Global Mining Shovel Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

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 and Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn109999226 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Mining Shovel Market (USD Million), 2021 - 2031

In the year 2024, the Global Mining Shovel Market was valued at USD 8,075.53 million. 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%.

The global mining shovel market represents a vital segment within the broader mining equipment industry, providing essential machinery for the excavation and loading of materials in surface mining operations. Mining shovels, also known as power shovels or hydraulic shovels, are heavy-duty machines designed to handle large volumes of earth, ore, and overburden efficiently. They play a crucial role in the extraction of minerals such as coal, iron ore, copper, and gold, among others, from open-pit mines around the world.

In recent years, the global mining shovel market has witnessed significant technological advancements aimed at improving productivity, efficiency, and safety in mining operations. Manufacturers are continuously innovating to enhance the performance and reliability of mining shovels, incorporating features such as advanced automation, real-time monitoring systems, and ergonomic designs. These innovations enable mining companies to maximize production output while minimizing downtime and operational risks, thereby enhancing overall operational efficiency and profitability.

Despite the ongoing shift towards automation and electrification in the mining industry, hydraulic mining shovels remain indispensable for their versatility, power, and ability to handle diverse geological conditions. The market for mining shovels is influenced by factors such as commodity prices, mining activity levels, regulatory requirements, and technological developments. As the demand for minerals continues to grow, particularly in emerging economies, the global mining shovel market is expected to remain buoyant, driven by investments in infrastructure, construction, and industrial development.

  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. Global 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. Global 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. Global Mining Shovel Market, By Payload Capacity, 2021 - 2031 (USD Million)
      1. 20-25
      2. 30-35
      3. 40-50
      4. More than 50
    3. Global 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