Tipper body equipment is installed on tippers or dump trucks. It has a wide application in the construction industry and is used to make tasks such as lifting, loading and transportation more productive. Rising urbanisation and new construction activities in APEJ region are expected to boost demand for tipper body equipment in building and construction tasks and this is eventually driving the development of the global tipper body equipment market.
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: 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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