Tipper Truck-The Future of Commercial Vehicle Segment Market
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.
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).
Conclusion:
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.
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