TIPPER BODY MARKET ANALYSIS

Global Tipper Body Market size was valued at US$  42.22 Bn in 2022, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030.

Tipper body is an integral part of tipper trucks that are used to carry load such as gravel, sand, soil and other material at construction sites. The metal box that forms the attachment of the truck which also has mechanical capabilities to load and off-load the material is called the tipper body. Tipper bodies make the task of loading and unloading the construction material sourced in huge quantities easy and convenient with the help of mechanical capabilities. Tipper bodies are installed on light as well as heavy duty commercial vehicles to carry and dump the load. These bodies are operated using hydraulic cylinders or pneumatic cylinder. Hydraulic cylinders provide the linear motion or force with the help of fluids such as oils and water; whereas, pneumatic cylinders provide the linear or rotary motion through pressurized air or gases.

Growing construction activities is expected to drive the demand for heavy duty vehicles responsible to carry the material on the construction sites for loading, lifting and transportation of the same. Furthermore, the growing activities of mining across different parts of the globe would also raise the demand for heavy and light duty vehicles used in transportation of related goods. These factors are expected to boost the demand for tipper bodies and lead to the expansion of global tipper body market during the forecast period.

 Global Tipper Body Market- Regional Analysis Asia Pacific held a dominant position in the Global Tipper Body market in 2021, followed by the North America and Europe region.          

Figure 1. Global Tipper Body Market Share (%), By Region, 2021

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Asia Pacific held a dominant position in the Global Tipper Body market in 2022, owing to increasing demand for tipper trucks in emerging economies such as India and China. The countries in the Asia Pacific region are mostly developing economies where the construction activities are increasing in number rapidly. Apart from these, activities like mining, waste management and others that require the use of heavy or light duty tipper trucks are also increasing, giving rise to an unprecedented demand for tipper bodies to carry and dump the necessary material. The region is expected to maintain its rapid pace of growth and continue its dominance in the global tipper body market during the forecast period.

North America is another strong market for the tipper bodies globally. Owing to the factors like organized transportation and logistics industry, presence of huge construction industry and other utility sectors, the region has a huge demand for tipper bodies. The growing mining activities in the region is also a major factor that is responsible for rising demand for tipper bodies the expansion of the tipper body market in the region. The region is expected to show similar trends and maintain its strong position in the global tipper body market.

Global Tipper Body Market- Segmentation

The global tipper body market is classified into following segments based on the tipper body, load carrying capacity, mechanism, frame material and end user industry.

The hydraulic segment based on mechanism of the tipper body accounts for the majority of the market share over the pneumatic segment. The hydraulic tipper body contains the actuators that provide the force or linear motion to the body through fluids such as oil or water. These actuators are predominantly used in the tipper bodies to provide the required force in order to load and unload the materials. In hydraulic systems a small force over a small cross sectional area results in a large force over a large area. Hence, the hydraulic system is efficient in transferring the force. These advantages are majorly responsible for their increasing application in the tipper bodies.

Based on the end user industry, the construction segment holds a dominant market share over other industries like mining and waste management. The construction industry is rapidly expanding with new construction sites increasing in number in developed as well as developing economies. The construction industry requires the materials such as sand, gravel, stones, gravel, dump, etc. to be transported throughout the various stages of the construction process. The industry makes use of heavy duty as well as light commercial vehicles for this purpose and the demand for these vehicles is significant in large scale as well as small scale construction projects. Hence, as a result of these factors the construction industry accounts for the majority of the market share in the global tipper body market.

Figure 2. Global Tipper Body Market Share (%) Analysis and Forecast,

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Global Tipper Body market was valued at US$ 42.22 Billion in 2022 and is expected to reach US$ 62.68 Billion by 2030, exhibiting a CAGR of 5.1% between 2023 and 2030.

Global Tipper Body Market- Key Competitors

Major players operating in the Global Tipper Body market include Bion Group, Cantoni & C S.P.A, Crysteel Manufacturing Inc., Daimler AG, Hyva Global B.V., Ingimex Ltd, Komatsu Limited, Marrel SAS, Thompsons Ltd., VFS Parts and Aftersales and others.

Global Tipper Body Market- Recent Developments

1. In June 2022, Hyva India Pvt. Ltd., a tipping solutions provider in Indian market launched a new type of tipper which is based on the bolted system of construction. This bolted tipper would prove to be an alternative for traditional welded tippers. This new launch took place in the trade fair Excon organized in 2022 at Bengaluru.
2. In June 2020, Scmitz Cargobull, a German manufacture of trailers and truck bodies, announced the launch of its new tipper body with the capabilities of thermal insulation. The M.KI tipper truck body has the capacity of 18 m³ and is ideally designed for the transport of smaller quantities of tarmac.
3. In September 2021, Marrel SAS, a French manufacturer of heavy duty vehicles and related equipment, achieved an important milestone by obtaining the ISO 14001. The 4 major divisions of the company, mechanics, boiler workshop, assembly and bodybuilding center all received the certification. The departments involved were audited based on the integration of ISO 14000 standards in the organizational processes.

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.

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.

Global Tipper Body Market- Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 had impacted almost all industries such as automotive, manufacturing, semiconductor, electronics, and others. Demand for tipper bodies and tipper trucks was also severely affected during the pandemic period. As the government authorities across the globe were focused on dealing with the covid-19 impact and the disruption caused by the pandemic, all the non-essential activities were halted during the pandemic period. This included the construction projects as well as mining activities. Moreover, the private activities where the use of tipper trucks is prevalent were also affected which decreased the demand for tipper trucks and tipper bodies. Hence, the covid-19 pandemic can be considered to have had a adverse impact on the global tipper body market.

*Definition: The rear platform of a truck or a lorry which can be elevated at an higher angle so that the dump or material it carries can be offloaded is called the tipper body. The tipper body forms an attachment on the chassis of trucks and light commercial vehicles and are used in industries such as construction, mining and waste management to transport material and dump.