TPBC said units produced and delivered in the fourth quarter of 2020 surged to 761 versus 562 in the previous three months.
But the annual total of just over 2,600 units was nearly one-third below the 2019 total.
TPBC said mining's last major investment cycle that ended in 2012 saw annual shipments top $14 billion.
"It's an understatement to suggest there may be headwinds as the global economy and mineral markets continue to deal with the pandemic and its impact on every facet of life. But a recovery in mining equipment markets does appear to be underway," said Pennsylvania-based TPBC.
"It should be noted that this is a single quarterly gain, albeit a strong one.
"Should global economies continue to recover despite the adverse constraints imposed by the virus pandemic, the mining sector is expected to improve through 2021 and beyond. And along with it, mining equipment markets are expected to show significant gains.
"How significant is an open question."