Mining Shovel Market

By Mineral Type;

Coal, Iron Ore, Non-Ferrous Metals, Industrial Minerals and Precious Metals

By Payload Capacity;

20-25, 30-35, 40-50 and More Than 50

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa and Latin America - Report Timeline (2021 - 2031)
Report ID: Rn109999226 Published Date: August, 2025 Updated Date: September, 2025

Mining Shovel Market Overview

Mining Shovel Market (USD Million)

Mining Shovel Market was valued at USD 8,075.53 million in the year 2024. The size of this market is expected to increase to USD 9,871.29 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 2.9%.


Mining Shovel Market

*Market size in USD million

CAGR 2.9 %


Study Period2025 - 2031
Base Year2024
CAGR (%)2.9 %
Market Size (2024)USD 8,075.53 Million
Market Size (2031)USD 9,871.29 Million
Market ConcentrationHigh
Report Pages391
8,075.53
2024
9,871.29
2031

Major Players

  • Caterpillar Inc.
  • Komatsu Ltd.
  • Hitachi Construction Machinery Co., Ltd.
  • Liebherr Group
  • BEML Limited
  • XCMG Group
  • Volvo Construction Equipment
  • Doosan Infracore
  • Sandvik AB
  • Terex Corporation

Market Concentration

Consolidated - Market dominated by 1 - 5 major players

Mining Shovel Market

Fragmented - Highly competitive market without dominant players


The Mining Shovel Market is expanding rapidly as mining companies prioritize powerful excavation equipment to maximize output. More than 55% of large operations rely on shovels for bulk handling, highlighting their importance in efficient resource extraction.

Extensive Role in Mining Projects
Mining shovels play a central role in coal, metal, and mineral operations, making up nearly 60% of heavy-duty excavation tasks. Their ability to handle massive loads and maintain durability in tough conditions positions them as essential assets for the sector.

Enhancing Efficiency and Output
Close to 50% of mining operations now use automated or semi-automated shovel systems, enabling faster cycles, fewer interruptions, and consistent results. These advancements help companies achieve greater productivity while maintaining reliable operations.

Innovation Driving Shovel Technology
Continuous progress in hydraulic engineering, electric drive systems, and digital monitoring tools is transforming shovel performance. Roughly 40% of the latest models focus on energy efficiency and smart monitoring, improving both cost savings and workplace safety.

Promising Market Outlook
Looking ahead, the mining shovel market shows strong growth potential, with around 65% of enterprises planning upgrades to next-generation shovel systems. This trend underlines the growing reliance on advanced excavation machinery to support long-term mining strategies.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Mineral Type
    2. Market Snapshot, By Payload Capacity
    3. Market Snapshot, By Region
  4. Mining Shovel Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Growing Demand for Minerals
        2. Technological Advancements
        3. Infrastructure Development Projects
      2. Restraints
        1. Volatility in Commodity Prices
        2. Environmental Regulations
        3. High Initial Investment Costs
      3. Opportunities
        1. Emerging Markets Expansion
        2. Automation and Efficiency Improvements
        3. Replacement and Upgradation Demand
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Mining Shovel Market, By Mineral Type, 2021 - 2031 (USD Million)
      1. Coal
      2. Iron Ore
      3. Non-Ferrous Metals
      4. Industrial Minerals
      5. Precious Metals
    2. Mining Shovel Market, By Payload Capacity, 2021 - 2031 (USD Million)
      1. 20-25
      2. 30-35
      3. 40-50
      4. More Than 50
    3. Mining Shovel Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Caterpillar Inc.
      2. Komatsu Ltd.
      3. Hitachi Construction Machinery Co., Ltd.
      4. Liebherr Group
      5. BEML Limited
      6. XCMG Group
      7. Volvo Construction Equipment
      8. Doosan Infracore
      9. Sandvik AB
      10. Terex Corporation
  7. Analyst Views
  8. Future Outlook of the Market