From 2018 to 2022, the global dump truck body market recorded a compound annual growth rate (CAGR) of 6 percent, reaching a valuation of approximately $27.3 billion in 2022, according to Future Market Insights Inc. (FMI).
The demand for such equipment is expected to grow with rapid industrialization and the increasing use of dump trucks for transporting various materials. Thus, Newark Delaware-based FMI predicts that the overall market could grow at a CAGR of 7.2% from 2023 to 2033.
FMI forecasts the global market will reach $54.8 billion by 2033, up from $29.3 billion in 2023.
An important factor driving sales of equipment for tipper bodies is what FMI calls the “explosive” development of end-use sectors, including construction, mining and waste management. Tipper equipment is essential to the operations of these sectors because they rely heavily on efficient material handling and transportation. Similarly, waste management companies are also using dump trucks to collect and dispose of waste as there is increasing emphasis on eco-friendly waste management techniques.
Investments in construction and transport infrastructure are also driving the use of reliable tipper bodies around the world. Moreover, government infrastructure development projects in many emerging countries are increasing the demand for construction equipment, especially dump trucks.
Key conclusions
The United States dominates the global market, accounting for nearly 21.4 percent of tipper body sales in 2022. However, global supply chain disruptions such as those experienced during the COVID-19 pandemic could impact the regional market in the United States, FMI says.
Germany is the leading supplier of tipper bodies to the European market and in 2022 it had a global market share of 19.2%. FMI reports that upcoming infrastructure projects are likely to continue to drive sales of tipper bodies in Europe.
Sales of tipper bodies in the Asia-Pacific region may be affected by regional economic disparities, infrastructure development and varying rates of industrial expansion. For example, the regional market in China is expected to grow by 8.2% by 2033, while the Indian market may show a growth rate of 6.5%.
“Tipper bodies are of key importance in construction and logistics,” says FMI vice president Nikhil Kaitwade. “These specialized vehicle attachments enable efficient material transportation and handling, increasing productivity and versatility in construction, mining and waste management.”
Competitive environment
FMI lists the name Schmitz Cargobull, based in Germany; Crysteel Manufacturing, Lake Crystal, Minnesota; and Ingimex in the UK as some of the leading players in this market. These and other leading players operating in international and regional markets have attractive prospects that could further consolidate the market.
Upgrading equipment with cutting-edge technologies such as telematics and advanced control systems can enable manufacturers to attract customers looking for greater efficiency and safety. In addition, tipper body manufacturers that value sustainability and create greener solutions are expected to have an advantage over their rivals.
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