The global tipper body equipment market stood at around USD 27,345.2 million in 2022, estimated to reach USD 29,314.1 million in 2023. Furthermore, with rising usage of tippers across various industries, including mining, construction, and waste management, the overall sales of tipper body equipment are slated to record a 7.2% CAGR between 2023 to 2033, totaling a market valuation of USD 54.806.1 million by 2033.
By tipping type, the rear tipper body segment presently accounts for more than 60% of the global market and is poised to grow significantly during the assessment period.
The booming construction and mining industries across the world due to increasing government initiatives and investments, robust economic growth, and rapid urbanization are playing a crucial role in bolstering the growth of the overall market, and the trend is likely to continue during the forecast period.
Tipper body equipment is installed on tippers or dump trucks for carrying piles of concrete, stones, crushed stone, soil, and various other types of materials from one location to another.
Over the years, the tipper body equipment market has gained immense traction due to the rising usage of tippers and dump trucks across industries such as construction, mining, marine, and waste management. They allow industries to transport bulk materials from one location to another while making both loading and unloading of materials easy.
Factors such as population explosion and rapid urbanization across the globe are expected to result in increasing investments in the building and construction industry during the forecast period. This may, in turn, create demand for tipper body equipment.
Regionally, Asia Pacific is anticipated to emerge as the most lucrative market for tipper body equipment, accounting for the highest share of more than 25% of the global market share during the forecast period.
Currently, the tipper body equipment market forms 2 to 5% of its parent market of lightweight automotive body panels.
| Report Attribute | Details |
|---|---|
| Global Tipper Body Equipment Market Valuation in 2022 | USD 27,345.2 million |
| Estimated Global Market Share in 2023 | USD 29,314.1 million |
| Forecasted Global Market Size by 2033 | USD 54,806.1 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 7.2% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 6% CAGR |
| Collective Value Share of 3 Top Performing Countries in 2022 | 51% |
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From 2018 to 2022, the global tipper body equipment market recorded a CAGR of 6% and reached a valuation of USD 27,345.2 million in 2022. However, with the rapid expansion of end-use industries worldwide and the growing usage of tippers for transporting various materials, the overall demand for tipper body equipment is expected to capture a 7.2% CAGR between 2023 to 2033.
Over the years, demand for material handling equipment and construction vehicles has risen substantially due to rapidly expanding industries such as construction and mining. This has brought the overall market into the spotlight.
Demand for tipper body equipment is expected to surge due to the rise in global infrastructure projects. Similarly, the surge in road construction projects and increased government spending on urban infrastructure projects are expected to drive the market's growth.
Moreover, the growing need to transport large amounts of aggregates, coupled with the strong demand for multi-axle trucks fueled by increasing daily hauling and dumping capacity, are key factors increasing sales of tipper body equipment in developing countries.
Mining activities demand long-distance and offsite operations to handle material transportation, requiring off-road vehicles and tipper body equipment. The increase in mining projects, especially coal mining, has created a huge demand for all types of tippers. This is expected to provide impetus to the market growth during the assessment period.
Similarly, innovation and advancement in tipper body equipment may further expand the market in the forthcoming years. Manufacturers are launching more advanced equipment by reducing operating costs and increasing delivery times so that end users can operate in the most demanding and harsh mining conditions.
Based on these factors above, the tipper body equipment market is projected to grow by 1.5x by 2033 compared to 2023.
Innovation in Tipper Body Equipment to Bolster Market Growth during the Forecast Period
The growing research and development by a prominent market participant in the global market are estimated to create several growth opportunities and create new trends for the global market in the coming future.
Similarly, the introduction of new technologies to their product is further expected to fuel the growth of the tipper body equipment vehicles among consumers in the global commercial vehicles market.
The advancement in the automation and research division has led manufacturers to develop driverless machines and dump vehicles that behave like robot vehicles for harsh mining and construction activities. Furthermore, they are constantly innovating to introduce high-efficiency products. For instance, in June 2022, Schmitz Cargobull AG, Europe's leading manufacturer, launched its S.KI tipper trailer with a greater payload capacity of up to 230 kg, improved handling, and robust, reliable product quality. The new modular frame system is a standard, light, or heavy-duty design, depending on the level of use.
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Despite its optimistic stance, the global tipper body equipment market is facing various challenges limiting its growth. Some of these factors include skyrocketing prices of tipper body equipment and the high maintenance cost of this equipment.
Rapid Growth of Construction Industry Fueling Sales in the United States
As per FMI, the United States is anticipated to retain its dominance in the global market during the forecast period, accounting for a substantial share of 21.4% in 2022. Growth in the United States tipper body equipment market is driven by the rapid expansion of the construction and mining industries, increasing government initiatives and investments, and the heavy presence of some leading tipper body manufacturers.
In the United States, several projects are well on their way to the planning stage, while others have finally resumed after a year's delay due to the global pandemic. Despite the challenges, the medium- to long-term growth story remains unchanged.
The United States construction industry is expected to grow steadily over the assessment period, thereby creating growth prospects for the market. According to the United States Census Bureau, construction spending in the United States totaled around USD 1,777,296 million in July 2022, and this number is further expected to increase during the forecast period
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 21.4% |
| Germany | 19.2% |
| Japan | 10.5% |
| Australia | 5.3% |
The overall market in China is projected to register a CAGR of 5.5% during the forecast period of 2023 to 2033. Demand for tipper body equipment in China is driven by the rapidly expanding construction industry, increasing government investments in mining projects, and easy availability of tipper body equipment at relatively lower prices.
The industrial construction sector in China is expected to grow in 2023, buoyed by improvements in industrial, manufacturing, and export activities, which are creating numerous opportunities for targeted product sales in the China market.
Rising household income rates and rural-to-urban population migration are expected to boost domestic housing demand further. Increased focus on affordable housing in both the public and private sectors may encourage development in the housing sector. Non-residential infrastructure is also set to expand dramatically over the next few years. This, in turn, may continue to boost the demand for tipper body equipment in the country.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 7.5% |
| China | 8.2% |
| India | 6.5% |
Rising Usage of Tippers for Transporting Various Materials Pushing Demand in Germany
Over the forecast period, the German tipper body equipment market is expected to evolve at a moderate CAGR of 5.5%. By the end of 2033, the sales of tipper body equipment in the country are projected to grow by 1.3x by 2033.
The booming construction industry in Germany, due to the stable economy, increasing investment climate, and a progressive focus on energy efficiency, supported by the federal government, is playing a crucial role in accelerating the sales of tipper body equipment in the country.
Similarly, increasing usage of tippers for waste management and marine services may further bolster market growth in Germany during the forecast period.
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By tipping type, the rear tipper body segment may continue to dominate the global market throughout the forecast period, accounting for more than 50% share on a value basis by 2033. This can be attributed to the rising demand for rear-tipper bodies across various industries.
Rear-powered tipper body equipment is growing significantly as they incur low maintenance costs and higher operating life compared to their counterparts.
| Category | By Product Type |
|---|---|
| Top Segment | Crane & Monorail |
| Market Share in Percentage | 22.6% |
| Category | By End Use |
|---|---|
| Top Segment | Warehousing |
| Market Share in Percentage | 13.2% |
Based on end use, the global market can be segmented into mining, construction, waste management, marine services, and others.
As per FMI, the mining and construction segments together accounted for over 60% value share of the global tipper body equipment market in 2022 and are anticipated to grow with a CAGR of more than 4.8% and 4.6% respectively.
The high growth of these segments is mainly attributed to the use of tipper body equipment in applications for transporting material and construction goods to the respective construction site.
Key market participants are continuing their efforts to solidify their position and increase their profitability through an extremely flexible production network and strong power of innovation. The companies are launching products for the construction industry designed to deliver outstanding reliability, efficiency, and safety. They are also focusing on establishing joint ventures with all leading players in the global market to increase their overall global sales and develop a foothold in emerging markets. For instance,
Succeeding in the Tipper Body Equipment Business - Schmitz, Crysteel, and Hvya Take a Multifaceted Approach to Consolidate their Position
Tipper body equipment manufacturers are accelerating their production as demand increases across the globe. The trailer shortage has meant that leading players have had to open new manufacturing units or increase production at existing ones. For instance, Schmitz Cargobull is tripling output at its United Kingdom manufacturing factory to manage the increased demand for trailers in the United Kingdom. The Manchester-based trailer manufacturer is increasing production capacity so it can deliver standard versions of its S.BO Pace and S.CS Fixed Roof curtain sider models.
Further, the company has a long-term investment strategy and is ramping up its technology division. As smart integration is happening in the trailer industry, Schmitz Cargobull is integrating remote-controlled operations. For instance, even during times of downturn, the company is investing in new patent development in addition to launching new products. It launched a product known as S.KI Solid, which can be operated remotely.
In addition to getting contracts from the private sector, tipper body equipment manufacturers also focus on partnering with defense organizations. Tipper body equipment is widely used in the defense sector, so this sector becomes lucrative for manufacturers. For instance, Crysteel Manufacturing, one of the leaders in this space, recently partnered with Mack Defense to manufacture United States Army M917A3 Heavy Dump Trucks.
The performance of the trailer equipment is a key criterion for end-users. Therefore, manufacturers are very serious about maintaining the efficiency and performance of their machines. For instance, in March 2019, the company launched Aluminum Landscape bodies, which are lightweight and offer higher durability.
While developed markets have remained a key source of revenue for leading tipper body equipment manufacturers, emerging economies are providing new avenues of growth. Many countries, such as China and India, are growing briskly, with a strong focus on infrastructure development activities.
Therefore, manufacturers are now prioritizing these markets in their strategy. For instance, Hvya, a leader in tipper body equipment manufacturing, announced in 2020 that it might consolidate its position in India, as it identified the country as critical to its overall business growth. The company is developing smart solutions and technologies as part of its India strategy.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 29,314.1 million |
| Projected Market Size (2033) | USD 54,806.1 million |
| Anticipated Growth Rate (2023 to 2033) | 7.2% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; and the Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Mexico, Brazil, Germany, France, Italy, Spain, BENELUX, The United Kingdom, Russia, China, Japan, South Korea, India, Association of Southeast Asian Nations, Australia & New Zealand, Turkey, South Africa, and Northern Africa. |
| Key Market Segments Covered | Tipping Type, Load Carrying Capacity, Mechanism, Frame Material, End Use, and Region |
| Key Companies Profiled | Schmitz Cargobull AG; Crysteel Manufacturing Inc; Ingimex Ltd; VFS (Southampton) Ltd.; Cantoni & C S.p.A.; BION INDUSTRIAL LLC; F.X. MEILLER Fahrzeug- u. Maschinenfabrik- GmbH & Co KG; Marrel; Hyva Global B.V |
| Report Coverage | Market forecast, brand share analysis, competition intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives |
The market is valued at USD 29.3 billion in 2023.
Schmitz Cargobull AG, and Crysteel Manufacturing Inc. are the leading market players.
The market captured a CAGR of 6.0% from 2018 to 2022.
Technological innovations to boost the market prospects.
The growth potential of the tipper body equipment market is 7.2% through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tipping Type 5.1. Roll-off Tipper Body 5.2. 3-Way Tipper Body 5.3. Rear Tipper Body 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Load Carrying Capacity 6.1. Below 15 tons 6.2. 15–30 tons 6.3. 30 tons & above 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mechanism 7.1. Hydraulic 7.2. Pneumatic 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Frame Material 8.1. Steel 8.2. Aluminum 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 9.1. Mining 9.2. Construction 9.3. Waste Management 9.4. Marine Services 9.5. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Schmitz Cargobull AG 20.2. Crysteel Manufacturing Inc 20.3. Thompsons (UK) Ltd. 20.4. Ingimex Ltd 20.5. VFS (Southampton) Ltd. 20.6. Cantoni & C S.p.A. 20.7. BION INDUSTRIAL LLC 20.8. F.X. MEILLER Fahrzeug- u. Maschinenfabrik- GmbH & Co KG 20.9. Marrel 21. Assumptions & Acronyms Used 22. Research Methodology
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Tipper Body Equipment Market
