Tipper Truck Market to Grow at 6.30% CAGR in Value Terms by 2026
Growth
in the construction and mining sector backed by governmental support has surged
the demand for material transportation, which is driving demand for tipper trucks globally.
According
to TechSci Research report, “Global
Tipper Truck Market By Vehicle Type (Small,
Medium & Large), By Size (4-Wheeler Rigid Tipper, 6-Wheeler Rigid Tipper,
8-Wheeler Rigid Tipper and Articulated-Wheeler
Rigid Tipper), By Application (Mining & Construction), By
Region, Competition, Forecast
& Opportunities, 2026”, the global tipper truck market
stood around USD27.97 billion in 2020 and is estimated to reach USD40.00
billion by 2026, growing at a CAGR of 6.30% in value terms. Growth in the truck
market is driven by increasing urbanization, construction, and continuously
improving road infrastructure. The global tipper truck market is
majorly dominated by Asia Pacific and North America regions. These two regions
account for the highest number of truck sales globally, with their combined
market share being around 70% in 2020 in the global tipper truck market and the
trend is expected to continue in the forthcoming years as well. These two
regions are comparatively dominating over other regions based on their usage of
tipper trucks across the globe. As compared to rail connectivity and their
ability of transporting goods, tipper trucks have advantages like wider reach
to hilly regions and remote areas. Wider reach of tipper trucks to hilly
regions over other means of transport for transporting goods is helping the tipper
truck market to grow in remote regions.
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Global tipper truck market is
be segmented based on vehicle type, size, application and region. Based on vehicle type,
the market can be segmented into small, medium and large tipper trucks. Medium duty tipper truck
segment is the dominant segment by vehicle type in the global tipper truck
market due to the growing demand for material
transportation in the construction industry. Moreover, increasing consumer preference for faster unloading
systems, advanced hydraulics are fueling the demand for medium duty tipper
trucks in the global tipper truck market.
In terms of vehicle
size, the market can be segmented into 4-wheeler rigid tipper, 6-Wheeler rigid
tipper, 8-wheeler rigid tipper and articulated wheeler rigid tipper truck. The
6-wheeler rigid tipper segment accounted for the largest market share in volume
terms in 2020 due to its high load carrying capacity, less fuel requirement as
well as reduced cost compared to 8-wheeler rigid tipper and articulated tipper
trucks. Moreover, material transportation through 6-wheeler rigid tipper for
shorter distance is less costly as well as owing to its use across both small
and large construction and mining projects made 6-wheeler rigid tipper trucks
an ideal choice for consumers from powerplant, seaport, and airport sectors
across the globe.
In terms of
application, the market can be segmented into construction and mining. In
various construction projects tipper trucks are required for transporting
dumping materials such as granular subbase, macadam layers and bitumen mixes,
etc. Growth in the construction sector resulted in the high demand for material
transportation which generated a huge demand for tipper trucks. Due to the
above-mentioned factors, the construction sector has acquired the largest market share by
application in volume terms in 2020 in the global tipper truck market.
In 2020, the tipper truck sales declined in comparison to 2019 as countries around the world underwent
strict lockdown in the second and third quarter of 2020 as a measure to counter
the spread of the COVID-19 pandemic. The lockdown resulted in the temporary
closing down of all factories, including tipper truck manufacturing facilities,
resulting in production loss for the tipper truck market. Furthermore, the
governments of most of the COVID-19 affected countries implemented social
distancing norms that limited the number of workers working at any given point
in the same facility. Such measures hampered the workflow of truck
manufacturing facilities temporarily. Nevertheless, the market is showing
positive signs of recovery and is anticipated to recover in the upcoming years.
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OJSC Belaz, Caterpillar
Inc.,
Hitachi Construction Machinery Co. Ltd., Komatsu Limited and others which
include Ashok Leyland Limited, Scania AB, MAN Truck & Bus AG, Tata Motors Limited, AB
Volvo, BEML Limited, etc.
are the leading players operating in the global tipper truck market.
Various upcoming
construction projects from different sectors such as real estate, road
infrastructure, industrial projects coupled with growing activities in global
mining sector is likely to boost the tipper truck market during the forecast
period. Moreover, favorable government policies regarding the construction
projects, developing new seaports, developing real estate and housing projects
are anticipated to fuel the tipper truck market in the coming years.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Tipper Truck
Market By Vehicle Type (Small, Medium & Large), By Size (4-Wheeler Rigid
Tipper, 6-Wheeler Rigid Tipper, 8-Wheeler Rigid Tipper and Articulated-Wheeler
Rigid Tipper), By Application (Mining & Construction), By Region, Competition, Forecast &
Opportunities, 2026” has evaluated the future growth potential of the global
tipper truck market and provides statistics & information on market size,
structure and future market growth. The report intends to provide latest 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 the global tipper truck
market.
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