The global tipper body equipment market is slated to grow at a healthy CAGR of 4.5% from 2022 to 2032. The market is anticipated to reach US$ 3,445.30 Mn in 2021 and it is estimated to reach US$ 4,2221.50 Mn in 2022. The growth in tipper body equipment market is expected to grow across various industries including mining, construction, and waste management, over the assessment period.
According to FMI analysis, during the historic period ranging from 2015 to 2021, the global tipper body equipment market grew at a stable CAGR of 3.9% with the valuation reaching US$ 3,445.30 Mn in 2021. The rapid expansion of the tipper body equipment market is due to its growing use for transporting various materials and its excessive use in the end-user industry.
Tipper body equipment is installed on tippers or dump trucks for carrying a pile of concrete, stones, crushed stone, soil, and various other types of materials from one location to another. On the basis of type, the tipper body segment currently accounts for more than 60% of the market share and is poised to grow at a significant pace during the assessment period.
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Key Takeaways
- The surging research and development activities by leading market participants in the global market are expected to create various growth opportunities and create new trends for the tipper body equipment market in the coming future.
- Technological advancements and the emergence of new high-tech solutions to their product are further predicted to fuel the growth of the tipper body equipment vehicles among consumers in the global hybrid vehicles market.
- Numerous advancements in the automation industry and research division have led the manufacturers to build machines and dump vehicles in such a way that they are driverless and behave like robot vehicles for the purpose of harsh mining and construction activities. Furthermore, the key market players are constantly innovating to introduce high-efficiency products to get a competitive edge.
- Owing to the booming construction and mining industries across the globe due to increasing government initiatives and investments, robust economic growth, and rapid urbanization is playing a crucial role in bolstering the growth of the tipper body equipment market and the trend is likely to continue during the forecast period.
- The Tipper body equipment market has gained impeccable popularity over the years owing to the rising usage of tippers and dump trucks across industries such as construction, mining, marine, and smart waste management. These advanced machineries allow industries to transport bulk materials from one location to another while making both loading and unloading of materials easy.
- Several factors such as population explosion and rapid urbanization across the globe are expected to result in increased investments in the building and construction industry during the forecast period. This will in turn create demand for tipper body equipment.
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Competitive Landscape
Leading market participants are contributing their efforts in establishing themselves and increasing their profitability through an extremely flexible production network and great innovation solutions. Rapid product launches are taking place in the construction industry which is designed to deliver outstanding reliability, efficiency, and safety. Leading market participants are focusing on establishing joint ventures with other major market players in order to increase their overall global sales and develop a foothold in emerging markets.
More Insights into the Tipper Body Equipment Market
According to FMI estimations, the mining and construction segments combined account for over 60% value share of the global tipper body equipment market in 2021 and are anticipated to grow with a CAGR of more than 4.8% and 4.6% respectively.
On the basis of end-user, the global tipper body equipment market can be segmented into mining, construction, waste management, marine services, and others. The surging growth of these segments is majorly attributed to the use of tipper body equipment in applications for transporting material and construction goods to the respective construction site.
Key Segments Covered in Tipper Body Equipment Industry Analysis
By Tipping Type:
- Roll-off Tipper Body
- 3-Way Tipper Body
- Rear Tipper Body
By Load Carrying Capacity:
- Below 15 tons
- 15-30 tons
- 30 tons & above
By Mechanism:
- Hydraulic
- Pneumatic
By Frame Material:
- Steel
- Aluminum
By End Use:
- Mining
- Construction
- Waste Management
- Marine Services
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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