The global mining equipment industry continues to grow and develop, with the market size rising from 586.3 billion yuan to 736.7 billion yuan, and is expected to exceed one trillion yuan in 2030.
At the same time, the industry continues to transform towards green and intelligent directions, and new energy and driverless mining equipment are expected to enter the fast lane of development. The average annual compound growth rate of the market size from 2024 to 2030 will remain above 20%.
The scale of my country’s mining equipment market will reach 123 billion yuan in 2024. The competitiveness of enterprises continues to improve. Leading manufacturers are actively exploring overseas markets. The unmanned electric mining truck market is expected to increase rapidly.
Mining equipment is the core equipment that supports the entire process of mining. Its technical level and operating efficiency directly determine the mine’s production capacity, cost control effect and safety production level.
Driven by multiple factors such as stronger copper, gold and other mineral prices, increased mining capital expenditures, and continued demand for coal, metals and industrial minerals, global mining output value will increase from 38.5 trillion yuan in 2020 to 54.8 trillion yuan in 2024, with an average annual compound growth rate of approximately 9.23%.
This good growth trend has brought sustained demand momentum and broad application space to the mining equipment industry.
In this context, the global mining equipment market size is also growing, rising from 586.3 billion yuan in 2020 to 736.7 billion yuan in 2024, with an average annual compound growth rate of approximately 5.87%.
It is expected that by 2030, its market size is expected to exceed one trillion yuan, with an average annual compound growth rate of approximately 5.67% from 2024 to 2030.
This round of growth is mainly due to: first, the continued advancement of mining of mineral resources such as coal, metals and industrial minerals, which has brought continuous demand growth to the industry; second, the acceleration of the green and intelligent transformation of mines, promoting the accelerated penetration of new energy and intelligent mining equipment; third, the steady release of demand for the replacement of existing equipment, jointly supporting the long-term steady growth of the industry.
With the increasing global emphasis on environmental protection, green mine construction has become an important path for the mining industry to achieve green and sustainable development.
Against this background, new energy mining equipment with green and environmentally friendly advantages is facing major development opportunities and has also injected new development vitality into the mining equipment industry.
As the construction of green mines accelerates, and the performance improvement and cost reduction of new energy mining equipment brought about by superimposed technological progress, the global new energy mining equipment market is expected to enter the fast lane of development.
In 2024, the global new energy mining equipment market will reach 30.9 billion yuan, and is expected to increase to 145.6 billion yuan by 2030, with an average annual compound growth rate of 29.48%, significantly faster than the 5.67% growth rate of the overall mining equipment market.
At the same time, the penetration rate of new energy mining equipment continues to increase, and its market share in the global mining equipment market will increase from 4.19% in 2024 to 14.20% in 2030.
At the same time, the intelligent transformation of the global mining equipment industry is advancing simultaneously.
The application of intelligent mining equipment not only improves mining efficiency, but also replaces manual work in dangerous environments, significantly improves safety, and helps mining companies reduce costs and increase efficiency.
Take driverless mining equipment as an example. With the continuous advancement of driverless technology and the accelerated promotion of driverless mining trucks and other equipment, the market size of driverless mining equipment is expected to jump from 25 billion yuan in 2024 to 119 billion yuan in 2030, becoming another 100 billion-level new market in the mining equipment industry. The average annual compound growth rate from 2024 to 2030 will be 29.70%, which is significantly faster than the overall growth rate of mining equipment.
At the same time, its market share in the global mining equipment market will increase from 3.39% in 2024 to 11.60% in 2030, and its importance will gradually increase.
After years of intensive development, my country’s mining equipment industry has grown into a 100-billion-level industry. The market size will reach 123 billion yuan in 2024, a year-on-year increase of 7.24%.
At the same time, a number of outstanding domestic manufacturers with core competitiveness have emerged in China, including XCMG, Sany Heavy Equipment, Lingong Heavy Machinery, Tongli Heavy Industry, Zoomlion, Tiandi Technology, Zhongchuang Zhiling (formerly Zhengzhou Coal Machinery), China Coal Equipment, Chuangli Group, Shanxi Mining Group, Northern Co., Ltd., etc.
These companies continue to increase investment in research and development, focus on equipment technological innovation and performance upgrades, and continuously improve their core competitiveness.
In the “Top 50 Global Mining Equipment Manufacturers in 2025” list, China has a total of 13 companies on the list, becoming the country with the largest number of companies on the list.
Among them, Tiandi Technology ranked sixth in the world with revenue of US$3.274 billion, leading Chinese companies; Zhongchuang Zhiling followed closely, ranking seventh in the world with US$2.667 billion, demonstrating the international competitiveness of Chinese mining equipment companies.
While deeply cultivating the domestic market, leading mining equipment companies are actively going overseas to develop overseas markets.
Among them, XCMG Group continues to deeply explore overseas markets through establishing overseas subsidiaries and expanding overseas dealer networks.
Currently, it has more than 50 overseas subsidiaries, more than 300 overseas dealers, more than 2,000 overseas service and spare parts outlets, and more than 10,000 local service engineers. Its products are exported to more than 190 countries and regions, covering more than 95% of the countries and regions along the “Belt and Road”.
In the first half of 2025, XCMG Group’s overseas revenue was 25.546 billion yuan, a year-on-year increase of 16.64%, accounting for 46.61% of the overall revenue.
Zhongchuang Zhiling continues to promote the export of coal machinery products and has won multiple orders one after another.
In early 2025, Zhongchuang Zhiling supplied the second set of fully mechanized mining equipment to the Meji Coal Mine in Indonesia. In the same year, it signed a supply contract for a complete set of 10-million-ton coal mine equipment with the Nishbashi Coal Mine in Uzbekistan, marking the first time that its intelligent complete equipment entered the Central Asian market. In January and February 2026, it successively signed a supply contract with the Meji Mining Company in Indonesia for the third set of fully mechanized mining equipment and the second set of 500-meter ultra-long working face fully mechanized mining equipment for its SDE No. 1 mine.
Driven by the “dual carbon” strategy and energy conservation and emission reduction policies, the green transformation of my country’s mining equipment industry has accelerated, and domestic companies have accelerated the layout of new energy mining equipment.
Among them, XCMG Group has successively launched a variety of new energy mining equipment products such as the world’s largest tonnage XZE16000 electric-driven horizontal directional drilling rig, the world’s first XE650GK-HEV mining hybrid hydraulic excavator, and the world’s first GR350EP pure electric mining grader.
Northern Co., Ltd. launched NTE130E pure electric mining truck and NTE360 electric wheel mining truck and other products.
The intelligent transformation of the industry is also advancing.
The “low-cost electricity + automated operation” model makes the entire life cycle cost of unmanned electric mining trucks lower than traditional fuel-powered vehicles, making it a new option for cost reduction and efficiency improvement in mining areas.
This type of product has the advantages of low carbon and environmental protection, low operating costs, high safety and reliability, and stable operating efficiency, and has become one of the key layout directions of the company.
Driven by the accelerated layout of enterprises and the demand for green mines, safe operations, and cost reduction and efficiency improvement, my country’s unmanned electric mining truck market will rapidly increase in volume.
In 2024, domestic shipments of driverless electric mining trucks will be about 1,400 units, and it is expected to increase to 5,500 units by 2026, an increase of nearly three times, and the growth momentum is strong.
