The Zhitong Finance App learned that Fangzheng Securities released a research report saying that the mining equipment market is expected to continue to expand in the future. It is expected to reach RMB 977.6 billion by 2030, with a compound annual growth rate of 5.8% from 2025 to 2030. The global mining equipment market is showing several important development trends, mainly focusing on the rise of new energy mining vehicles, advances in unmanned mining technology, transformation of high-end equipment, increased market concentration, and large-scale development of equipment. With the gradual increase in international recognition of off-highway wide-body dump trucks, China's off-highway wide-body dump truck exports continued to increase year by year in 2020-2025. In 2025, 7552 units were exported, an increase of 22% over the previous year.
The main views of Fangzheng Securities are as follows:
Mining equipment is machinery specialized in mining, beneficiation and prospecting
It is a general term for special machinery used in mineral mining, mineral processing and prospecting operations. Product category: 1) Excavation equipment, including mining excavators and drilling rigs. 2) Transportation equipment, including mine transportation equipment (such as mining dump trucks, off-highway wide-body dump trucks and articulated trucks), continuous systems suitable for long-distance or high-throughput transportation (such as belt conveyors, in-pit crushing and conveying systems). 3) Mining auxiliary equipment (mainly including drilling rigs, crushing machinery and conveying systems).
Global mining equipment market size: RMB 738.5 billion in 2025, with a compound growth rate of 4.7% in 2020-2025
Looking ahead, the market is expected to continue to expand, reaching RMB 977.6 billion by 2030, with a compound annual growth rate of 5.8% between 2025 and 2030. In the global market, China and North America are the two regions with the greatest demand for mining equipment. China's mining equipment market size is 116.8 billion yuan in 2025. It is expected to continue to grow at a compound annual growth rate of 7.0%, reaching 163.8 billion yuan by 2030.
The global mining equipment market is showing several important development trends, mainly focusing on the rise of new energy mining vehicles, advances in unmanned mining technology, transformation of high-end equipment, increased market concentration, and large-scale development of equipment
The global NEV mining equipment market is expected to grow from RMB 30.9 billion in 2024 to RMB 145.6 billion in 2030, with a CAGR of 29.5% during the forecast period. The global driverless mining equipment market is expected to grow from RMB 25 billion in 2024 to RMB 119 billion in 2030, with a CAGR of 29.7% during the forecast period.
Off-highway dump trucks include off-highway wide-body dump trucks (wide-body trucks) and rigid mining dump trucks (rigid trucks)
The unit price of wide-body vehicles is low. They are mainly developed by domestic manufacturers. They are suitable for scenarios with low manpower, small mines, and short mining periods. The capital recovery period is shorter; they are more advantageous in scenarios with high labor costs, large mines, and long mining periods.
Overseas recognition of off-highway wide-body dump trucks is increasing, and the number of exports of Chinese products is increasing year by year
China's off-highway wide-body dump truck sales increased in 2021-2022, and declined in 2023-2025 because domestic open pit coal mines were affected by insufficient downstream demand and falling coal prices, resulting in insufficient operating rates. With the gradual increase in international recognition of off-highway wide-body dump trucks, China's off-highway wide-body dump truck exports continued to increase year by year in 2020-2025. In 2025, 7552 units were exported, an increase of 22% over the previous year.
Investment suggestions: It is recommended to focus on Sany International, Tongli Co., Ltd., Xugong Machinery, etc.
Risk warning: risk of macroeconomic and industrial policy fluctuations, risk of technological progress falling short of expectations, risk of fluctuations in raw material prices, risk of technological iteration.