Growing Infrastructure Sector to Push India Tipper Truck Market till 2024
Increasing mining activities
and government projects such as Pradhan Mantri Grameen Sadak Yojana to drive India
tipper truck market through 2024
According
to TechSci Research report, “India
Tipper Truck Market By
Vehicle Type, By Tonnage Capacity, By End-Use Industry, By Region, By Company, Competition,
Forecast & Opportunities, 2014 – 2024F”, India tipper truck market is
projected to grow at a CAGR of over 11%, in Value terms during the forecast
period 2019 - 2024, on account of increasing number of infrastructure and
construction projects across the country. Major construction projects such as Navi
Mumbai International Airport (NMIA) and Gujarat International Finance Tec-City
(GIFT) are in the development phase and would boost demand for tipper trucks. Rising
need to transport materials such as garbage for solid waste management and clay
and fuel ash materials in cement industry, in addition to increasing demand for
logistics services, is expected to fuel the country’s tipper truck market.
Moreover, strict regulatory norms related to vehicle
length and higher budgetary allocation towards infrastructure and rural sectors
are expected to positively influence the market. Annual demand for tipper
trucks stands at 60,000 units in India and this number is anticipated to
increase in the coming years.
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1 market data Table and 22 Figures spread through 70 Pages and an in-depth TOC on "India
Tipper Truck Market"
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On the basis of tipper
truck type, the medium tipper truck segment is the preferred choice among
consumers, as tipper trucks with higher load carrying capacity and are
perfectly suitable for Indian road conditions to carry heavy loads. In terms of
application of tippers, construction is the largest segment being followed by
mining activities. Increase in construction and infrastructural activities and
mining activities like domestic coal production grew 9.8% in the first three
quarters of 2018 and the government has allocated new 85 coal mines so far
under the provisions of the Coal Mines (Special Provisions) Act, 2015.
Additionally, India is planning a 10-fold increase in uranium production in the
next 10 years due to high demand for power generation. All these factors would
provide lucrative growth opportunities to players operating in India tipper
truck market.
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Prominent automotive tipper truck giants such
as Tata Motors, Ashok Leyland, VE Commercial Vehicles, Daimler Commercial
Vehicle and Mahindra and Mahindra Trucks are expanding their product offerings.
New tipper truck models with BS VI regulations have been launched by Ashok
Leyland, while AMW Motors is in the process of launching powerful, ergonomic
and efficient trucks in the market. Moreover, Bharat Benz is launching new
range of tipper trucks to meet the new BS-VI emission standards at the
competitive price level of brand’s earlier BS IV trucks.
“Various
upcoming infrastructure projects coupled with rising government expenditure
towards mining and construction sectors would boost India tipper truck market
during the forecast period. Moreover, emergence of fuel-efficient tipper trucks
keeping in view rising pollution levels is likely to push the demand for these
trucks across the country. As tipper truck manufacturers are focusing on the development
of tipper trucks with lower cost and higher efficiency, tipper truck market is
expected to register significant growth in India in coming years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Tipper
Truck Market By Vehicle Type, By Tonnage Capacity, By Application Type, By
Region, By Company, Competition, Forecast & Opportunities, FY2014 – FY2024F” has
evaluated the future growth potential of India tipper truck market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India tipper truck market.
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