Future Market Insights recently published a market perspective titled “Tipper Body Equipment Market: Global Industry Analysis and Opportunity Assessment 2016–2026,” which examines the global market for tipper body equipment over a 10-year forecast period from 2016 to 2026.
The market is expected to grow at a CAGR of 4.2 percent over the next decade. According to Future Market Insights, the market, which is currently valued at US$ 3,324.4 million, will likely cross US$ 4,000 million in 2021 and then rise slightly to US$ 4,996.7 million by the end of 2026. The general prognosis for growth appears to be moderate.
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Global Tipper Body Equipment Market: Segment-wise Insights
By tipping type, the rear tipper body segment will continue to dominate, accounting for over 62% share in terms of value in 2026. This segment will possibly gain 270 BPS over the assessed period, expanding at a CAGR of 4.6% from 2016-to 2026. The second-largest segment will be the three-way tipper body.
Based on load-carrying capacity, the 15-30 tons segment will lead, capturing roughly 65% market value share in 2026. Gaining around 140 BPS, this segment will demonstrate the fastest growth through 2024. Although the below 15 tons segment is expected to be the second-largest in terms of revenues, the 30 tons and above segment will witness a relatively higher CAGR.
By mechanism, the hydraulic segment will remain dominant over the pneumatic segment, accounting for over 87% share of the global market value in 2026. Both segments will however witness moderate growth over the assessment period.
Based on frame material, steel will continue to rule, reaching US$ 4,223 Mn by 2026 end is likely to account for nearly 85% share of the total market revenues. Aluminum will remain the second-largest segment.
By end-use, mining and construction will continue to dominate other segments during the next decade. While consumption by the mining sector will possibly capture over 32% share in 2026, revenues from the construction segment are foreseen to account for more than 28% share of the market value in 2026. Waste management is projected to be the third-largest segment.
Global Tipper Body Equipment Market: Regional Insights
- A regional analysis of the global tipper body equipment market by Future Market Insights indicates that Asia Pacific (excluding Japan), North America, Latin America, and Europe will be the key markets throughout the next decade.
- APEJ, driven by China and India, is projected to dominate with more than 28% value share at the end of the assessed period with a gain of 180 BPS.
- North America will remain the second-largest regional market that is expected to bag over 23% share in 2026.
Global Tipper Body Equipment Market: Key Vendor Insights
- Among some of the key companies operating in the global tipper body equipment market landscape, Schmitz Cargobull AG and Hyva Global B.V. are likely to continue representing leading revenue shares over the forecast period.
- Other notable players include Crysteel Manufacturing Inc., Thompsons (UK) Ltd., BION INDUSTRIAL LLC, and F.X. MILLER.
- While the majority of key players are strategising new product launches, collaborations, and joint ventures, others are focusing more on production capacity expansion and acquisitions.
Global Tipper Body Equipment Market: Overall Dynamics
With growing urbanisation and booming construction and mining sectors, the demand for tipper body equipment is expected to be maintained over the next few years. Steady demand from the waste management sector will also provide a push to the market for tipper body equipment. Moreover, technological innovation in tipper body products, such as redesigning the driver’s cabin in tipping equipment and vehicles to provide an operating experience as convenient as possible, is also anticipated to favour the sales in near future.
The growing use of advanced telematics systems by manufacturers is expected to remain one of the important market drivers over the decade. The rapid adoption of automation is identified to be another key factor that will potentially drive the market growth during the assessment period. Relatively higher fuel consumption and negative environmental impact of tipper equipment and vehicles will continue to challenge market growth over the next decade.
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In addition, cost-intensive capital and high maintenance will also remain the long-term restraints for market growth. However, high initial costs of purchasing tipper body equipment are subsequently boosting the establishment of tipper rental businesses and compelling those that are already established to become more organised to cater to a growing trend of the rental tipper body equipment.
Another remarkable trend driving the market includes the development of cost-competitive products to maximise penetration in emerging economies, such as China, India, and South Africa. Development of effective tipper body equipment with enhanced load-carrying capacity and provision of the efficient buyer and drivers’ training by manufacturing entities are likely to present lucrative growth opportunities. While product development with advanced diagnosis systems can be a key to sustaining relatively mature markets, such as North America and Western Europe; massive potential lies in developing countries, including BRIC nations.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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