Report : Asia Pacific Mining Remanufacturing Components Market Forecast to 2030 - Regional Analysis - by Component (Engine, Axle, Transmission, Hydraulic Cylinder, and Others), Equipment (Excavator, Wheel Loader, Wheel Dozer, Crawler Dozer, Haul Truck, and Others), and Industry (Coal, Metal, and Others)
At 5.5% CAGR, Asia Pacific Mining Remanufacturing Components Market is Speculated to be Worth US$ 2,362.11 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific mining remanufacturing components market was valued at US$ 1,540.57 million in 2022 and is expected to reach US$ 2,362.11 million by 2030, recording a CAGR of 5.5% from 2022 to 2030. Growth in mining industry and rising adoption of electric and autonomous vehicles in mining industry are among the critical factors attributed to drive the Asia Pacific mining remanufacturing components market growth.
China's mining industry has grown multifold in the past few years. As per the data published by the National Bureau of Statistics (NBS), the mining sector accounted for US$ 144.84 billion in revenue generation in the first seven months of 2022, an increase of 1.05 times from 2021. China is the world's greatest producer and user of coal, but its record output is noteworthy. According to figures published by China's National Bureau of Statistics in January 2022, coal output reached a record 4.07 billion metric ton last year, up 4.7% from 2020. In 2022, China accounts for 63% of global rare earth mining, 85% of global rare earth processing, and 92% of global rare earth magnet production. Further, since 2007, China has been the world's top gold producer, accounting for 11% of total mined gold production in 2019. Thus, the abovementioned figures show continuous growth in the mining industry.
This growth in mining has directly bolstered the demand for equipment in the industry, such as wheel loaders and wheel dozers, ultimately driving the demand for mining remanufacturing components.
On the contrary, quality issues and technological barriers hamper the growth of Asia Pacific mining remanufacturing components market.
Based on component, the Asia Pacific mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held 45.9% market share in 2022, amassing US$ 707.12 million. It is projected to garner US$ 1,082.95 million by 2030 to register 5.5% CAGR during 2022-2030.
In terms of equipment, the Asia Pacific mining remanufacturing components market is segmented into excavator, wheel loader, wheel dozer, crawler dozer, haul truck, and others. The crawler dozers segment held 25.4% share of Asia Pacific mining remanufacturing components market in 2022, amassing US$ 391.48 million. It is anticipated to garner US$ 603.07 million by 2030 to expand at 5.5% CAGR during 2022-2030.
By industry, the Asia Pacific mining remanufacturing components market is divided into coal, metal, and others. The metal segment held 46.1% share of Asia Pacific mining remanufacturing components market in 2022, amassing US$ 709.77 million. It is projected to garner US$ 1,136.61 million by 2030 to expand at 6.1% CAGR from 2022 to 2030.
Based on country, the Asia Pacific mining remanufacturing components market is categorized into Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.7% share of Asia Pacific mining remanufacturing components market in 2022. It was assessed at US$ 626.39 million in 2022 and is likely to hit US$ 1,003.90 million by 2030, registering a CAGR of 6.1% during 2022-2030.
Key players operating in the Asia Pacific mining remanufacturing components market are Atlas Copco AB, J C Bamford Excavators Ltd, Caterpillar Inc, Epiroc AB, Swanson Industries Inc, Komatsu Ltd, Liebherr-International AG, AB Volvo, and Hitachi Construction Machinery Co Ltd, among others.
- In May 2023, Komatsu and Toyota are collaborating on a joint project to develop an Autonomous Light Vehicle (ALV) using Komatsu's Autonomous Haulage System (AHS). The aim is to enhance safety and productivity in mines by running autonomous haul trucks and automated ALVs.
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