Tipper Body Equipment Market Is Likely To Expand At A Healthy CAGR Of 5.3% Through 2031, Future Market Insights Inc.

APEJ accounted for more than 20% of the global tipper body equipment market in 2016 and is expected to account for close to 30% by the end of 2026. In comparison to 2016, the region is expected to gain more than 150 BPS by the end of 2026. The APEJ region is expected to lead the global tipper body equipment market in terms of CAGR during the assessment period, expanding at a healthy CAGR of 4.8 percent.

By the end of 2026, the region's market value is expected to exceed US$ 1,000 million. Between 2016 and 2026, China is expected to account for more than one-fourth of the value share in the APEJ tipper body equipment market.

In addition, cost-intensive capital and high maintenance will also remain the long-term restraints for market growth. However, high initial costs of purchasing tipper body equipment are subsequently boosting the establishment of tipper rental businesses and compelling those that are already established to become more organised to cater to a growing trend of the rental tipper body equipment.

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Global Tipper Body Equipment Market: Regional Insights
A regional analysis of the global tipper body equipment market by Future Market Insights indicates that Asia Pacific (excluding Japan), North America, Latin America, and Europe will be the key markets throughout the next decade.
APEJ, driven by China and India, is projected to dominate with more than 28% value share at the end of the assessed period with a gain of 180 BPS.
North America will remain the second-largest regional market that is expected to bag over 23% share in 2026.

Global Tipper Body Equipment Market: Key Vendor Insights
Among some of the key companies operating in the global tipper body equipment market landscape, Schmitz Cargobull AG and Hyva Global B.V. are likely to continue representing leading revenue shares over the forecast period.
Other notable players include Crysteel Manufacturing Inc., Thompsons (UK) Ltd., BION INDUSTRIAL LLC, and F.X. MILLER.
While the majority of key players are strategising new product launches, collaborations, and joint ventures, others are focusing more on production capacity expansion and acquisitions.

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Global Tipper Body Equipment Market: Overall Dynamics
With increasing urbanisation and thriving construction and mining sectors, demand for tipper body equipment is expected to remain stable in the coming years. Consistent demand from the waste management industry will also drive the market for tipper body equipment. Furthermore, technological innovation in tipper body products, such as redesigning the driver's cabin in tipping equipment and vehicles to provide the most convenient operating experience possible, is expected to boost sales in the near future.

Manufacturers' increasing use of advanced telematics systems is expected to remain a key market driver over the next decade. During the assessment, another key factor identified as potentially driving market growth is the rapid adoption of automation.

Another remarkable trend driving the market includes the development of cost-competitive products to maximise penetration in emerging economies, such as China, India, and South Africa. Development of effective tipper body equipment with enhanced load-carrying capacity and provision of the efficient buyer and drivers' training by manufacturing entities are likely to present lucrative growth opportunities. While product development with advanced diagnosis systems can be a key to sustaining relatively mature markets, such as North America and Western Europe; massive potential lies in developing countries, including BRIC nations.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.