Concrete Mixer Market Assessment, By Product Type [In-transit Mixers, Trailer Concrete Mixers], By Model Type [Stationary, Portable], By Capacity [Up to 5 Cubic Meters, 5-10 Cubic Meters, More Than 10 Cubic Meters], By Engine Type [Diesel, Electric, Hybri

Concrete Mixer Market Assessment, By Product Type [In-transit Mixers, Trailer Concrete Mixers], By Model Type [Stationary, Portable], By Capacity [Up to 5 Cubic Meters, 5-10 Cubic Meters, More Than 10 Cubic Meters], By Engine Type [Diesel, Electric, Hybrid], By Region, Opportunities, and Forecast 2017-2031

Global concrete mixer market is projected to witness a CAGR of 4.86% during the forecast period 2024-2031, growing from USD 11.68 billion in 2023 to USD 17.07 billion in 2031. The global concrete mixer market is highly dependent on factors like expanding the construction sector, the growth of the economy, and government spending on public infrastructure. In the first half of 2022, the global economy faced a high inflation rate, leading to price increases in construction raw materials, drastically impacting the construction sector. Additionally, the surging inflation rate prompted central banks of various countries to hike lending interest rates, resulting in poor access to operating capital, further slowing the construction industry's growth. This resulted in declining sales of concrete mixers across the world. However, in the later months of 2022 and the onset of 2023, due to the cooling inflation rate and growth in the economy, the concrete mixer market experienced an upsurge in demand owing to a burgeoning recovery in the construction sector across the world. Leading market players have observed a significant jump in sales of concrete mixers across the world. For instance, in 2022, Liebherr recorded a turnover of USD 298.34 million in the concrete technology business segment, which includes concrete mixer products, representing an increase of 15.5 % year-on-year.

Public Infrastructure Development Fuels Market Growth

Investment and spending in infrastructure development fuel the concrete mixer market by creating a consistent demand for construction materials. As governments invest in expanding transportation networks, building residential complexes, and upgrading public facilities, construction projects escalate in scale and complexity. According to the Global Infrastructure Outlook report, in 2023, the world infrastructure investment is on track to reach USD 2.9 trillion, marking an increase of approx. 3.51% from 2022 levels. This indicates the increasing count of public infrastructure projects that would fuel the demand for concrete mixers in the coming years. Concrete mixers, crucial for efficiently blending cement, aggregates, and water, have become indispensable tools for meeting the escalating demand for high-quality, uniform concrete. The market responds by innovating mixer designs, incorporating advanced technologies to ensure precision, speed, and sustainability. This symbiotic relationship between infrastructure development and the concrete mixer market underscores these machines' crucial role in the ongoing global construction boom.

Shift Towards Electric, Portable Concrete Mixers

Portable concrete mixers are commonly affixed to trucks to enhance mobility and offer convenience to users. Traditionally powered by diesel engines, these trucks have been identified as significant contributors to pollution and carbon emissions. With an increasing emphasis on sustainability, suppliers of concrete mixers are shifting their focus towards mounting their equipment on electric trucks to align with strict emission regulations for heavy-duty vehicles globally.

For instance, in February 2023, Volvo Trucks, a subsidiary of the Volvo Group, unveiled its initial heavy-duty electric truck delivered to CEMEX during an event in Berlin, Germany. The Volvo FMX heavy-duty electric truck can complete a full day's work on a single charge during regular break times.

Asia-Pacific Leads the Global Concrete Mixer Market

Asia-Pacific, notably China and India, is generating a dominating demand for concrete mixers compared to other regions due to several key factors like government spending, urbanization, and large-scale development projects. The regional governments are heavily investing in expensive infrastructure projects like the Belt and Road Initiative in China, which have led to a surge in the construction of highways, railways, airports, and other large-scale projects. The demand for concrete mixers has risen significantly to meet the needs of these extensive infrastructure developments. Additionally, rapid urbanization in countries like China and India has fueled substantial residential construction, especially in major cities. As urban population grows, there is a heightened requirement for housing and related infrastructure. Concrete mixers play a vital role in meeting the demands of this urban construction boom.

Furthermore, advancing infrastructure necessitates collaboration among various stakeholders to enhance societal growth. For instance, the Indian infrastructure sector predominantly relies on the public-private partnership (PPP) approach. According to the Department of Economic Affairs, India has systematically developed a robust PPP program aiming to deliver essential public utilities and infrastructure. The World Bank acknowledges India's program as one of the largest globally, with nearly 2000 PPP projects in various implementation stages. Within the PPP framework, infrastructure follows the Build-Operate-Transfer (BOT) model, incentivizing the private sector to efficiently construct and maintain infrastructure to encourage widespread usage, thereby generating revenue for the private sector.

Therefore, Asia-Pacific has been at the forefront of undertaking mega-projects and ambitious developments. Examples like the Hong Kong-Zhuhai-Macao bridge and Beijing Daxing International Airport in China showcase the scale of construction activities. These projects necessitate a significant deployment of concrete mixers for efficient mixing and delivery of concrete.

Impact of COVID-19

The global concrete mixer market experienced a substantial impact during the COVID-19 pandemic, marked by disruptions across various facets of the industry. Supply chain interruptions hampered the timely procurement of essential components and materials required for manufacturing concrete mixers. The widespread imposition of lockdowns and restrictions led to temporary closures of construction sites worldwide, resulting in a palpable decrease in demand for concrete mixing equipment. Ongoing and planned construction projects grappled with delays due to factors such as labor shortages, logistical challenges, and government-imposed restrictions. The economic downturn induced financial strain on the construction industry, translating into budget constraints and reduced investments in new equipment, including concrete mixers.

The uncertain economic landscape prompted a cautious approach to spending among construction companies, influencing the decision-making processes for acquiring machinery. Health and safety concerns at construction sites brought about a shift in priorities, diverting attention and resources away from equipment upgrades. The challenges associated with remote working further complicated coordination efforts, impacting the planning and execution of construction projects that necessitate concrete mixers. Despite these setbacks, the concrete mixer market demonstrated resilience as construction activities gradually resumed. Governments' implementation of stimulus measures to revitalize the construction sector was pivotal in contributing to the market's recovery. Moreover, as construction activities resumed and economic recovery efforts gained momentum, the market gradually rebounded. Governments' initiatives to stimulate the economy through infrastructure projects and the resurgence of construction projects contributed to the market's recovery.

Key Players Landscape and Outlook

Concrete mixer manufacturers prioritize hybrid or electric trucks due to heightened environmental awareness and stringent emission regulations. The shift aligns with the industry's commitment to sustainable practices, aiming to reduce carbon footprint. Hybrid and electric trucks offer lower emissions, contributing to cleaner air and addressing concerns about traditional diesel-powered vehicles. Additionally, the efficiency gains and potential cost savings associated with electric technology drive manufacturers to embrace these innovations. As governments worldwide emphasize green initiatives, concrete mixer manufacturers invest in eco-friendly truck options to align with evolving industry standards and market preferences.

For instance, in June 2023, Aggregate Industries, a prominent construction material provider, introduced its new 26-tonne electric-powered concrete mixer. This product resulted from a collaborative effort between McPhee Mixers, Aggregate Industries, and Renault Trucks.

Also, a few companies, like Liebherr Group, are focusing on hybrid truck mixers with conventional truck drives and battery-powered HTM bodies.