Global Electric Mining Equipments Market Size, Share, Trends, Growth and Forecasts 2031

Key Findings

• Electric mining equipment is transforming the global mining industry by replacing diesel-powered machinery with battery-electric and hybrid-electric alternatives.

• These machines include electric excavators, load-haul-dump (LHD) trucks, drilling rigs, and haul trucks designed for underground and surface mining operations.

• Electrification reduces greenhouse gas emissions, lowers ventilation costs in underground mining, and improves operator health and safety by eliminating diesel particulates.

• Battery-swapping systems and fast-charging infrastructure are enabling continuous operation without significant downtime, increasing productivity and equipment utilization.

• Governments and regulatory bodies across major mining countries such as Canada, Australia, and Sweden are supporting electric fleet adoption through subsidies and carbon reduction mandates.

• The total cost of ownership (TCO) for electric equipment is rapidly becoming more favorable due to declining battery costs, reduced maintenance, and fuel savings.

• Leading players in the market include Epiroc, Caterpillar, Sandvik, Komatsu, ABB, and Hitachi Construction Machinery.

• Technological innovations such as autonomous driving, digital twins, and AI-based energy management are enhancing performance and fleet optimization.

• The market is also benefiting from mining companies’ ESG goals, which include electrifying fleets to meet Scope 1 and Scope 2 emissions targets.

• Asia-Pacific and North America dominate market adoption due to large-scale mining operations, infrastructure readiness, and policy incentives.

Market Overview

The global electric mining equipment market represents a significant paradigm shift in mining operations by transitioning from fossil-fuel-based machinery to clean, efficient electric alternatives. These solutions are increasingly being deployed across both underground and open-pit mines to reduce environmental impact, enhance operational safety, and meet stringent emission norms.

Electric mining machines range from battery-powered load-haul-dump (LHD) vehicles and electric drills to autonomous electric trucks used for ore transport. These machines not only lower emissions but also reduce noise, vibration, and heat, thereby improving worker comfort and extending equipment life in harsh conditions.

Rising regulatory pressure to curb industrial emissions, coupled with mining companies' increasing focus on sustainable operations and net-zero targets, is fueling the adoption of electric fleets. The market is seeing rapid investments in charging infrastructure, battery technology, and remote fleet monitoring systems that enable 24/7 mining without compromising performance.

Electric Mining Equipment Market Size and Forecast

The global electric mining equipment market was valued at USD 10.2 billion in 2024 and is projected to reach USD 38.5 billion by 2031, expanding at a robust CAGR of 20.4% during the forecast period.

This growth is driven by the convergence of environmental policies, rising fuel costs, and advancements in battery capacity and motor efficiency. Additionally, mining majors such as BHP, Rio Tinto, and Vale are aggressively adopting electric fleets as part of their decarbonization roadmaps. The emergence of electric retrofit kits for existing diesel equipment is also broadening market accessibility.

Furthermore, favorable government incentives in Canada, Germany, and Australia, combined with large-scale infrastructure investments, are accelerating electrification. Underground mining operations, in particular, benefit from significantly lower ventilation costs and improved safety metrics with electric equipment.

Future Outlook

The future of the electric mining equipment market is geared toward full electrification of mine fleets across underground and surface operations. As battery energy densities improve and total cost of ownership declines, electric machines will replace internal combustion engines across drilling, hauling, and loading operations.

Expect increased adoption of fast-charging stations, battery-as-a-service (BaaS) models, and grid-integrated energy management systems tailored for remote mining sites. Battery-swapping hubs and autonomous coordination of electric fleets will become commonplace in next-generation mines.

OEMs will also invest in advanced vehicle control units (VCUs) for predictive maintenance, regenerative braking systems for energy recovery, and AI-powered operation scheduling. Partnerships between mining firms, equipment providers, and energy utilities will foster ecosystem-level innovation for decarbonized mining value chains.

Electric Mining Equipment Market Dynamics

Assmang Proprietary Limited has placed a substantial order for battery-electric mining equipment from Epiroc, a leading productivity partner for the mining and infrastructure industries. The equipment will be utilised at a manganese ore mine in South Africa.

In northern Sweden, LKAB, which operates the world's largest underground iron ore mine, will test a Sandvik TH550B battery-electric truck and a Sandvik LH518B battery-electric loader. Under the mining company's ambition to build a new world benchmark for sustainable underground mining, Sandvik Mining and Rock Solutions and LKAB will collaborate for a  joint trial of third-generation battery-electric vehicles (BEVs).

Epiroc, a leading productivity and sustainability partner for the mining and infrastructure industries, has struck a global supplier agreement with Kempower. Kempower will supply Epiroc with charging equipment as well as its ChargEye software for electric mining machines, allowing the company to better support its mining customers as they transition to battery electric vehicles (BEVs).

Komatsu has announced the formation of an industry association to help accelerate the development of zero-emission mining equipment. The Komatsu Greenhouse Gas (GHG) Alliance brings together the company and a number of its customers to work on strategies to minimise emissions from mining equipment and operations. Rio Tinto, BHP, Codelco, and Boliden are among the founding members of the new alliance. 

Komatsu's power agnostic truck concept is a haulage vehicle that can operate on a variety of power sources, including diesel, electric, trolley (wired), battery power, and hydrogen fuel cells.

Proterra Inc, a pioneer in commercial vehicle electrification technology, and Komatsu, a global leader in construction and mining equipment, today announced a new partnership to use Proterra's battery technology to electrify next-generation underground mining machinery. 

Proterra will offer Komatsu with its H Series battery system technology for the development of battery-electric LHDs, drills, and bolters for underground hard rock mining under the terms of the agreement. Komatsu, a manufacturer of mining equipment and services, proposes to use Proterra's high-performance battery systems in the development of prototype machines.

Recent Partnership

New battery-electric vehicle (BEV) solutions for underground mining operations are expected to be made available thanks to a new collaboration between two Australian manufacturing and technology businesses.

The result of the partnership will be the incorporation of the most cutting-edge BEV technology, created by Ampcontrol, into brand-new personnel carrier vehicles for PPK Mining Equipment (PPKME).

Together, the firms will convert diesel drive trains into a variety of different PPKME-built automobiles, including the COALTRAM flameproof and explosion-protected diesel Load Haul Dump utility vehicle.

This is an excellent chance for us to combine our respective sector skills to offer the first battery-electric personnel carrier vehicle for the underground coal industry that was designed and constructed in Australia.

By constructing new vehicles for all underground mines, our connection will be expanded to include the installation of Ampcontrol BEV technology into further COALTRAM utility vehicles, which will greatly benefit both customers and personnel.

Ampcontrol BEV technology expands on the business's knowledge and reputation in the field, which are focused on creating engineering solutions for use in dangerous situations, such as underground coal mines.

Recent Launches in the Market

The 72 t payload broad body ZT118EV, which is now one of the largest Chinese all electric mining dump trucks, was launched by China's ZOOMLION. This model has a sophisticated tri-industry electrical system as well as a large-capacity lithium iron phosphate battery with a total capacity of 525 kWh. 

It features a powerful engine and a long cruising range, allowing it to satisfy the demands of the mining industry's demanding working conditions. Currently, pure electric dump trucks are mostly used to deliver materials with steep gradients, such as cement, sand, and gravel for construction.

They can save 60 percent to 80 percent of energy under the same operating conditions, which lowers the cost of use while achieving China's dual carbon objective.

The Boomer M20 face drill by Epiroc features shielded hydraulics, sensors, and cables. The unit was designed and built to reduce unplanned downtime and increase uptime and performance in high-demand applications. 

The constant wear and tear on hydraulic hoses is a difficult aspect of underground work. Constant hose repairs are required due to falling boulders and debris, as well as ongoing wear against the tunnel floor and walls. 

The heavy-duty hose-less boom design of the Boomer M20 reduces unexpected stops for hose repairs, keeping the rig up and running even in the most extreme situations. Epiroc continues to lead the way in underground mining electrification, with the new Boomer M20 featuring a battery-electric driveline option.

Electric Mining Equipment Market Segmentation

By Equipment Type

• Load-Haul-Dump (LHD) Vehicles

• Electric Mining Trucks

• Electric Excavators

• Electric Drills and Rock Bolters

• Electric Dozers and Bulldozers

By Power Source

• Battery-Electric

• Hybrid-Electric

• Trolley-Electric

By Application

• Underground Mining

• Surface Mining

• Exploration Activities

• Processing Plants

By End-user Industry

• Coal Mining

• Metal Mining

• Mineral Mining

• Rare Earth and Lithium Mining

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Leading Key Players

• Hitachi Construction machinery Co., Ltd
• Komatsu
• Liebherr
• Dakota Equipment Manufacturing
• Volvo Construction Equipment
• CNH Industrial NV
• SANY Heavy Equipment
• JCB
• Hyundai Heavy Industries Holdings Co
• Deere & Company
• Caterpillar Inc.
• Maclean Engineering
• Epiroc AB
• Sandvik AB
• Aard Mining Equipment
• Astec Industries
• Atlas Copco
• BEML
• Doosan
• Equipment North
• JSC

Recent Developments

• Epiroc launched its new range of battery-electric LHDs and trucks under the “Smart and Green” initiative to support fully electric underground mining.

• Sandvik unveiled its second-generation battery-electric drilling rig, incorporating swappable batteries and remote telematics.

• Komatsu partnered with Rio Tinto to trial its 230-ton class electric haul truck with regenerative braking and autonomous capabilities.

• ABB signed a long-term agreement with Boliden to supply charging infrastructure and digital energy management for electric mining fleets.

• MacLean Engineering expanded its fleet electrification program by introducing modular battery retrofit kits for existing LHDs and bolters.

This Market Report will Answer the Following Questions

• How many Electric Mining Equipment units are manufactured per annum globally? Who are the sub-component suppliers in different regions?

• Cost Breakdown of a Global Electric Mining Equipment and Key Vendor Selection Criteria

• Where is the Electric Mining Equipment manufactured? What is the average margin per unit?

• Market share of Global Electric Mining Equipment manufacturers and their upcoming products

• Cost advantage for OEMs who manufacture Electric Mining Equipment in-house

• Key predictions for next 5 years in the Global Electric Mining Equipment market

• Average B2B Electric Mining Equipment market price in all segments

• Latest trends in the Electric Mining Equipment market, by every market segment

• The market size (both volume and value) of the Electric Mining Equipment market in 2025–2031 and every year in between

• Production breakup of the Electric Mining Equipment market, by suppliers and their OEM relationship