Summary

Electric Mining Equipment Market Summary

The global electric mining equipment market size was estimated at USD 3.05 billion in 2024, and is projected to reach USD 10.51 billion by 2033, growing at a CAGR of 15.2% from 2025 to 2033. This steady growth is attributed to the rising enforcement of stringent emission regulations, accelerating technological advancements in battery and powertrain systems, increasing integration of automation and digital mining solutions, growing emphasis on lowering the total cost of ownership through reduced ventilation and fuel costs, and the surge in strategic partnerships supported by government decarbonization policies.

Tightening global emissions regulations are propelling market growth in the electric mining equipment sector. Regulatory initiatives such as the European Union’s Green Deal and the U.S. Environmental Protection Agency (EPA) Tier 4 standards are urging mining operators to shift from diesel-powered to electric-powered fleets. The U.S. Department of Energy (DOE) emphasizes the mining sector’s role in reducing Scope 1 emissions as part of national decarbonization pathways. Furthermore, government-backed bodies like the International Council on Mining and Metals (ICMM) have introduced guidelines urging net-zero commitments across the mining value chain, significantly boosting the demand for zero-emission mining vehicles like electric trucks and LHDs.

Rapid progress in battery storage systems is significantly boosting the market for electric mining equipment. Innovations in lithium-iron phosphate (LFP) and solid-state batteries are improving energy density and reducing charging time, making electric equipment more suitable for continuous operations in remote mining environments. The U.S. DOE has invested heavily in next-generation battery R&D through initiatives like the Advanced Battery Materials Research (BMR) program. These advancements have enabled companies such as Sandvik and Epiroc to introduce battery-electric underground loaders and haul trucks with longer operational ranges and reduced downtime, accelerating commercial adoption and driving industry transformation.

Government-backed programs focused on worker safety and digital transformation are propelling the integration of automation and electric mobility. For instance, Canada’s Natural Resources Department and the U.S. NIOSH (National Institute for Occupational Safety and Health) have supported R&D into autonomous and remotely operated electric mining vehicles to reduce human exposure to hazardous environments. This convergence of electrification with AI and telematics enables predictive maintenance, operational analytics, and remote operation, key pillars of the modern “smart mine.” Such innovations are boosting the market by reducing labor costs, increasing uptime, and enhancing overall productivity.

The falling total cost of ownership is another factor significantly boosting the market for electric mining equipment. While electric mining machines require higher upfront investment, they offer reduced operational costs through savings on diesel, lubricants, and maintenance. More importantly, electric equipment drastically reduces underground ventilation expenses, one of the largest cost centers in deep mines. According to the U.S. Department of Energy, mining operators can save up to 40% on ventilation when transitioning to battery-electric fleets. This favorable economic profile is persuading both large and mid-sized operators to increasingly electrify their equipment.

Collaborations between mining operators, equipment manufacturers, and government agencies are creating strong momentum across the electric mining landscape. Public-private partnerships supported by policy incentives and national green mining strategies are accelerating large-scale deployments. For instance, Australia’s government-backed Modern Manufacturing Initiative and Canada’s Zero-Emission Vehicle Infrastructure Program (ZEVIP) have enabled mining giants to trial and scale electric fleets. Fortescue Metals, for example, has partnered with Liebherr to deploy electric haul trucks and excavators under a USD 2.8 billion electrification program, demonstrating the catalytic role of policy-backed investments in boosting the electric mining equipment industry globally.

Global Electric Mining Equipment Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global electric mining equipment market report based on type, power source, mining, application, and region:

• Type Outlook (Revenue, USD Million, 2021 - 2033)
• Electric Trucks
• Electric Drills
• Electric LHDs (Load-Haul-Dump),
• Electric Excavators
• Electric Shovels
• Others
• Power Source Outlook (Revenue, USD Million, 2021 - 2033)
• Battery Powered
• Trolley Assisted
• Hybrid
• Hydrogen fuel cells
• Mining Outlook (Revenue, USD Million, 2021 - 2033)
• Surface Mining
• Underground Mining
• Application Outlook (Revenue, USD Million, 2021 - 2033)
• Metal Mining
• Coal Mining
• Mineral Processing
• Regional Outlook (Revenue, USD Million, 2021 - 2033)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
• Latin America
o Brazil
• Middle East and Africa (MEA)
o KSA
o UAE
o South Africa

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.7. Country Based Segment Share Calculation
1.8. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Electric Mining Equipment Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Industry Challenge
3.3. Electric Mining Equipment Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic landscape
3.3.2.3. Social landscape
3.3.2.4. Technological landscape
3.3.2.5. Environmental landscape
3.3.2.6. Legal landscape
Chapter 4. Electric Mining Equipment Market: Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Electric Mining Equipment Market: Type Movement Analysis, 2024 & 2033 (USD Million)
4.3. Electric Trucks
4.3.1. Electric Trucks Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.4. Electric Drills-
4.4.1. Electric Drills Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.5. Electric LHDs (Load-Haul-Dump)-
4.5.1. Electric LHDs (Load-Haul-Dump) Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.6. Electric Excavators-
4.6.1. Electric Excavators Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.7. Electric Shovels-
4.7.1. Electric Shovels Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
4.8. Others-
4.8.1. Others Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 5. Electric Mining Equipment Market: Power Source Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Electric Mining Equipment Market: Power Source Movement Analysis, 2024 & 2033 (USD Million)
5.3. Battery Powered
5.3.1. Battery Powered Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
5.4. Trolley Assisted
5.4.1. Trolley Assisted Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
5.5. Hybrid
5.5.1. Hybrid Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
5.6. Hydrogen Fuel Cells
5.6.1. Hydrogen Fuel Cells Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 6. Electric Mining Equipment Market: Mining Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Electric Mining Equipment Market: Mining Movement Analysis, 2024 & 2033 (USD Million)
6.3. Surface Mining
6.3.1. Surface Mining Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
6.4. Underground Mining
6.4.1. Underground Mining Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 7. Electric Mining Equipment Market: Application Estimates & Trend Analysis
7.1. Segment Dashboard
7.2. Electric Mining Equipment Market: Application Movement Analysis, 2024 & 2033 (USD Million)
7.3. Metal Mining
7.3.1. Metal Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
7.4. Coal Mining
7.4.1. Coal Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
7.5. Mineral Processing
7.5.1. Mineral Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 8. Electric Mining Equipment Market: Regional Estimates & Trend Analysis
8.1. Electric Mining Equipment Market Share, By Region, 2024 & 2033, USD Million
8.2. North America
8.2.1. North America Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.2.2. U.S.
8.2.2.1. U.S. Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.2.3. Canada
8.2.3.1. Canada Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.2.4. Mexico
8.2.4.1. Mexico Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.3. Europe
8.3.1. Europe Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.3.2. UK
8.3.2.1. UK Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.3.3. Germany
8.3.3.1. Germany Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.3.4. France
8.3.4.1. France Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.4. Asia Pacific
8.4.1. Asia Pacific Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.4.2. China
8.4.2.1. China Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.4.3. Japan
8.4.3.1. Japan Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.4.4. India
8.4.4.1. India Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.4.5. South Korea
8.4.5.1. South Korea Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.4.6. Australia
8.4.6.1. Australia Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.5. Latin America
8.5.1. Latin America Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.5.2. Brazil
8.5.2.1. Brazil Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.6. Middle East and Africa
8.6.1. Middle East and Africa Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.6.2. UAE
8.6.2.1. UAE Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.6.3. KSA
8.6.3.1. KSA Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
8.6.4. South Africa
8.6.4.1. South Africa Electric Mining Equipment Market Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 9. Competitive Landscape
9.1. Company Categorization
9.2. Company Market Positioning
9.3. Company Heat Map Analysis
9.4. Company Profiles/Listing
9.4.1. Caterpillar
9.4.1.1. Participant’s Overview
9.4.1.2. Financial Performance
9.4.1.3. Product Benchmarking
9.4.1.4. Strategic Initiatives
9.4.2. Komatsu
9.4.2.1. Participant’s Overview
9.4.2.2. Financial Performance
9.4.2.3. Product Benchmarking
9.4.2.4. Strategic Initiatives
9.4.3. Sandvik AB
9.4.3.1. Participant’s Overview
9.4.3.2. Financial Performance
9.4.3.3. Product Benchmarking
9.4.3.4. Strategic Initiatives
9.4.4. Epiroc AB
9.4.4.1. Participant’s Overview
9.4.4.2. Financial Performance
9.4.4.3. Product Benchmarking
9.4.4.4. Strategic Initiatives
9.4.5. Hitachi Construction Machinery Co., Ltd.
9.4.5.1. Participant’s Overview
9.4.5.2. Financial Performance
9.4.5.3. Product Benchmarking
9.4.5.4. Strategic Initiatives
9.4.6. AB Volvo
9.4.6.1. Participant’s Overview
9.4.6.2. Financial Performance
9.4.6.3. Product Benchmarking
9.4.6.4. Strategic Initiatives
9.4.7. ABB
9.4.7.1. Participant’s Overview
9.4.7.2. Financial Performance
9.4.7.3. Product Benchmarking
9.4.7.4. Strategic Initiatives
9.4.8. Siemens
9.4.8.1. Participant’s Overview
9.4.8.2. Financial Performance
9.4.8.3. Product Benchmarking
9.4.8.4. Strategic Initiatives
9.4.9. Liebherr Group
9.4.9.1. Participant’s Overview
9.4.9.2. Financial Performance
9.4.9.3. Product Benchmarking
9.4.9.4. Strategic Initiatives
9.4.10. XCMG Group
9.4.10.1. Participant’s Overview
9.4.10.2. Financial Performance
9.4.10.3. Product Benchmarking
9.4.10.4. Strategic Initiatives
9.4.11. SANY Group
9.4.11.1. Participant’s Overview
9.4.11.2. Financial Performance
9.4.11.3. Product Benchmarking
9.4.11.4. Strategic Initiatives