2.2. By Mineral Type
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Payload Capacity
15.4.2.2. By Mineral Type
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Payload Capacity
15.5.2.2. By Mineral Type
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Payload Capacity
15.6.2.2. By Mineral Type
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Payload Capacity
15.7.2.2. By Mineral Type
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Payload Capacity
15.8.2.2. By Mineral Type
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Payload Capacity
15.9.2.2. By Mineral Type
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Payload Capacity
15.10.2.2. By Mineral Type
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Payload Capacity
15.11.2.2. By Mineral Type
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Payload Capacity
15.12.2.2. By Mineral Type
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Payload Capacity
15.13.2.2. By Mineral Type
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Payload Capacity
15.14.2.2. By Mineral Type
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Payload Capacity
15.15.2.2. By Mineral Type
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Payload Capacity
15.16.2.2. By Mineral Type
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Payload Capacity
15.17.2.2. By Mineral Type
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Payload Capacity
15.18.2.2. By Mineral Type
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Payload Capacity
15.19.2.2. By Mineral Type
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Payload Capacity
15.20.2.2. By Mineral Type
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Payload Capacity
15.21.2.2. By Mineral Type
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Payload Capacity
15.22.2.2. By Mineral Type
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Payload Capacity
15.23.2.2. By Mineral Type
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Payload Capacity
16.3.3. By Mineral Type
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. JCB Ltd.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.1.5.3. Channel Strategy
17.1.2. Volvo Construction Equipment
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.2.5.3. Channel Strategy
17.1.3. Caterpillar Inc.
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.3.5.3. Channel Strategy
17.1.4. Sandvik AB
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.4.5.3. Channel Strategy
17.1.5. Hitachi Construction Machinery Co. Ltd.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.5.5.3. Channel Strategy
17.1.6. Metso Corporation
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.6.5.3. Channel Strategy
17.1.7. Komatsu Limited
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.7.5.3. Channel Strategy
17.1.8. Boart Longyear Ltd.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.8.5.3. Channel Strategy
17.1.9. China National Coal Mining Equipment Co. Ltd
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
17.1.9.5.3. Channel Strategy
17.1.10. Liebherr Group
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.10.5.2. Product Strategy
17.1.10.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Mining Shovel Market
