The research study covers the present scenario and growth prospects of the global tipper trucks market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
New road projects in developing nations, high growth rate of construction activities globally, and restoration of mining activities in countries like India are driving the global tipper trucks market, along with the demand for overall commercial vehicles. For instance, the Middle Eastern countries are developing high-end construction projects, especially in the GCC countries, UAE in particular, due to the upcoming construction projects as part of preparations for the 2018 FIFA World Cup.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global tipper trucks market:
Infrastructure developments in BRIC countries
As the infrastructure development increases, it proportionally leads to the demand for tipper trucks, as these vehicles are mainly used for transportation in the construction and mining sectors. With BRIC nations investing largely in the construction, transportation, and mining industries, the demand for tipper trucks is expected to increase. Economic conditions of these nations are expected to continue to improve over the forecast period, in turn, boosting the market.
Siddharth Jaiswal, a lead automotive manufacturing research analyst at Technavio, says, “The road is the most preferred means of transport for passengers and freight purposes. It constitutes to about 68% of Brazilian transport needs. Infrastructure development has given an opportunity for many OEMs to extend their product lines and innovate their existing products.”
Increased adoption in rental service
The rental equipment industry is capital intensive. Funds are required for acquisition and maintenance of equipment fleets, secure storage facilities, work on the fleets, and for operating the business. Cash inflows from business, equipment utilization, time utilization, and higher prices contributed to the growth of this service market.
“Manufacturers have been citing many positive indicators for an increase in sale. This is because an average of 60% of tipper trucks goes into the rental market and 40% into retail. Technavio expects that in the future, with the residential construction picking up the pace, builders and fleet managers will be renting and buying more,” adds Siddharth.
Revival of mining industry
The market suffered a period of decline with the drop-in mining operations worldwide during 2011-2012 because of the global economic slowdown. However, it is slowly regaining its momentum as manufacturing companies worldwide are looking forward to mineral exploration. With the increase in mining operations, the global mining truck market will recover slowly during the forecast period.
Growing population, rapid urbanization, and widespread infrastructure development in leading and emerging countries such as China, India, Indonesia, UAE, and African countries such as South Africa and Nigeria have led to an increase in the consumption of metals and minerals such as iron, copper, limestone, and shale gas.
- Hitachi Construction Machinery
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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