Market Research Report
India Tipper Truck Market By Vehicle Type (Light, Medium and Large Tipper Trucks), By Tonnage Capacity, By Application Type (Construction, Mining and Others), By Region, By Company, Competition, Forecast & Opportunities, 2024
|Published by||TechSci Research||Product code||808236|
|Published||Content info||70 Pages
Delivery time: 1-2 business days
|India Tipper Truck Market By Vehicle Type (Light, Medium and Large Tipper Trucks), By Tonnage Capacity, By Application Type (Construction, Mining and Others), By Region, By Company, Competition, Forecast & Opportunities, 2024|
|Published: March 1, 2019||Content info: 70 Pages||
India tipper truck market stood at $ 1.65 billion in 2018 and is projected to grow at a CAGR of over 11% during 2019-2024 to reach $ 3.10 billion by 2024, owing to increasing number of infrastructure projects and availability of easy financing options offered by financial institutions. Tipper truck or dumper truck or tipper lorry is a commercial vehicle used for the transportation of materials in bulk, including garbage for solid waste management and clay and fuel ash materials in cement industry. Moreover, the market is being driven by increased demand for logistics services. Higher budgetary allocation towards infrastructure and rural sectors coupled with strict regulatory norms related to vehicle length are anticipated to positively impact the country's tipper truck market in coming years.
Dump trucks work on hydraulic systems and make use of fluid or liquid under pressure in order to generate the power required for the lifting operation. Annual general demand for tipper trucks stand at 60,000 units and this demand is increasing swiftly. Based on tonnage carrying capacity, tipper trucks are categorized into Light (2 Ton - 16 Ton), Medium (16 Ton - 31 Ton) and Large (31 Ton - 45 Ton) tipper trucks. Of these categories, medium tipper truck segment is witnessing high demand among end-users, on account of its application in a variety of tasks. Moreover, the segment is likely to exhibit the fastest growth rate in India tipper truck market during the forecast period, backed by increasing trend towards rated load regime. Another factor pushing the higher tonnage capacity segment is the increasing distance between raw materials and point of use. On the basis of vehicle type, India tipper truck market is segmented into small, medium and large tipper trucks. Medium tipper trucks are the preferred choice among end-users, as it is majorly used for road construction projects.
In terms of regional analysis, India tipper truck market is segmented into North, South, East and West. West India is witnessing high demand for these trucks. Growing mining activities in states such as Odisha, Jharkhand, Karnataka, Andhra Pradesh and Telangana are expected to increase the demand for tipper trucks. Moreover, road construction projects are boosting the demand for dump trucks in Rajasthan. Indian tipper or dump truck market caters to various end-user industries such as construction, mining and Others. Construction and mining are the major segments of the dump truck market. Road construction projects such as Golden Quadrilateral and Pradhan Mantri Grameen Sadak Yojana are further aiding the market growth. Earlier, tipper trucks, Shaktimaan trucks, were used in the Indian military, however, with technological advancements in the automotive industry, tipper trucks have been phased out and replaced by Ashok Leyland Stallion in the country's armed forces.
Major companies operating in India tipper truck market recorded high sales volume in the 2018 financial year and the trend is likely to continue during the forecast period. List of the major market players include Ashok Leyland Limited, Mahindra & Mahindra Limited, Eicher Motors Limited, SML Isuzu Limited, Asia Motor works Limited, Bharat Benz, MAN SE, Scania AB and AB Volvo. Tata tippers account for the majority share in tipper truck market, while other manufacturers are also coming up with competitive products in order to boost their market share. Ashok Leyland, a major competitor of Tata, has launched new tipper models with captain series incorporating BS IV regulations. Bharat Benz and AMW motors are also launching powerful, ergonomic and efficient trucks and ensuring maximum return on investment. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Some of the leading players in India tipper truck market are Ashok Leyland Limited, Mahindra & Mahindra Limited, Eicher Motors Limited, SML Isuzu Limited, Asia Motor Works Limited, Bharat Benz, MAN SE, Scania AB, AB Volvo, Tata Motors, etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated India tipper truck market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers and end users. The study would also help them in identifying which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.
In this report, India tipper truck market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in India tipper truck market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
(Note: The companies list can be customized based on the client.)