The APEJ region is forecasted to lead the global tipper body equipment market in terms of CAGR and is expanding at a healthy CAGR of 4.8% over the assessment period.
Valley Cottage, NY -- (SBWIRE) -- 11/07/2018 -- In a recent market outlook titled "Tipper Body Equipment Market: Global Industry Analysis and Opportunity Assessment 2016–2026," Future Market Insights provides in-depth analysis of the global market for tipper body equipment within a 10-year forecast period, 2016-2026.
Over the decade, the market is likely to exhibit a value CAGR of 4.2%. According to Future Market Insights, the market worth US$ 3,324.4 Mn will possibly cross US$ 4,000 Mn in 2021 and will gain a slight uptick to reach US$ 4,996.7 Mn by the end of 2026. The overall growth outlook seems to be moderate.
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Global Tipper Body Equipment Market: Segment-wise Insights
By tipping type, rear tipper body segment will continue to dominate, accounting for over 62% share in terms of value in 2026. This segment will possibly gain 270 BPS over the assessed period, expanding at a CAGR of 4.6% over 2016-2026. The second largest segment will be three-way tipper body.
Based on load-carrying capacity, 15-30 tons segment will lead, capturing roughly 65% market value share in 2026. Gaining around 140 BPS, this segment will demonstrate the fastest growth through 2024. Although below 15 tons segment is expected to be the second largest in terms of revenues, the 30 tons and above segment will witness a relatively higher CAGR.
By mechanism, hydraulic segment will remain dominant over pneumatic segment, accounting for over 87% share of the global market value in 2026. Both the segment will however witness moderate growth over the assessment period.
On the basis of frame material, steel will continue to rule, reaching US$ 4,223 Mn by 2026 end that is likely to account for nearly 85% share of the total market revenues. Aluminum will remain the second largest segment.
By end-use, mining and construction will continue to dominate other segments during the next decade. While consumption by mining sector will possibly capture over 32% share in 2026, revenues from construction segment are foreseen to account for more than 28% share of the market value in 2026. Waste management is projected to be the third largest segment.
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Global Tipper Body Equipment Market: Regional Insights
Regional analysis of the global tipper body equipment market by Future Market Insights indicates that Asia Pacific (excluding Japan), North America, Latin America, and Europe will be the key markets throughout the next decade.
APEJ, driven by China and India, is projected to dominate with more than 28% value share at the end of assessed period with a gain of 180 BPS.
North America will remain the second largest regional market that is expected to bag over 23% share in 2026.
Global Tipper Body Equipment Market: Key Vendor Insights
Among some of the key companies operating in the global tipper body equipment market landscape, Schmitz Cargobull AG and Hyva Global B.V. are likely to continue representing leading revenue shares over the forecast period.
Other notable players include Crysteel Manufacturing Inc., Thompsons (UK) Ltd., BION INDUSTRIAL LLC, and F.X. MEILLER.
While a majority key players are strategising new product launches, collaborations, and joint ventures, others are focusing more on production capacity expansion and acquisitions.
Global Tipper Body Equipment Market: Overall Dynamics
With growing urbanisation and booming construction and mining sectors, the demand for tipper body equipment is expected to be maintained over the next few years. Steady demand from waste management sector will also provide a push to the market for tipper body equipment. Moreover, technological innovation in tipper body products, such as redesigning of the driver's cabin in tipping equipment and vehicles to provide an operating experience as convenient as possible, is also anticipated to favor the sales in near future.
Growing use of advanced telematics systems by manufacturers is expected to remain one of the important market drivers over the decade. Rapid adoption of automation is identified to be another key factor that will potentially drive the market growth during the assessment period. Relatively higher fuel consumption and negative environmental impact of tipper equipment and vehicles will continue to challenge market growth over the next decade.
In addition, cost-intensive capital and high maintenance will also remain the long-term restraints for market growth. However, high initial costs of purchasing tipper body equipment is subsequently boosting the establishment of tipper rental businesses and compelling those that are already established to become more organised to cater to a growing trend of rental tipper body equipment.
Another remarkable trend driving the market includes development of cost-competitive products to maximise penetration in emerging economies, such as China, India, and South Africa. Development of effective tipper body equipment with enhanced load-carrying capacity and provision of efficient buyer and drivers' training by manufacturing entities are likely to present lucrative growth opportunities. While product development with advanced diagnosis systems can be a key to sustain relatively mature markets, such as North America and Western Europe; massive potential lies in developing countries, including BRIC nations.
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