Research Nester has released a report titled “India Tipper Truck Market – Demand Analysis & Opportunity Outlook 2024” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
Over the years, India as a nation has observed significant increase in the number of infrastructures, along with several number of major construction projects, which are in the ongoing developmental phase.
Additionally, several road constructions projects such as Golden Quadrilateral and Pradhan Mantri Grameen Sadak Yojana, coupled with the irrigation, quarry, and the growing need for transporting high volumes of aggregates are some of the factors anticipated to drive the growth of the India tipper truck market. Additionally, significant demand for multi-axle trucks and the rising government expenditure on urban infrastructure projects along with the emergence of fuel-efficient tipper trucks to prevent growing pollution level are some of the major factors driving the growth of the India tipper truck market.
The India tipper truck market is anticipated to achieve a CAGR of 4.89% across the globe over the forecast period, i.e. 2019-2024. The market is thriving on account of factors such as the rising trends in the change in GST implementation, increasing opportunities generated by the rising coal mining in the country, growing transition in the BS (Bharat Stage) standards, along with the economy bounce back after the downfall due to Covid-19 pandemic. The market is anticipated to grow by 1.26x and reach USD 6049.0 million by the end of 2024 from USD 3766.0 million in the year 2018. Further, the market is also anticipated to gain an incremental $ opportunity of USD 1284 million during the forecast period.
The India tipper truck market is segmented by truck type into semi-trailer end dump truck, standard dump truck, side tipper dump truck, bottom dump truck and others. Among these segments, the standard dump truck segment registered the largest market share of 56.01% in the year 2018 and is anticipated to grow by 1.29x to attain the highest CAGR of 5.23% during the forecast period. Additionally, the segment, which held a market value of USD 2109.2 million in the year 2018 is also anticipated to gain an absolute $ opportunity of USD 777.0 million during the forecast period.
However, concerns for the increase in GVW (Gross Vehicle Weight) limit for all the trucks to reduce congestion and regulate carbon footprint in the country are some of the factors anticipated to limit the growth of the India tipper truck market.
This report also studies existing competitive scenario of some of the key players of the India tipper truck market, which includes profiling of Tata Motors Limited (NSE: TATAMOTORS), Ashok Leyland (NSE: ASHOKLEY), AB Volvo (STO: VOLV-B), Daimler AG (BharatBenz) (ETR: DAI), Eicher Motors Limited (NSE: EICHERMOT), Mahindra & Mahindra Ltd. (NSE: M&M), Scania, SML Isuzu Limited (NSE: SMLISUZU), MAN SE (ETR: MAN) and Asia Motor Works Limited.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “India Tipper Truck Market – Demand Analysis & Opportunity Outlook 2024”, analyses the overall India tipper truck industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the India tipper truck market in the near future.
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