Research Nester has released a report titled “India Tipper Truck Market – Demand Analysis & Opportunity Outlook 2024” which delivers detailed overview of the India tipper truck market in terms of market segmentation by vehicle type, truck type, end user and tonnage capacity.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The India tipper truck market is segmented by truck type into semi-trailer end dump truck, standard dump truck, side tipper dump truck, bottom dump truck and others, out of which, the standard dump truck segment registered the largest market share of 56.01% in the year 2018 along with a market value of USD 2109.2 million in the same year. Further, the segment is anticipated to grow by 1.29x to attain the highest CAGR of 5.23% during the forecast period, i.e. 2019-2024. Additionally, the segment is also anticipated to gain an absolute $ opportunity of USD 777.0 million during the forecast period.
The India tipper truck market is anticipated to achieve a CAGR of 4.89% across the globe over the forecast period. Increasing opportunities generated by the rising coal mining in the country, along with the economy bounce back after the downfall due to Covid-19 pandemic, growing trends in the change in GST implementation and the growing transition in the BS (Bharat Stage) standards are some of the factors anticipated to promote towards the growth of the India tipper truck market. The market is further expected to garner USD 6049.0 million by the end of 2024 from USD 3766.0 million in the year 2018 and is further anticipated to grow by 1.26x and gain an incremental $ opportunity of USD 1284 million during the forecast period.
Increasing Industrial Activity in Construction Sector
The demand for tipper trucks has increased significantly backed by the rising number of infrastructure and major construction projects which are in ongoing developmental phase, along with the road construction projects such as Golden Quadrilateral and Pradhan Mantri Grameen Sadak Yojana, and the irrigation and quarry. Moreover, the significant demand for multi-axle trucks, growing need for transporting high volumes of aggregates, the rising government expenditure on urban infrastructure projects and the emergence of fuel-efficient tipper trucks to prevent growing pollution level are some of the major factors driving the growth of the India tipper truck market.
However, concerns regarding the revised axle load norms, which was applied from July 2018, and allows the increase in GVW (Gross Vehicle Weight) limit for all the trucks to reduce congestion and regulate carbon footprint in the country are some of the factors anticipated to restrict the growth of the India tipper truck market.
This report also provides the existing competitive scenario of some of the key players of the India tipper truck market, which includes company profiling of Tata Motors Limited (NSE: TATAMOTORS), Ashok Leyland (NSE: ASHOKLEY), AB Volvo (STO: VOLV-B), Daimler AG (BharatBenz) (ETR: DAI), Eicher Motors Limited (NSE: EICHERMOT), Mahindra & Mahindra Ltd. (NSE: M&M), Scania, SML Isuzu Limited (NSE: SMLISUZU), MAN SE (ETR: MAN) and Asia Motor Works Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India tipper truck market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.