Growing Infrastructure Sector to Push India Tipper Truck Market till 2024

Increasing mining activities and government projects such as Pradhan Mantri Grameen Sadak Yojana to drive India tipper truck market through 2024

According to TechSci Research report, “India Tipper Truck Market By Vehicle Type, By Tonnage Capacity, By End-Use Industry, By Region, By Company, Competition, Forecast & Opportunities, 2014 – 2024F”, India tipper truck market is projected to grow at a CAGR of over 11%, in Value terms during the forecast period 2019 – 2024, on account of increasing number of infrastructure and construction projects across the country. Major construction projects such as Navi Mumbai International Airport (NMIA) and Gujarat International Finance Tec-City (GIFT) are in the development phase and would boost demand for tipper trucks. Rising need to transport materials such as garbage for solid waste management and clay and fuel ash materials in cement industry, in addition to increasing demand for logistics services, is expected to fuel the country’s tipper truck market.

Moreover, strict regulatory norms related to vehicle length and higher budgetary allocation towards infrastructure and rural sectors are expected to positively influence the market. Annual demand for tipper trucks stands at 60,000 units in India and this number is anticipated to increase in the coming years.

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On the basis of tipper truck type, the medium tipper truck segment is the preferred choice among consumers, as tipper trucks with higher load carrying capacity and are perfectly suitable for Indian road conditions to carry heavy loads. In terms of application of tippers, construction is the largest segment being followed by mining activities. Increase in construction and infrastructural activities and mining activities like domestic coal production grew 9.8% in the first three quarters of 2018 and the government has allocated new 85 coal mines so far under the provisions of the Coal Mines (Special Provisions) Act, 2015. Additionally, India is planning a 10-fold increase in uranium production in the next 10 years due to high demand for power generation. All these factors would provide lucrative growth opportunities to players operating in India tipper truck market.

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Prominent automotive tipper truck giants such as Tata Motors, Ashok Leyland, VE Commercial Vehicles, Daimler Commercial Vehicle and Mahindra and Mahindra Trucks are expanding their product offerings. New tipper truck models with BS VI regulations have been launched by Ashok Leyland, while AMW Motors is in the process of launching powerful, ergonomic and efficient trucks in the market. Moreover, Bharat Benz is launching new range of tipper trucks to meet the new BS-VI emission standards at the competitive price level of brand’s earlier BS IV trucks. 

“Various upcoming infrastructure projects coupled with rising government expenditure towards mining and construction sectors would boost India tipper truck market during the forecast period. Moreover, emergence of fuel-efficient tipper trucks keeping in view rising pollution levels is likely to push the demand for these trucks across the country. As tipper truck manufacturers are focusing on the development of tipper trucks with lower cost and higher efficiency, tipper truck market is expected to register significant growth in India in coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Tipper Truck Market By Vehicle Type, By Tonnage Capacity, By Application Type, By Region, By Company, Competition, Forecast & Opportunities, FY2014 – FY2024F” has evaluated the future growth potential of India tipper truck market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge 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 India tipper truck market.

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