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Asia Pacific Mining Remanufacturing Components Market Forecast to 2030
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)
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Description
Rising Adoption of Electric and Autonomous Vehicles in Mining Industry Boosts Asia Pacific Mining Remanufacturing Components Market
The mining sector is beginning to profit from a new generation of low-emission “driverless” mine vehicles that are changing the industry’s image and moving it toward decarbonization. Electric vehicles (EVs) are added to fleets for use in both open pit and underground operations by purchasing or refitting existing diesel engine vehicle fleets. Toyota Motor Corp. is at the forefront of developing these new mining vehicles. Toyota and Komatsu launched a cooperative effort in May 2023 to build an autonomous light vehicle (ALV) that will run on Komatsu’s GPS-enabled Autonomous Haulage System (AHS). Cool Planet Group, a decarbonization solutions company, announced a US$ 54.2 million deal with a “leading global mining company” in May 2023 to convert 8,500 diesel mining trucks to electric vehicles over the next three years. According to the firm’s CEO, up to 1 million diesel mining vehicles must be converted to electricity by 2030. The company is now collaborating with five or six of the world’s major mining companies. In addition, WAE Technologies is currently working on the world’s largest battery. The battery is intended for use in an electric mining transport vehicle with zero emissions. The company, currently controlled by the Australian mining conglomerate Fortescue Metals Group, is collaborating with the Swiss-German equipment manufacturer-Liebherr-to build an electric mine haul truck weighing up to 240 ton. Moreover, in September 2022, Australia-based Newcrest Mining announced the replacement of its 12 diesel trucks with 8 electric trucks at its gold and silver mines in Northwest British Columbia.
The abovementioned activities by mining and truck manufacturing companies are projected to increase the adoption of electric trucks in the mining industry. This increased demand for electric trucks will directly boost the demand for the truck’s components, such as battery packs, motors, and transmissions, which is expected to create lucrative opportunities for the mining remanufacturing component market during the forecast period.
Asia Pacific Mining Remanufacturing Components Market Overview
Rapid industrialization in emerging countries in Asia Pacific is accompanied by high growth in industrial output in construction and mining sectors and increased investments in energy and transport infrastructure. These countries rely on imports to acquire high-tech and productive machine tools. Cheap labor costs, easy availability, and wide scope for development within the mining industry aid in this region’s mining remanufacturing components market growth.
Emerging countries in Asia Pacific are investing heavily in various activities such as coal, cement, mining, minerals processing, and solid waste handling, which require mining remanufacturing components. China is the world’s largest manufacturer in terms of metal production, and it has become the manufacturing hub of the world. As per the World Steel Association AISBL, China was the largest steel producer in the world in 2021, with 1,032.8 million tonnes. The country has the presence of several key market players in metal production industries, such as China Baowu Group, ShaGang Group, Jianglong Group, and Shougang Group, which are supporting the growth of the metal mining industry. Market players aim to reduce transportation costs and ease import procedures by expanding their metal processing facilities near one of the largest metal manufacturing markets of the globe. The growing metal manufacturing in the country is bolstering the demand for mining remanufacturing components.
According to the International Energy Agency, Asia Pacific is expected to invest ~US$ 80 billion (40% of the global share) by 2030 in mining critical minerals such as coal, lithium, nickel, copper, and cobalt. Further, the International Energy Agency predicts that coal consumption in Asia will increase over the next decade to meet the energy needs of countries such as China, India, and South Korea. These mining projects would require heavy mining equipment, as well as various mining remanufacturing components. This is anticipated to boost the Asia Pacific mining remanufacturing components market.
Asia Pacific Mining Remanufacturing Components Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Mining Remanufacturing Components Market Segmentation
The Asia Pacific mining remanufacturing components market is categorized into component, equipment, industry, and country.
Based on component, the Asia Pacific mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held the largest Asia Pacific mining remanufacturing components market share in 2022.
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 the largest Asia Pacific mining remanufacturing components market share in 2022.
By industry, the Asia Pacific mining remanufacturing components market is divided into coal, metal, and others. The metal segment held the largest Asia Pacific mining remanufacturing components market share in 2022.
By country, the Asia Pacific mining remanufacturing components market is segmented into Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific mining remanufacturing components market share in 2022.
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 are some of the leading companies operating in the Asia Pacific mining remanufacturing components market.
Summary Info
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According to the Research Team’ 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.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific mining remanufacturing components market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific mining remanufacturing components market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The the Reporting Teams Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Mining Remanufacturing Components Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
5. Asia Pacific Mining Remanufacturing Components Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Reduced Cost Compared to New Components
5.1.2 Growth in Mining Industry
5.2 Market Restraints
5.2.1 Quality Issues and Technological Barriers
5.3 Market Opportunities
5.3.1 Rising Adoption of Electric and Autonomous Vehicles in Mining Industry
5.4 Future Trends
5.4.1 Additive Manufacturing in Remanufacturing Industry
5.5 Impact of Drivers and Restraints:
6. Mining Remanufacturing Components Market – Asia Pacific Analysis
6.1 Mining Remanufacturing Components Market Revenue (US$ Million), 2020-2030
6.2 Mining Remanufacturing Components Market Forecast Analysis
7. Asia Pacific Mining Remanufacturing Components Market Analysis – by Component
7.1 Engine
7.1.1 Overview
7.1.2 Engine: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Axle
7.2.1 Overview
7.2.2 Axle: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.3 Transmission
7.3.1 Overview
7.3.2 Transmission: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Hydraulic Cylinder
7.4.1 Overview
7.4.2 Hydraulic Cylinder: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Mining Remanufacturing Components Market Analysis – by Equipment
8.1 Excavator
8.1.1 Overview
8.1.2 Excavator: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.2 Wheel Loader
8.2.1 Overview
8.2.2 Wheel Loader: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.3 Wheel Dozer
8.3.1 Overview
8.3.2 Wheel Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Crawler Dozer
8.4.1 Overview
8.4.2 Crawler Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.5 Haul Truck
8.5.1 Overview
8.5.2 Haul Truck: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Mining Remanufacturing Components Market Analysis – by Industry
9.1 Coal
9.1.1 Overview
9.1.2 Coal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Metal
9.2.1 Overview
9.2.2 Metal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Others
9.3.1 Overview
9.3.2 Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Mining Remanufacturing Components Market – Country Analysis
10.1 Asia Pacific market Overview
10.1.1 Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Australia: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Australia: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.2.2 Australia: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.2.3 Australia: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.3 China: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 China: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.3.2 China: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.3.3 China: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.4 India: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 India: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.4.2 India: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.4.3 India: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.5 Japan: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 Japan: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.5.2 Japan: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.5.3 Japan: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.6 South Korea: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.6.1 South Korea: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.6.2 South Korea: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.6.3 South Korea: Mining Remanufacturing Components Market Breakdown, by Industry
10.1.1.7 Rest of Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.7.1 Rest of Asia Pacific: Mining Remanufacturing Components Market Breakdown, by Component
10.1.1.7.2 Rest of Asia Pacific: Mining Remanufacturing Components Market Breakdown, by Equipment
10.1.1.7.3 Rest of Asia Pacific: Mining Remanufacturing Components Market Breakdown, by Industry
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration
13. Company Profiles
13.1 Atlas Copco AB
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 J C Bamford Excavators Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Caterpillar Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Epiroc AB
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Swanson Industries Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Komatsu Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Liebherr-International AG
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 AB Volvo
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Hitachi Construction Machinery Co Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The the Reporting Teams
Table 1. Asia Pacific Mining Remanufacturing Components Market Segmentation
Table 2. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Table 3. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 4. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 5. Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 6. Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Country
Table 7. Australia: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 8. Australia: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 9. Australia: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 10. China: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 11. China: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 12. China: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 13. India: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 14. India: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 15. India: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 16. Japan: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 17. Japan: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 18. Japan: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 19. South Korea: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 20. South Korea: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 21. South Korea: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 22. Rest of Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Component
Table 23. Rest of Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Equipment
Table 24. Rest of Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million) – by Industry
Table 25. Heat Map Analysis by Key Players
Figure 1. Asia Pacific Mining Remanufacturing Components Market Segmentation, by country
Figure 2. Mining Remanufacturing Components Market – Key Market Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Mining Remanufacturing Components Market Revenue (US$ Million), 2020-2030
Figure 5. Mining Remanufacturing Components Market Share (%) – by Component (2022 and 2030)
Figure 6. Engine: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 7. Axle: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Transmission: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Hydraulic Cylinder: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 10. Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Mining Remanufacturing Components Market Share (%) – by Equipment (2022 and 2030)
Figure 12. Excavator: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Wheel Loader: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Wheel Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Crawler Dozer: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Haul Truck: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Mining Remanufacturing Components Market Share (%) – by Industry (2022 and 2030)
Figure 19. Coal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Metal: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 21. Others: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 22. Asia Pacific Mining Remanufacturing Components Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 23. Asia Pacific: Mining Remanufacturing Components Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 24. Australia: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 25. China: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 26. India: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 27. Japan: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 28. South Korea: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 29. Rest of Asia Pacific: Mining Remanufacturing Components Market – Revenue and Forecast to 2030 (US$ Million)
Figure 30. Company Positioning & Concentration
The List of Companies – Asia Pacific Mining Remanufacturing Components Market
1. Atlas Copco AB
2. J C Bamford Excavators Ltd
3. Caterpillar Inc.
4. Epiroc AB
5. Swanson Industries Inc
6. Komatsu Ltd
7. Liebherr-International AG
8. AB Volvo
9. Hitachi Construction Machinery Co Ltd
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