Tipper Truck Market to Grow at 6.30% CAGR in Value Terms by 2026

Growth in the construction and mining sector backed by governmental support has surged the demand for material transportation, which is driving demand for tipper trucks globally.

According to TechSci Research report, “Global Tipper Truck Market By Vehicle Type (Small, Medium & Large), By Size (4-Wheeler Rigid Tipper, 6-Wheeler Rigid Tipper, 8-Wheeler Rigid Tipper and Articulated-Wheeler Rigid Tipper), By Application (Mining & Construction),  By Region, Competition, Forecast & Opportunities, 2026”, the global tipper truck market stood around USD27.97 billion in 2020 and is estimated to reach USD40.00 billion by 2026, growing at a CAGR of 6.30% in value terms. Growth in the truck market is driven by increasing urbanization, construction, and continuously improving road infrastructure. The global tipper truck market is majorly dominated by Asia Pacific and North America regions. These two regions account for the highest number of truck sales globally, with their combined market share being around 70% in 2020 in the global tipper truck market and the trend is expected to continue in the forthcoming years as well. These two regions are comparatively dominating over other regions based on their usage of tipper trucks across the globe. As compared to rail connectivity and their ability of transporting goods, tipper trucks have advantages like wider reach to hilly regions and remote areas. Wider reach of tipper trucks to hilly regions over other means of transport for transporting goods is helping the tipper truck market to grow in remote regions.

Browse more than 135 market data Figures and spread through 110 Pages and an in-depth TOC on “Global Tipper Truck Market."

https://www.techsciresearch.com/report/tipper-truck-market/8011.html

Global tipper truck market is be segmented based on vehicle type, size, application and region. Based on vehicle type, the market can be segmented into small, medium and large tipper trucks. Medium duty tipper truck segment is the dominant segment by vehicle type in the global tipper truck market due to the growing demand for material transportation in the construction industry. Moreover, increasing consumer preference for faster unloading systems, advanced hydraulics are fueling the demand for medium duty tipper trucks in the global tipper truck market.

In terms of vehicle size, the market can be segmented into 4-wheeler rigid tipper, 6-Wheeler rigid tipper, 8-wheeler rigid tipper and articulated wheeler rigid tipper truck. The 6-wheeler rigid tipper segment accounted for the largest market share in volume terms in 2020 due to its high load carrying capacity, less fuel requirement as well as reduced cost compared to 8-wheeler rigid tipper and articulated tipper trucks. Moreover, material transportation through 6-wheeler rigid tipper for shorter distance is less costly as well as owing to its use across both small and large construction and mining projects made 6-wheeler rigid tipper trucks an ideal choice for consumers from powerplant, seaport, and airport sectors across the globe.

In terms of application, the market can be segmented into construction and mining. In various construction projects tipper trucks are required for transporting dumping materials such as granular subbase, macadam layers and bitumen mixes, etc. Growth in the construction sector resulted in the high demand for material transportation which generated a huge demand for tipper trucks. Due to the above-mentioned factors, the construction sector has acquired the largest market share by application in volume terms in 2020 in the global tipper truck market.

In 2020, the tipper truck sales declined in comparison to 2019 as countries around the world underwent strict lockdown in the second and third quarter of 2020 as a measure to counter the spread of the COVID-19 pandemic. The lockdown resulted in the temporary closing down of all factories, including tipper truck manufacturing facilities, resulting in production loss for the tipper truck market. Furthermore, the governments of most of the COVID-19 affected countries implemented social distancing norms that limited the number of workers working at any given point in the same facility. Such measures hampered the workflow of truck manufacturing facilities temporarily. Nevertheless, the market is showing positive signs of recovery and is anticipated to recover in the upcoming years.

Download Sample Report @ https://www.techsciresearch.com/report/tipper-truck-market/8011.html

Customers can also request for 10% free customization on this report

OJSC Belaz, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Komatsu Limited and others which include Ashok Leyland Limited, Scania AB, MAN Truck & Bus AG, Tata Motors Limited, AB Volvo, BEML Limited, etc. are the leading players operating in the global tipper truck market.

 Various upcoming construction projects from different sectors such as real estate, road infrastructure, industrial projects coupled with growing activities in global mining sector is likely to boost the tipper truck market during the forecast period. Moreover, favorable government policies regarding the construction projects, developing new seaports, developing real estate and housing projects are anticipated to fuel the tipper truck market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Tipper Truck Market By Vehicle Type (Small, Medium & Large), By Size (4-Wheeler Rigid Tipper, 6-Wheeler Rigid Tipper, 8-Wheeler Rigid Tipper and Articulated-Wheeler Rigid Tipper), By Application (Mining & Construction),  By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global tipper truck market and provides statistics & information on market size, structure and future market growth. The report intends to provide latest 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 the global tipper truck market.

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Web:   https://www.techsciresearch.com