Mining Remanufacturing Components Market in North America Market Shows Expected Growth from 2023-2031 With Upcoming Trends, Analysis by Manufacturers

The North America Mining Remanufacturing Components Market was valued at US$ 915.37 million in 2023 and is projected to reach US$ 1,306.43 million by 2031; it is expected to register a CAGR of 4.5% during 2023-2031.

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On the basis of component, the global mining remanufacturing component market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine, transmission, and hydraulic cylinder segments are likely to account for significant shares of the mining remanufacturing component market. The state of a mining vehicle is highly influenced by the way it is handled and the environment around it, necessitating continuous replacements. If any equipment breaks down in case of engine, axle, transmission, or hydraulic cylinder failure, the profitability of mining companies is affected. Thus, most of the mining companies prefer to replace the equipment components with remanufactured components owing to their cost-effective and reliability factors.

Analysis of the Top Market Players:

1. AB Volvo
2. Atlas Copco
3. Caterpiller Inc
4. Epiroc AB
5. Hitachi Construction Machinery Co. Ltd.
6. J C Komatsu Ltd.
7. Liebherr Group
8. Bamford Excavators Ltd.
9. SRC Holding Corporation
10. Swanson Industries

In this report, the market has been segmented on the basis of:

Component (Engine, Axle, Transmission, Hydraulic Cylinder, and Others)

Equipment (Excavators, Wheel Loader, Wheel Dozer, Crawler Dozer, Haul Trucks, and Others)

Industry (Coal, Metal, and Others), and Region

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On the basis of equipment, the global mining remanufacturing component market is segmented into wheel loaders, wheel dozers, crawler dozers, haul trucks, excavators, and others. During the forecast period, the excavators segment is anticipated to hold the largest market share due to their wide usage in mining operations such as exploration, discovery, development, production, and reclamation. Increased demand for minerals and metals in developing nations has increased exploration activities, leading to higher adoption of mining equipment. Further, governments of developing nations are focusing on increasing and expanding their mining activities. As per the data published by the Indian government in March 2023, the government has set an objective of boosting the mining sector's contribution to GDP to 2.5% by 2026-2027. It intends to introduce investor- and industry-friendly standards for the sector. Such initiatives to expand the mining sector will increase the requirement for mining equipment in the coming years, ultimately driving the mining remanufacturing component market.

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