The concrete mixer trucks market has shown strong growth, increasing from $24.70 billion in 2023 to $26.51 billion in 2024, with a CAGR of 7.3%. This growth has been driven by factors such as increasing urban development, population growth leading to more construction activities, economic growth, government initiatives, a shift towards sustainable construction practices, and regulatory changes. Looking forward, the market is expected to grow to $35.48 billion by 2028 at a CAGR of 7.6%. The future growth of the market will be driven by infrastructure upgrades, stricter emissions and safety regulations, demand for replacement vehicles, increased interest in sustainable construction, and continued urban development. Key trends for the forecast period include the adoption of electric-powered mixers, the integration of telematics for real-time monitoring, advances in engine technology and fuel systems, and the incorporation of IoT and advanced safety features.
Major Driver In The Concrete Mixer Trucks Market
The expanding construction industry is poised to drive growth in the concrete mixer trucks market in the coming years. This industry, which encompasses the planning, designing, building, and maintenance of infrastructure and buildings—including residential, commercial, and industrial structures—is experiencing growth due to increasing urbanization, population growth, and rising demands for infrastructure and real estate development. Concrete mixer trucks are crucial in this sector, as they mix, transport, and deliver freshly mixed concrete to construction sites, ensuring consistent quality and efficient placement for various structural applications. For example, in July 2024, the US Census Bureau reported that the value of construction operations rose from $2.01 trillion in May 2023 to $2.14 trillion in May 2024, with further projections indicating growth to $2.32 trillion by 2028. Therefore, the expansion of the construction industry is a significant factor driving the growth of the concrete mixer trucks market.
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Concrete Mixer Trucks Market Competitive Landscape
Major companies operating in the concrete mixer trucks market are Hyundai Motor Company, Scania AB, China National Heavy Duty Truck Group Co. Ltd., Liebherr-International AG, Dongfeng Motor Corporation, Foton Motor Group Co. Ltd., JAC Motors, Zoomlion Heavy Industry Science & Technology Co. Ltd., SANY Group Co. Ltd., Terex Corporation, LiuGong Machinery Corporation, KYB Corporation, ShinMaywa Industries Ltd., Fangyuan Group Co. Ltd., Shanxi Construction Machinery Group Co. Ltd., XCMG Group, Janeoo Machinery Co. Ltd., Hainuo Group Co. Ltd., Linyi Construction Machinery Co. Ltd., Yate Auto Group Co. Ltd., Shandong Rujin Machinery Co. Ltd.
Key Concrete Mixer Trucks Market Trend
Major companies in the concrete mixer trucks market are focusing on developing innovative technologies, such as electric concrete mixers, to reduce carbon emissions and promote sustainability within the construction industry. An electric concrete mixer is a machine that uses electric power for efficient concrete mixing, providing a quieter and more environmentally friendly alternative to traditional fuel-powered mixers. For example, in February 2023, Volvo Trucks, a Sweden-based truck manufacturing company, launched the Volvo FMX electric concrete mixer truck. This innovative truck features a fully electric powertrain, eliminating emissions and reducing the environmental impact associated with traditional diesel-powered concrete mixers. It is equipped with a cutting-edge battery system that ensures sufficient range for typical construction site operations and advanced regenerative braking technology to extend battery life. Additionally, the electric mixer truck features a highly efficient electric drum rotation system that optimizes mixing while minimizing energy consumption.
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Global Concrete Mixer Trucks Market Segmentation
The concrete mixer trucks market covered in this report is segmented –
1) By Product Type: Front Discharge Concrete Mixer Trucks, Rear Discharge Concrete Mixer Trucks, Other Product Types
2) By Drum Capacity: Under 6m3, 6.1 to 10 m3, 10.1 to 15 m3, 15.1 to 20 m3, Above 20 m3
3) By Propulsion: Gasoline, Other Propulsions
4) By Application: On-site Mixing, Ready-Mix Concrete Delivery
5) By End-Use Industry: Residential Construction, Commercial Construction, Infrastructure Construction
By Geography:The regions covered in the concrete mixer trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the concrete mixer trucks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Concrete Mixer Trucks Global Market Report 2024 furnishes information about the global concrete mixer trucks market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
