Sales of Latin America mining equipment market are expected to reach USD 6,846 million in 2024, driven by their increasing application in the construction sector. The industry is forecasted to grow at a CAGR of 4.7% over the forecast period, aiming to achieve an industry size of USD 10,836.9 million by 2034.
During the anticipated period, consumption and demand for minerals and other natural resources are expected to increase, boosting the market for mining equipment such as excavators, loaders, and dozers. The market expansion in Latin America is being driven by the use of mining machinery, which is rising quickly due to improvements in equipment safety and technological advancements.
Along with a rising focus on technological developments in mining equipment, major manufacturers from numerous nations are actively extending their direct presence in the local markets through mergers and acquisitions with regional businesses. In order to develop mining locations, a number of well-known corporations are focusing on public and private investments.
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Technological developments in mining equipment products, including the use of remote operation and the Internet of Things (IoT) and Artificial Intelligence (AI) by installing sensor monitoring, increase the equipment’s efficiency, which is expected to create high growth opportunities for mining equipment in the near future.
Key Takeaways from Market Study
Latin America Mining Equipment market is expected to grow at 3.7% CAGR during the upcoming period due to increasing mineral consumption in the region.
- By equipment type, mining trucks is projected to hold the highest share of around 34.3% in terms of volume in 2022.
- By mining type, surface mining is expected to witness prominent growth and is projected to grow at CAGR of 3.5% during forecast period.
- By sales channel, the new mining equipment is projected to create an absolute dollar opportunity worth US$ 877.9 Mn during the forecast period.
- By 2032, Brazil is expected to have the largest share in the Latin America market, accounting for around 1/3rd value share.
Market Landscape
Among the industry’s key players are Caterpillar Inc., Caterpillar Inc., Komatsu Ltd, Hyundai Construction Equipment Co., Ltd., Volvo Construction Equipment, Sandvik, Doosan Infracore, Liebherr Group, Sany Heavy Industry Co. Ltd., Terex Corporation, JC Bamford Excavators Ltd., Boart Longyear Ltd, Kobelco Construction Machinery, Hitachi Construction Machinery, Schmidt, Kranz & Co. GmbH and others. Key manufacturers are focusing on increasing their regional market and are involved in marking their direct presence in the local markets by expanding their dealer network. Players are collaborating with local rental companies to supply their products in the region.
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Industry Segmentation
By Equipment Type:
The industry is divided into mining loaders, mining trucks, mining dozers, mining excavators & shovels, mining drills, mining bolters, shearers, continuous miners, pulverizers, crushers, and other equipment.
By Mining Type:
The report is classified into coal mining, metal mining, and mineral mining.
By End-user:
In terms of end-use, the industry is segmented into mining operators and rental service providers.
By Sales Channel:
The industry is further segmented into new and pre-owned.
By Country:
Analysis of the industry has been carried out in key countries of Latin America, including Brazil, Mexico, Argentina, Peru, Chile, and rest of Latin America.
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