Knowledge Sourcing Intelligence announces the publication of a new report on “Concrete Transport Truck Market - Forecasts from2020 to 2025" to their offering.
Concrete transport truck is a type of vehicle that is used to mix concrete and transport it to the construction site. Generally, the barrel is filled with dry materials and water which then gets mixed to make the concrete. These trucks can also be loaded from a central mix plant in which case the materials have already been mixed or premixed. To maintain the material’s liquid state the mixture is agitated or drum is turned until the point of delivery.
According to the report, the Concrete Transport Truck Market is projected to increase at a CAGR of 2.90% in the coming years.
Growing construction activities worldwide
Rising construction activities across the globe is the major driver of global concrete transport truck market. As the global population is growing at a tremendous rate, the demand for affordable housing is also growing rapidly. According to the World Bank data, the global population has surged from 6.922 billion in 2010 to 7.674 in 2019. As such, governments as well as global organizations are implementing various policies and programmes to boost the construction of houses. Rising adoption of IoT and connected devices has encouraged governments to invest heavily in smart cities projects. For example, the Government of India has planned to invest US$30 billion for the 89 cities under the Smart Cities Mission. Thus, this factor is also poised to spur the market growth of concrete transport truck globally. However, the longer average life span of concrete transport trucks is the restraining factor for the growth of global concrete transport truck market.
By type, global concrete transport truck market has been segmented into front discharge and rear discharge. Rear discharge concrete transport trucks are the most commonly used type. As such, this segment holds a larger share in the global concrete transport truck market. By capacity, the global concrete transport truck market has been segmented into up to 6m3, 6m3 to 10m3, and more than 10m3.
Geographically, the global concrete transport truck market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific (APAC) accounted for the major market share in 2019 and is projected to remain at its position till the end of the forecast period. Continuous growth in infrastructural development backed by both public and private investments is one of the major drivers of the Asia Pacific (APAC) concrete truck transport market. Growing focus on smart cities is also boosting the demand for concrete transport trucks across Asia Pacific (APAC) countries. Governments in countries like India, Philippines, and Australia are launching several initiatives and programmes to ramp up the speed of smart cities projects in respective countries, thus positively impacting the overall market growth. Also, growing concerns regarding the availability of affordable housing is also fuelling construction industry’s growth, thereby driving the Asia Pacific (APAC) concrete truck transport market growth during the forecast period. Europe also holds a decent share in the global concrete truck transport market. Rising investments in the expansion of R&D facilities in countries like the United Kingdom, Germany, and France by global companies across pharmaceutical and aerospace industries is bolstering the market growth of concrete truck transport market.
The major players covered as part of the report are Zoomlion Heavy Industry Science Technology Co., Ltd., SANY GROUP, Liugong Construction Machinery Jiangsu Co., Ltd, XCMG Group, Terex Corporation, McNeilus Truck and Manufacturing, Ernest Industries Inc., Metalgalante S.p.A., Liebherr-International Deutschland GmbH, and T?TAN LTD.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-concrete-transport-truck-market
This report has segmented the Global Concrete Transport Truck marketon the basis following terms: