DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The Indian 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.
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 the Indian 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, the Indian 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, the Indian 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.
The 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.
Competitive Landscape
Major companies operating in the Indian 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.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study
- To analyze and forecast the Indian tipper truck market size, in terms of value and volume.
- To classify and forecast the Indian tipper truck market based on vehicle type, tonnage capacity, end-user industry and regional distribution.
- To identify drivers and challenges for the Indian tipper truck market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Indian tipper truck market.
- To conduct the pricing analysis for the Indian tipper truck market.
- To identify and analyze the profile of leading players operating in the Indian tipper truck market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Factors Influencing Purchase Decision
4.2. Challenges/Issues Faced Post Purchase
4.3. Brand Satisfaction Level
5. India Tipper Truck Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Vehicle Type (Light, Medium and Large Tipper Trucks)
5.2.2. By End-Use Industry (Construction, Mining and Others)
5.2.3. By Region
5.2.4. By Company
5.3. Market Attractiveness Index
6. India Medium Tipper Truck Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Tonnage Capacity
6.2.2. By End-use Industry
6.3. Market Attractiveness Index
7. India Large Tipper Truck Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Tonnage Capacity
7.2.2. By End-use Industry
7.3. Market Attractiveness Index
8. India Light Tipper Truck Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Tonnage Capacity
8.2.2. By End-use Industry
8.3. Market Attractiveness Index
9. Market Dynamics
9.1. Drivers
9.2. Challenges
10. Market Trends & Developments
11. Policy & Regulatory Landscape
12. India Economic Profile
13. Competitive Landscape
13.1. Tata Motors
13.2. Ashok Leyland Limited
13.3. VE Commercial Vehicles
13.4. Daimler India Commercial Vehicles
13.5. Mahindra & Mahindra Limited
13.6. SML Isuzu Limited
13.7. Asia Motor works Limited
13.8. MAN SE
13.9. Scania AB
13.10. Hino Motors & Sales India Private Limited
14. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/research/47wvs2/india_tipper?w=4
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Related Topics: Trucks