Truck-Mounted Concrete Mixer Market Size Expands at Steady CAGR of 5.26%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global truck-mounted concrete mixer market size at USD 7.05 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global truck-mounted concrete mixer market size to grow at a CAGR of 5.26% reaching a value of USD 10.09 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global truck-mounted concrete mixer market size at USD 7.05 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global truck-mounted concrete mixer market size to grow at a CAGR of 5.26% reaching a value of USD 10.09 billion by 2029. The expanding construction sector for infrastructure development, particularly in emerging economies such as India and China, as well as the rising integration of advanced technologies such as sensors into trucks, are major growth factors for the global truck-mounted concrete mixer market.
Global Truck-Mounted Concrete Mixer Market – Overview
A concrete mixer truck is equipped with a spinning drum on the rear. This drum combines the components of concrete, which include cement (a complex mineral mixture), water, and gravel (or stone). The majority of these trucks bring concrete from the facility to the building site. Concrete might be mixed in the plant or factory or on a truck, depending on the work at hand. Depending on the type of concrete being delivered to the construction site, ready-mix concrete trucks will either act as a cement agitator or a mixer. By spinning, the trucks help to maintain the proper consistency of the concrete by constantly mixing its components in the drum.
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Global Truck-Mounted Concrete Mixer Market
Segmental Information
Global Truck-Mounted Concrete Mixer Market – By Drum Capacity
Based on drum capacity, the global truck-mounted concrete mixer market is segmented into less than 6 m³, 6–10 m³, 10–15 m³, 15–20 m³, and above 20 m³. The drum capacity of 6–10 m3 segment accounts for the majority of the market share. These truck-mounted concrete mixers are powerful and efficient at mixing concrete, and they satisfy the concrete requirements for bigger commercial, residential, and infrastructure projects, such as buildings, residences, and apartments, which are typically served by ready-mix trucks.
Impact of COVID-19 on the Global Truck-Mounted Concrete Mixer Market
The COVID-19 pandemic slowed the expansion of the global truck-mounted concrete mixer market. During the lockdown, all building activities were temporarily restricted globally. Manufacturing, transportation, and supply chain operations were also disrupted during this period, which impeded market growth. Furthermore, the economic capacity of the countries was also disturbed, which made it difficult for the countries to acquire such expensive construction equipment. However, with the lifting of the lockdown, building activities are likely to restart at full capacity, boosting the global truck-mounted concrete mixer market over the projection period.
Competitive Landscape
Major players operating in the global truck-mounted concrete mixer market include AB Volvo, KYB Corporation, Liebherr-International AG, Navistar Inc., Oshkosh Corporation, Sany Group, Schwing Stetter Group, Sinotruk, Tata Motors, and Zoomlion Heavy Industry Science and Technology Co., Ltd.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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