Concrete Transport Truck Market Forecasts from 2023 to 2028

The global concrete transport truck market is evaluated at US$10.502 billion for the year 2021 growing at a CAGR of 4.98% reaching the market size of US$14.755 billion by the year 2028.

Throughout the projected period, the increasing number of residential buildings will continue to fuel the global market expansion for concrete transport trucks. The significant funding going into smart city initiatives is another aspect driving the market growth for concrete transport trucks.

Smart cities are being viewed as the ideal solution that can lessen the negative effects of growing urbanization, which is supported by the expansion of the Internet of Things (IoT) and other cutting-edge technologies and solutions. Additionally, according to the Ministry of Housing and Urban Affairs, a total of 7934 smart cities worth 1, 70, 392 crores are being planned to be built among which 1842 smart cities worth 59, 615 crores have been completed. These initiatives will further boost the demand for concrete transport trucks in the nation.

Rise in the number of manufacturing facilities

The global concrete transport truck industry is expanding as a result of governments' adoption of different housing policies and initiatives. These initiatives are laying the groundwork for a steady increase in construction activity. For instance, according to the United States Census Bureau, from 2019 to 2022, the annual value of construction in the United States surged from US$13, 91, 039 million in 2019 to US$18, 48, 676 million in 2022. This growth will directly impact the use of concrete transport trucks worldwide.

Growth in government initiatives

The government of India periodically introduces new programs like the MUDRA Yojana, Emergency Credit Line Guarantee Scheme, and Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to help the MSME sector, which has benefited millions of people all over the nation. Udyami Bharat is a reflection of the government's ongoing dedication to empowering Micro Small and Medium Enterprises (MSMEs) since its inception. Furthermore, The Raising and Accelerating MSME Performance (RAMP) project, with an estimated budget of Rs 6000 crore, intends to expand MSMEs' ability to execute policies and their geographic reach while maximizing the benefits of current MSME programs.

Moreover, The US Bureau of Economic Analysis (BEA) demonstrated that foreign direct investments in greenfield projects, which include the formation and growth of US enterprises, reached $5.3 billion in the American manufacturing sector in 2023, more than double pre-pandemic levels. Additionally, according to the Whitehouse data, to reverse a multi-year decreasing trend that started in 2019, FDI in new U.S. industrial output capacity climbed 247 percent from 2021 to 2022, reaching $5.3 billion.

The United States is anticipated to be the fastest-growing country in the North American region

Infrastructure development is a significant driver for the concrete transport truck market. The USA continually invests in upgrading and expanding its infrastructure, including roads, bridges, airports, and public transportation systems. For instance, as reported by the US Census Bureau, a total of US$ 10, 984 million was spent on commercial construction projects in July 2023. These projects require substantial volumes of concrete, which necessitates the use of concrete transport trucks to deliver the material to construction sites efficiently.

Increasing popularity of pre-prepared forms of concrete

Ready-mix concrete, a pre-prepared form of concrete delivered to construction sites, is gaining popularity in the United States due to its convenience, quality, and efficiency, driving increased demand for concrete transport trucks. Consequently, Summit Materials and Argos USA announced a merger which is likely to close in the first half of 2024, creating a new organization with six integrated cement plants producing 8.4Mt/yr, positioning them as the fourth-largest cement producer in the country by grinding capacity and the largest domestically-owned operator. Additionally, the merged entity will also control nearly 5 billion tons of aggregate reserves, 224 ready-mixed concrete plants, and 32 asphalt plants.

Increase in construction spending in the United States

The spending on construction in the United States, represented in millions of US dollars for the years 2021 and 2022, demonstrates a consistent upward trend. This growth in construction expenditure is a significant indicator of the potential expansion in the global concrete transport truck market in the USA. As construction projects surge, there is an increased demand for concrete transport trucks to efficiently deliver ready-mix concrete to construction sites. The robust construction sector, reflected in rising spending, suggests a favorable market environment for the global concrete transport truck market, as these trucks play a pivotal role in facilitating construction activities across the nation.

Growth strategies by major market players

Major businesses are collaborating with other organizations and investing in new initiatives to expand their customer base and better satisfy demands across diverse applications. For instance, in October 2022, the largest private single order for electric trucks was placed for Danish roads by Unicon, the nation's top maker and supplier of ready-mixed concrete. Additionally, a long-term partnership between Unicon and Volvo Trucks has been approved to create and implement comprehensive truck and body electric solutions for the concrete industry. In March 2022, the three new models of REPTO Technology Ready Mix Concrete (RMC) transportation trucks - Tata Prima 3530. K 10m 3 RMC, Tata Prima 2830. K 9m 3 RMC, and the Tata Signa 2825. K 8m 3 RMC was introduced by Tata Motors, India's biggest commercial vehicle manufacturer. These vehicles are built with cutting-edge REPTO (Rear Engine Power Take-Off) technology, which increases operational effectiveness while lowering overall operating costs.

Market Key Developments

• In February 2023, a completely electric concrete transport truck was added to the sustainable transportation options offered by building materials firm Holcim. In the future, Holcim will be able to provide cement to concrete manufacturers in the canton of Thurgau on a zero-emissions basis because of this truck from Hugelshofer Logistik.
• In January 2023, Mack Trucks donated a 2023 Mack®Granite® model to the Concrete Industry Management (CIM) auction.

Segmentation:

By Type

• Front Discharge
• Rear Discharge

By Capacity

• Up to 6m3
• 6m3 to 10m3
• Above 10m3

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Taiwan
• Others