North America Mining Equipment - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The north america mining equipment market size is projected to expand from USD 20.29 billion in 2025 and USD 21.44 billion in 2026 to USD 28.28 billion by 2031, registering a CAGR of 5.69% between 2026 and 2031. This report is Segmented by Equipment Type (Surface Mining Equipment, Underground Mining Equipment, Mineral Processing Equipment, and More), Power Source (Diesel, Electric, and Hybrid), Application (Metal Mining, Industrial Mineral Mining, and More), Ownership Model (New Equipment Sales, Rental/Leasing, and More) and by Country. The Market Forecasts are Provided in Terms of Value (USD).

North America Mining Equipment Market Trends and Insights

Electrification of Mine Fleets

Battery-electric underground loaders and trucks are revolutionizing cost structures by reducing ventilation power needs, which can consume a significant portion of an underground mine's energy budget. Epiroc's battery lineup, set to be deployed by Hudbay at the Lalor site, is projected to slash operating ventilation costs and enable deeper mining operations, previously limited by diesel exhaust constraints. While surface adoption is slower - due to trolley-assist costs that limit commercial viability to ultra-high-throughput pits - regulatory momentum is gaining traction. British Columbia mandates battery-electric or hydrogen powertrains at new underground sites. This push has spurred OEMs to invest in one-megawatt mobile chargers, capable of recharging a substantial portion of a vehicle's capacity in a short time.

Automation and Digital-Mine Transition

Global deployments of autonomous haulage units by Caterpillar and Komatsu have grown significantly, and after fully adopting MineStar Command, Nevada Gold Mines reported higher truck utilization and reduced tire wear. Meanwhile, Sandvik's AutoMine stations enable a single operator to control multiple underground machines from surface control rooms, achieving a notable reduction in labor costs at KGHM's Morrison pilot. Predictive maintenance tools like Komtrax, which monitor thousands of machine parameters, have successfully reduced unplanned downtime across North American fleets, thereby avoiding substantial annual production losses at each mine. Digital twins synthesize data from drilling, haulage, and processing in real-time, enabling a reduction in unplanned downtime through predictive maintenance analytics.

Metals-Price Volatility Impacting Capex Plans

In recent times, lithium carbonate prices have significantly declined from their previous highs, settling at much lower levels. Concurrently, nickel, cobalt, and graphite prices have also declined sharply. These market fluctuations have led to a deferral of substantial expansion budgets for North American mines. Additionally, there has been a noticeable contraction in the demand for ultra-class trucks and large excavators. In response to the market's volatility, operators have begun segmenting their fleet orders into smaller tranches, often with short-term options. This strategy not only preserved their flexibility but also led to higher unit prices for OEMs. Furthermore, this trend has contributed to significant growth in the equipment rental and leasing sector, which is increasingly favored for its lower monthly operating costs compared to hefty upfront capital expenditures.

Other drivers and restraints analyzed in the detailed report include:

• Demand for Critical Minerals for Energy Transition
• United States IRA-Linked Exploration Capex Surge
• Grid-Permitting Bottlenecks for High-Power Electrified Mines

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

In contrast, surface fleets - still 45.33% of 2025 revenue - advance at a slower 5.1% as autonomous retrofits defer replacement buys. Mineral-processing systems are forecast to grow 6.18% annually, outshining the broader North America mining equipment market by almost half a percentage point. AI-driven comminution, along with high-pressure grinding rolls and vertical roller mills, significantly slashes energy consumption. This efficiency not only promises robust returns but also shifts capital focus from the pit to the plant. FLSmidth secured substantial North American orders for its Planet Positive line, predominantly from copper and lithium clients.

Battery-electric technology is propelling underground machinery, leading to steady growth. Epiroc’s ST18 Battery loader, boasting extended runtimes and a high payload, is particularly favored by Canadian hard-rock mines grappling with depth-induced heat challenges. Meanwhile, drills and breakers experience growth, driven by demand for super-large blasthole rigs like Epiroc’s Pit Viper 275. Support equipment, encompassing graders and water carts, sees a rise. In contrast, specialized tools for Arctic conditions and narrow veins enjoy growth, fueled by a surge in northern exploration.

Diesel retained 75.45% of the North America mining equipment market share in 2025, yet battery-electric units are on an 8.81% trajectory to 2031. Hudbay's Lalor order highlights the crucial role of ventilation in underground operations, emphasizing its economic significance in ensuring operational efficiency and worker safety.

Meanwhile, surface conversions face challenges due to the high costs of trolley infrastructure, which can hinder broader adoption despite their potential benefits. Komatsu's hybrid model, the PC7000-11, successfully balances significant fuel savings with stable grid demand, paving the way for the growth of hybrid models in the mining industry. The Tier 4 Final after-treatment, which comes at an added cost for larger trucks, now enjoys near-perfect uptime. This leap forward enables fleets to meet stringent air-quality standards, even as conventional electric vehicles continue to advance to enhance performance and adoption rates.

Complete Report Scope:

• By Equipment Type
  • Surface Mining Equipment
  • Underground Mining Equipment
  • Mineral Processing Equipment
  • Drills, Breakers & Crushing Tools
  • Support & Ancillary Equipment
  • Other Specialized Equipment
• By Power Source
  • Diesel
  • Electric
  • Hybrid
• By Application
  • Metal Mining
  • Industrial Mineral Mining
  • Coal Mining
  • Aggregates & Quarrying
  • Others
• By Ownership Model
  • New Equipment Sales
  • Rental & Leasing
  • Refurbished/Rebuilt Equipment
• By Country
  • United States
  • Canada
  • Rest of North America

List of Companies Covered in this Report:

• Caterpillar Inc.
• Komatsu Ltd.
• Liebherr Group
• Epiroc AB
• Sandvik AB
• Hitachi Construction Machinery Co., Ltd.
• Volvo Construction Equipment Ltd.
• Terex Corporation
• SANY Group
• FLSmidth & Co. A/S
• Metso Corporation
• Joy Global Inc. (Komatsu Mining Corp.)
• Mining Equipment Ltd.
• Deere & Company
• Doosan Bobcat (HD Hyundai)
• Astec Industries Inc.
• The Weir Group PLC
• J C Bamford Excavators Ltd
• Wirtgen Group (John Deere)

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support