Prospecting Prosperity: Latin American Mining Equipment Market Poised to Reach US$ 4,839.6 Million by 2032
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)
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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