Mining

The global mining market was valued at USD 1.56 trillion in 2024, registering a robust CAGR of 5.2%. Expansion is underpinned by elevated capital expenditure in infrastructure, surging demand for construction and industrial raw materials, and the strategic importance of critical minerals in renewable energy systems and electric mobility. The Asia-Pacific region commands a dominant position, contributing over 73% of worldwide crude metal output, with China, India, and Australia leading in production capacity augmentation and operational scalability. Accelerated urbanization, industrial expansion, and deployment of large-scale renewable energy initiatives continue to reinforce regional market supremacy. Key drivers influencing growth include mineral output trends, adoption of advanced mining technologies, and evolving end-use material consumption patterns.

Global Tier-1 mining enterprises and state-backed operators exercise control over strategic reserves, multinational supply agreements, and operational optimization, whereas mid-tier and regional miners focus on specialized mineral extraction and localized supply networks. OEMs and downstream industrial clients are increasingly aligning procurement strategies with ESG mandates, sustainable mining technologies, and supply chain resilience. Between 2024 and 2025, the market witnessed heightened consolidation activity, greenfield investments, and strategic partnerships in lithium, copper, and rare earth projects. Commodity cyclicality continues to exert pressure on bulk metal margins; however, specialty resources such as battery-grade lithium, EV-grade copper, and rare earth elements for advanced electronics maintain robust demand. Copper consumption is projected to increase by approximately 1 million metric tonnes annually through 2035, reflecting its pivotal role in global energy transition initiatives.

Regulatory frameworks, environmental compliance mandates, and geopolitical dynamics remain determinative for the mining industry. Developed economies enforce stringent permitting, rehabilitation, and ESG compliance standards, while emerging markets in Asia-Pacific and South America offer significant investment potential alongside regulatory complexity. Strategic priorities from 2025 to 2029 are anticipated to focus on critical green metals, digital mining solutions, circular material recovery, and operational efficiency enhancements. Despite exposure to commodity price volatility, trade restrictions, and environmental scrutiny, the mining industry presents enduring opportunities in scaling critical mineral production, fortifying supply chain robustness, and deploying advanced technological interventions to optimise resource extraction and market competitiveness.

Mining Automation Efficiency
25% cost cut
Drone Adoption in Mining
More than 150% Growth
Mining & Climate Impact
4–7% of global GHG

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Raw Minerals
The global Raw Minerals Market, encompassing iron ore, bauxite, copper ore, phosphate rock, and other base materials, was valued at approximately USD 1.13 trillion in 2024, reflecting a CAGR of around 5.5% during the period. This growth is driven by escalating demand for foundational commodities across infrastructure, automotive, renewable energy, and construction sectors. Asia-Pacific remains the dominant region, responsible for over 66% of global raw mineral extraction, supported by extensive mining operations in China, Australia, and India. Key demand drivers include urban expansion, steel and aluminum consumption in electric vehicles and construction, and fertilizer production fueled by rising agricultural needs.Global raw minerals market leaders such as BHP, Rio Tinto, Vale, and Glencore exert significant influence through scale, integrated logistics, and global market presence, while regional and niche operators focus on specialized ores, local resource optimization, and value-added processing. OEMs and end-use industries increasingly consider material traceability, carbon footprint, and sustainable sourcing in procurement strategies. Since 2024, mergers and acquisitions, capacity expansions, and investments in green extraction technologies have gained momentum, particularly for copper and other critical minerals. While price volatility in bulk commodities such as iron ore and bauxite impacts margins, specialty segments, including ultra-high-grade copper for electronics, low-impurity phosphate, and high-purity alumina, continue to command premium pricing.Evolving policy frameworks, environmental regulations, and geopolitical strategies strongly influence the Raw Minerals Market. Developed regions enforce stringent environmental standards, royalty regimes, and permitting processes, whereas some emerging-market jurisdictions offer fiscal incentives and local-content mandates that enhance competitiveness. Looking toward 2025–2032, investment opportunities lie in sustainable mining techniques, integrated processing-to-refining operations, and strategically positioned low-carbon mining assets. Risks include commodity price fluctuations, tighter environmental regulations, and geopolitical disruptions. Nevertheless, long-term prospects remain strong through circular supply chains, re-mining initiatives, and leveraging resource-rich emerging geographies to ensure global material security.
Underground Vehicles
The global Underground Vehicles Market is valued at USD 12.8 billion in 2024, encompassing specialized machinery for underground mining vehicles, tunneling equipment, and defense-oriented subterranean vehicles. Asia Pacific dominated underground vehicles market with a 41% market share, fueled by China’s large-scale mining sector and India’s infrastructure tunneling projects. North America and Europe lead in technology-intensive applications, particularly battery electric underground loaders, hybrid underground fleets, utility trucks, and defense-oriented platforms, where stringent safety regulations and emission standards shape adoption. Pricing remains segmented: diesel underground vehicles remain cost-competitive in emerging markets, while electric underground vehicles and hybrid underground vehicles command premiums due to compliance advantages, lower ventilation costs, and ESG-driven procurement.The underground vehicles market leading companies, such as Sandvik, Epiroc, Caterpillar, and Normet, are driving innovation through electrification, automation, and integrated fleet solutions that enhance productivity and safety in underground operations. Regional manufacturers also play a role in supplying underground haulers, load haul dump (LHD) vehicles, and utility service vehicles tailored for localized mining and construction projects. Supply chain dynamics are shaped by critical components such as battery packs, reinforced chassis, and fire-resistant materials. Investment momentum in 2024–2025 is centered on electrification of underground fleets, autonomous underground vehicles, and digital fleet management systems. According to the U.S. Mine Safety and Health Administration (MSHA), ventilation costs in underground mines account for up to 30% of total operating expenses, a key factor driving adoption of low emission underground electric vehicles.Evolving trade policies, stringent emission norms, and advanced safety frameworks are reshaping competitiveness, influencing procurement strategies, and guiding regional adoption trends across the Underground Vehicles Market. Import tariffs on underground mining and construction vehicles average 5–8% globally, though local sourcing policies in China, India, and South America are pushing OEMs toward regional assembly. Over 2025–2032, opportunities lie in battery-powered underground fleets, AI-driven underground fleet automation, and defense-focused subterranean mobility platforms, while risks include high capital intensity, raw material constraints for batteries, and cyclical mining demand. Long-term resilience of the Underground Vehicles Market will depend on scaling electrification, aligning with carbon-neutral mining initiatives, and integrating advanced safety technologies to ensure sustainable growth.
Utility Vehicles
The global Utility Vehicles Market is valued at USD 27.76 billion in 2024, posting a robust CAGR of 9.9%. Demand is driven by construction utility vehicles, agricultural utility vehicles, industrial applications, and recreational utility vehicles, including sport utility vehicles (SUVs) and off-road utility vehicles. North America continues to lead in regional value, supported by stringent safety standards, OEM service integration, and high-tech utility vehicle configurations. Meanwhile, Asia-Pacific and Latin America prioritize scalable, cost-effective solutions that support infrastructure growth and agri-logistics. Utility Vehicles Market expansion is increasingly anchored by the rapid adoption of electric utility vehicles, which are capturing a growing share of new deployments and reshaping consumer preference toward sustainable, low-emission models.The utility vehicles market leadership is dominated by global players such as BRP, Deere & Company, Mahindra & Mahindra, Kubota, Honda, Polaris, and Textron, all of which possess extensive production and distribution capabilities. Tier-2 and regional manufacturers are capitalizing on niche demand for multi-utility vehicles (MUVs), side-by-side utility vehicles (UTVs), modular builds, and localized solutions designed for challenging terrain or service-specific applications. OEMs are increasingly embedding digital systems, connected technologies, and advanced drivetrain options to strengthen product differentiation. The electric utility vehicles segment itself shows extraordinary potential, growing at a CAGR of 6.7%.Trade and regulatory alignment significantly influence costs and market accessibility. Developed markets impose strict emissions and safety standards, raising the end-product value, while Asia-Pacific’s rapid urban and industrial expansion fuels demand for high-volume production models. Looking ahead to 2025–2032, the strategic focus will center on electrification, smart connectivity, and scalable manufacturing in high-growth regions. Despite challenges such as input cost volatility and shifting regulatory regimes, ample opportunities exist in fleet electrification, modular platforms, and autonomous and connected utility vehicles, positioning the Utility Vehicles Market as a high-momentum, investor-focused sector.

Industry definition

The Mining industry encompasses the exploration, extraction and processing of mineral and metal resources that fuel global industrial, energy and infrastructure development. It includes a diverse range of commodities such as coal, iron ore, copper, bauxite, gold, lithium and rare earth elements, which serve as critical inputs for construction, manufacturing, power generation and advanced technologies. Its value chain extends from geological surveys and resource exploration to large-scale extraction, refining and global distribution, supported by advanced equipment, digital solutions and sustainability practices. Competitive dynamics are shaped by global mining giants, regional operators and state owned enterprises, each focusing on efficiency, safety and technological innovation. As demand intensifies, the industry increasingly emphasizes automation, low carbon mining, circular resource use and resilient supply chains to balance profitability with environmental and social responsibility.

Mining and Metals