The Latin American mining equipment market will grow at a CAGR of 3.7% from 2022 to 2032, reaching US$ 4,839.6 million. By 2022, market sales are anticipated to reach US$ 3,378.8 million in value. More than 77.5% of the market for mining equipment is now made up of surface mining equipment.
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 the 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 a CAGR of 3.5% during the 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 American market, accounting for around 1/3rd value share.
The expansion of mining equipment in Latin America is being driven by the rising demand for mineral consumption and rising capital expenditure in mining activities. Technological advancements in the mining equipment are expected to gain momentum owing to added advantages such as ease of operation, improved efficiency, and safety” says a Future Market Insights analyst.
Key Companies Profiled:
Caterpillar Inc.
Komatsu Ltd.
Schmidt, Kranz & Co. Gmbh
Liebherr Group
Doosan Bobcat
Volvo Construction Equipment
Sany Heavy Industry Co Ltd.
Hitachi Construction Machinery
Boart Longyear Ltd
Trituración y Molienda S.A. de C.V.
Cannon Mining Latam
JC Bamford Excavators Ltd. (JCB)
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Summary:
The research report analyses the market demand trend for Mining Equipment. The Latin American market is based on COVID-19 impact, macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the Mining Equipment market report is studied and analyzed in the following segments such as Equipment Type, Mining Type, Sales Channel, End-User, and Region. The Mining Equipment Market report gives us qualitative and quantitative information about the companies.
Key Segments Covered in Latin America Mining Equipment Market Analysis
Equipment Type:
Mining Loaders
Mining Trucks
Mining Dozers
Mining Excavators and Shovels
Mining Drills
Mining Bolters
Shearers
Continuous Miners
Other Equipment
Mining Type:
Surface Mining
Underground Mining
End User:
Rental Service Operations
Mining Operations
Sales Channel:
New
Used
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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