TIPPER BODY MARKET ANALYSIS

Market Challenges And Opportunities

Global Tipper Body Market- Driver

Increasing number of construction activities:

The construction sector is witnessing a high boom across the globe in past few decades. Majority of the developing countries are on the track towards establishing extensive infrastructure at the public level, and the exponential growth trend is visible in the private construction market as well. Housing complexes, joint ventures, construction of malls and other commercial properties is witnessing an unprecedented growth in numbers. For instance, according to the statistics released by ToolSense in their report on construction industry, the number of housing permits issued in the year 2020 accounted to 978,000 in the USA. This shows that the construction market is growing exponentially and this will have a positive impact on the global tipper body market as the demand for tipper trucks would increase to the same extent expanding the global tipper body market even further.

Growth in the mining sector:

Mining is an important sector where the use of tipper trucks is highly essential. The industry is characterized by the need to dig huge quantities of soil and land dump in order to extract required ore and minerals. The mining industry is responsible for extraction of important metals like iron, zinc, gold, etc. used in numerous industries. Recently, the importance of lithium is increasing due to the rise of electric vehicles. For instance, according to an article published by The Telegraph Online in April 2023, the process of extraction of lithium has started in Reasi. This came as a result of an important development in Jammu & Kashmir where large reserves for lithium were discovered. This would mean that a large scale mining project would have to be undertaken in the region which would increase the demand for tipper trucks and as a result tipper bodies to carry out the mining operations.

Global Tipper Body Market- Restraint

High initial cost of tipper trucks:

The commercial vehicles like pickup trucks and heavy-duty trucks are required to use the tipper bodies. The tipper bodies form the attachment for these trucks which then can be used to transport goods and dump. Even though the investment related to tipper bodies is economically justifiable, the cost associated in purchase of the trucks on which the tipper bodies would be installed is quite high. For instance, form the data acquired from 91trucks.com, the prices of tipper trucks in India vary from INR 15 lakh and could go up to INR 68.50 Lakh. This is the testimony to the fact that the heavy-duty tipper trucks used in the major industries like construction and mining are highly expensive. This factor can hamper the growth prospects of growth for the global tipper body market during the forecast period.

• High initial cost of tipper trucks

Global Tipper Body Market- Opportunity

Expansion in the scope for application of tipper body:

The first notion when the market for tipper body is analyzed is that it is predominantly used in large-scale industries like huge construction and mining projects. But, the use of tipper trucks in other industries is of significant importance too. The unconventional areas where the use of tipper trucks becomes crucial is waste management, transportation of agriculture-related raw materials and raw material for certain manufacturing industries should be taken into consideration while evaluating the applications of tipper trucks. For instance, according to the newsletter of AGG-NET, in September 2022, Crown Waste Management, a UK-based waste management company added four new Volvo FMX 420 8x4 tippers to their fleet. This shows that the adoption of tipper trucks in different industries is an opportunity for the market players in the industry to capitalize on and expand the market further during the forecast period.