Faraways | stock.adobe.com
During the period between 2018 and 2022, the global market for tipper body equipment recorded a compound annual growth rate (CAGR) of 6 percent, reaching a valuation of about $27.3 billion in 2022, Future Market Insights Inc. (FMI) reports.
The need for such equipment is expected to increase with rapid industrialization and the increasing use of tippers for transporting different materials. Newark, Delaware-based FMI predicts the overall market could expand at a CAGR of 7.2 percent from 2023 to 2033.
FMI forecasts that the global market value is forecasted to reach $54.8 billion by 2033, growing from $29.3 billion in 2023.
A significant factor driving the sales of tipper body equipment is what FMI calls the explosive rise of end-use sectors, including building, mining and waste management. Tipper body equipment is essential to these sectors’ operations because they rely heavily on effective material handling and transportation. Likewise, trash management businesses also use tipper body equipment to collect and dispose of waste as the focus on eco-friendly waste management techniques is growing.
Investments in the construction and transportation infrastructure also drive the application of dependable tipper body equipment worldwide. Furthermore, government infrastructure development projects in many emerging nations fuel the need for construction equipment, particularly tippers.
Key takeaways
The United States dominates the global market, contributing to almost 21.4 percent of tipper body equipment sales in 2022. However, global supply chain disruptions, such as those experienced during the COVID-19 pandemic, can affect the regional market in the United States, FMI says.
Germany is the leading supplier of tipper body equipment for the European market, and in 2022 it held a global market share of 19.2 percent. FMI reports upcoming infrastructure projects are likely to continue driving tipper body sales in Europe.
The sales of tipper body equipment in Asia Pacific could be affected by regional economic disparities, infrastructural development and differing rates of industrial expansion. For example, the regional market in China is poised to grow at 8.2 percent until 2033, while the Indian market could exhibit a 6.5 percent growth rate.
“Tipper body equipment is pivotal in construction and logistics,” FMI Associate Vice President Nikhil Kaitwade says. “These specialized vehicle attachments enable efficient material transport and handling, enhancing productivity and versatility in construction, mining and waste management.”
Competitive landscape
FMI names Germany-based Schmitz Cargobull; Crysteel Manufacturing, Lake Crystal, Minnesota; and Ingimex, United Kingdom as some top players in this market. These and other leading players with operations in international and regional markets have attractive prospects that could further consolidate the market.
Modernizing equipment with cutting-edge technology such as telematics and sophisticated control systems may enable manufacturers to draw clients looking for increased efficiency and safety. In addition to this, tipper body equipment manufacturers who value sustainability and create greener solutions are anticipated to have an advantage over their rivals.
