Underground Mining Equipment Market To Reach $72.9 Billion By 2033

Underground Mining Equipment Market Growth & Trends

The global underground mining equipment market size is estimated to reach USD 72.9 billion by 2033, registering a CAGR of 6.4% from 2026 to 2033, according to a new report by Grand View Research, Inc. The growing global demand for minerals is a key driver of the global market, as mining companies are increasingly shifting towards deeper and more complex underground operations to meet this need. With easily accessible surface and open-pit mining deposits becoming more depleted, companies are now focusing on underground mining to extract valuable resources such as gold, copper, and rare earth metals. This transition to deeper, more challenging mining environments demands highly specialized equipment capable of operating safely and efficiently in confined spaces. Advanced machinery is essential for maintaining productivity and safety, especially in operations that require precise extraction techniques and high operational uptime.

The demand for specialized underground mining equipment, including shuttle cars, Load Haul Dump (LHD) machines, articulated vehicles, underground mining trucks, and drilling rigs, has seen significant growth as these tools are crucial for efficient and safe material transport, ore extraction, and overall mining operations.

The growing emphasis on sustainability and environmental responsibility is increasingly shaping the demand for eco-friendly underground mining equipment. As governments and regulatory bodies implement stricter environmental standards, mining companies are adopting electric-powered and hybrid machinery to reduce emissions, lower fuel consumption, and minimize their environmental impact. This shift towards greener, more energy-efficient equipment is not only driven by regulatory pressure but also by the industry's desire to enhance its reputation and operational sustainability. As a result, the need for advanced, environmentally conscious underground mining equipment is surging, driving the development and adoption of cutting-edge technologies that help mining operations meet both environmental and performance goals.

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Underground Mining Equipment Market Report Highlights

• Based on equipment, the load hauling truck (LHD) segment led the market with the largest revenue share of 27.6% in 2025. A significant driver for LHD adoption is their compatibility with automation and remote control technologies. Companies like Sandvik Mining and Rock Solutions have introduced automated LHD models such as the LH514 with intelligent systems for autonomous navigation and operation, reducing the need for human presence in hazardous underground conditions.

• Based on mining technique, the room and pillar segment led the market with the largest revenue share of 39.9% in 2025. Room and pillar mining are commonly used in coal, limestone, and other soft mineral extraction, making it a cornerstone for industries to be reliant on these resources.

• Based on application, the coal mining segment led the market with the largest revenue share of 43.5% in 2025, driven by the growing demand for coal as a key energy source and industrial input globally. Despite the global shift toward renewable energy, coal continues to play a critical role in electricity generation, steel production, and other heavy industries, particularly in developing economies.

• Asia Pacific dominated the market with the largest revenue share of 40.2% in 2025. The Asia Pacific region is poised for substantial growth, driven by several key developments across major countries. The region's rich mineral resources, combined with a strategic emphasis on sustainability and technological advancement, are shaping a dynamic mining landscape.

Underground Mining Equipment Market Segmentation

Grand View Research has segmented the global underground mining equipment market based on equipment, mining technique, application, and region:

Underground Mining Equipment Outlook (Revenue, USD Billion, 2021 - 2033)

• Shuttle Cars

• Load Haul Dump (LHD)

• Articulated Vehicles

• Underground Mining Trucks

• Scooptrams

• Drills

• Bolters

• Others

Underground Mining Equipment Mining Technique Outlook (Revenue, USD Billion, 2021 - 2033)

• Room and Pillar

• Longwall Mining

• Blast Mining

• Others

Underground Mining Equipment Application Outlook (Revenue, USD Billion, 2021 - 2033)

• Coal Mining

• Metal Mining

• Mineral Mining

Underground Mining Equipment Regional Outlook (Revenue, USD Billion, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Poland

  • Germany

  • France

  • Russia

  • Spain

  • Sweden

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Indonesia

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in the Underground Mining Equipment Market

• Caterpillar Inc

• Getman Corporation

• Sandvik AB

• Komatsu

• Sany Group

• XCMG Group

• Boart Longyear

• Epiroc AB

• J.H. Fletcher & Co.

• SMT Scharf GmbH

• Schmidt Kranz & Co. GmbH

• Zibo God Rock Mining Machinery Co., Ltd

• AB Volvo

• RDH Mining Equipment