Concrete Mixer Market Size

Concrete Mixer Market Analysis

• The Concrete Mixer market was valued at USD 14.1 billion in 2021. It is expected to reach USD 16.4 billion by 2027, registering a CAGR of around 3% during the forecast period.
• The COVID-19 outbreak and propagation had a detrimental impact on the construction industry in 2020, resulting in lower demand for concrete mixers. As a result, the revenues earned by them decreased. Hence, the market's growth trajectory slowed during the first half of 2020. This pattern was maintained until the first quarter of 2021. However, the rise in construction activities was observed globally after the pandemic due to the easing of restrictions in the country. The market will cope with all the losses during the period and grow at a certain pace.
• Over the long term, rapid urbanization, rising population, strong economic growth, and growth in construction activity in both developed and developing countries are expected to fuel the demand for concrete mixers during the forecast period. Global Construction Perspectives Limited and Oxford Economics Limited have estimated that the worldwide construction industry may account for 14.7% of the global GDP by 2030.
• Applications such as the construction of concrete roads, power plants, canals, airports, dams, harbors, and other large-scale construction sites, are increasing the demand for large quantities of concrete. Concrete mixing plants that can yield up to 330 m³ of hardened concrete per hour and concrete mixer trucks, which can transport up to 10 m³ of concrete at a time, are the perfect solutions to mix large volumes of concrete on-site.
• According to Global Construction, the cumulative construction volume may reach USD 212 trillion by 2030, with more than one-third of the contribution, i.e., USD 77.8 trillion, coming from emerging Asian economies.
• For instance, in April 2022, Tiger Car Supply Trading collaborated with Daewoo, a Korean truck manufacturer, to create the brand's first assembly factory in the Philippines. The almost one-hectare assembly factory has a monthly capacity of 50 to 80 units. Commercial transportation, construction, and industrial vehicles such as concrete mixers, fire trucks, and government vehicles are examples of assembled trucks.
• In addition, China, the United States, India, Indonesia, the United Kingdom, Mexico, Canada, and Nigeria may account for 70% of the overall growth in construction by 2030. The study also stated that the United Kingdom and Nigeria are likely to be the two major countries contributing toward the growing construction activities, as the UK government is coming up with several global megaprojects. Furthermore, Nigeria is set to witness significant population growth by 2030, exceeding that of the United States to become the fifth most populous country in the world.