Categories: Market Research

Tipper Pads Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tipper Pads Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tipper Pads Global Market Report 2024, The tipper pads market size has grown strongly in recent years. It will grow from $4.13 billion in 2023 to $4.34 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to growth in construction and infrastructure, expansion in mining activities, growth in agriculture and agribusiness, global economic growth, focus on waste management..

The tipper pads market size is expected to see steady growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to global initiatives for green transportation, evolving emission standards, rise in mining exploration, e-commerce growth and last-mile delivery, emphasis on durability and longevity.. Major trends in the forecast period include innovations in design, integration of smart technologies, environmentally friendly solutions, smart and connected tipper systems, advanced material technologies..

The increasing demand for dump trucks is expected to propel the growth of the tipper pad market going forward. A dump truck is a heavy-duty vehicle used primarily for transporting and unloading loose materials, such as sand, gravel, rocks, construction debris, or soil. The increasing demand for dump trucks fuels the need for tipper pads, as these protective components are essential for maintaining and prolonging the operational life of dump truck beds. For instance, in August 2023, according to the Federal Reserve Board, a US-based central banking system, the industrial production of trucks in the US increased from 8.64 million units in Q4 of 2022 to 10.11 million units in July 2023. Therefore, the increasing demand for dump trucks will drive the growth of the tipper pad market.

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The tipper pads market covered in this report is segmented –

1) By Type: Steel Base, Aluminum Base, Alloy Base

2) By Sales Channel: Original Equipment Manufacturers (OEM), Aftermarket

3) By End User: Construction, Mining, Waste Management, Marine Services, Other End Users

Major companies in the tipper pads market are incorporating innovative tipper pads, such as Austempered Ductile Iron (ADI), to establish a distinct market presence and reputation for innovation. High-powered tippers equipped with wear pads made from austempered ductile iron (ADI) material are designed to offer exceptional durability and performance. For instance, in December 2021, Ashok Leyland Ltd., an India-based automotive manufacturer, launched modular AVTR-based 28T and 35T GVW, two new heavy-duty tippers, to address critical infrastructure and mining applications with high-powered tippers. The new tippers, featuring a higher diameter V-rod and radius rod bush for enhanced durability and wear pads made from ADI material, result in reduced operational and maintenance costs, ultimately contributing to increased revenues and profits.

The tipper pads market report table of contents includes: