When we set our sight on Global Truck Industry, it is still dependent on conventional tippers and dumpers.
The demand of the tipper trucks is directly linked to the growth of the economy and particularly in sectors like roads and constructions, mining as well as infrastructure projects. Ranchers and farmers utilize tipper trucks to transport a lot of grain and grass between ranches or to advertise, influencing it to savvy for some agriculture operations. With a blast in the development area, the countries are seeing more tipper trucks bungling its streets.
Tipper truck, otherwise called dump/dumper truck, is a business truck utilized for the transportation of materials in mass. The materials, for instance, incorporate sand, rock, and pulverization waste from the construction industry, limestone and fuel ash materials from the concrete business; and refuse from strong waste administration.
Global Tipper Truck market stood at 37.11 Billion in 2016, and is expected to grow at a CAGR of 10%, in value terms during the forecast period. As the infrastructure development increases the demand for tipper trucks also increases as these are mainly used for transportation, construction and mining sectors.
Source: Techsci Research
Factors Affecting the Global Tipper Truck Market:
Source: Global Construction Outlook Report, 2016
New road projects in developing countries, high development rate of construction activities comprehensively, and reclamation of mining exercises in nations like India are driving the worldwide tipper trucks market. Moreover, the Middle Eastern nations are growing top of the line construction projects, particularly in the GCC nations, UAE specifically, because of coming development extends as a major aspect of arrangements for the 2018 FIFA World Cup.
The Indian government had announced road projects such as the Golden Quadrilateral and the Pradhan Mantri Grameen Sadak Yojana, In FY 2016-17, as of 25 January 2017, projects worth 23,201 crore cent of the GOI allocations for FY 2016-17 (revised estimates/RE) had been approved by MORD. As the construction industry improvement builds, it relatively prompts the interest in tipper trucks, as tipper trucks are primarily utilized for transportation in the development and mining areas.
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Adoption in Rental Services:
The rental equipment industry is capital intensified. Assets are required for obtaining and upkeep of hardware fleets, secure stores, deal with the fleets, and for working the business. Money inflows from business, time utilization and higher costs added to the development of this service market. In total global tipper truck market, on an average 65% goes in the rental market and remaining into the retail sector.
Growing Construction Industry:
- According to the United States Census Bureau, the number of privately owned housing units authorized during 2011-2016 grew at a CAGR of over 13%.
- There are N number of construction projects which are taking place, by sector, as of 2016, in United States and Mexico, some of them are listed below:
Source: Federal Infrastructure Projects Permitting Dashboard
Source: Federal Government – Ministry of Transport & Communication, Ministry of Energy, Ministry of Health, Ministry of Urban Development & Housing, Ministry of Tourism
- Under the National Infrastructure Program of Mexico (NIP), the government plans to invest approximately USD596 billion for infrastructural development during 2014-2018. Out of this, approximately USD142 billion is to be invested for urban development and housing, which is further anticipated to increase the demand for tipper trucks.
Growing Mining Industry:
According to IBEF, India’s contribution of Mining industry in GDP, in 2016, stood at USD21.86 Billion and is expected to reach at USD82 Billion in 2025. The growing mining industry will directly impact the sales and production of tipper trucks in Indian market during the forecast period.
According to the World Mining Production data, globally the mining production is increasing at fast rate, the production statistics for mining is shown below, the growing mining industry will affect the production of tipper trucks in the market.
Source: International Organizing Committee for the World Mining Congresses
Top Manufacturers of Tipper Truck
The major firms operating in the market are Caterpillar Inc. (the U.S), BEML Ltd (India), Daimler AG (Germany), Deere & Company (the U.S), Hitachi Construction Machinery Co., Ltd. (the U.S), Belaz (Belarus), Komatsu Limited (Japan), Tata Motors (India) and Volvo Trucks (Sweden)Ashok Leyland Limited (India), Mack Trucks, Inc. (the U.S), MAN Truck & Bus AG (Germany), Scania AB (Sweden).
Growing road construction sectors, development of newer coal mines globally, high growth rate of construction activities in leading and emerging countries. As the infrastructure development increases the demand for tipper trucks also increases as these are mainly used for transportation, construction and mining sectors. Moreover, the economic conditions globally are expected to improve continuously over the forecast period which drives the Global Tipper Truck market.