Global Truck Mounted Concrete Pump Market: Snapshot
The global market for truck mounted concrete pumps has been experiencing a substantial rise in its size over the last few years and the trend is likely to remain so over the years to come. The infrastructural developments and the rise in building and construction activities to satisfy the need of the ever-increasing population, especially in Asia Pacific and the Middle East region, is propelling the demand for truck mounted concrete pumps across the world. However, heavy dependence of construction activities on political and economic factors may hinder the growth of this market to some extent over the next few years.
The worldwide truck mounted concrete pump market stood at US$2.79 bn in 2016. Increasing at a CAGR of 5.80% between 2017 and 2025, the market is likely to reach US$4.64 bn by the end of 2025.
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Asia Pacific to Retain its Dominance over Global Truck Mounted Concrete Pumps Market
In terms of geography, Asia Pacific led the global market for truck mounted concrete pumps in 2016 with a share of more than 55%. Thanks to the increase in building and construction activities and new commercial and industrial projects the Asia Pacific market for truck mounted concrete pumps is likely to retain its position over the forthcoming years.
At domestic level, China is expected to emerge as the dominant market for truck mounted concrete pumps in Asia Pacific in the near future. Apart from China, India is anticipated to witness a healthy rise in the demand for these pumps due to the increasing focus of the government on infrastructural developments in tier 1 and tier 2 cities in the years to come.
Among other regional markets for truck mounted concrete pumps, the Middle East and Africa is expected to expand at significant growth rate over the next few years. The rise in the tourism industry, together with advancements in infrastructure, especially in the U.A.E. and Saudi Arabia, is likely to provide momentum to this regional market in the near future.
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The worldwide market for truck mounted concrete pump is highly consolidated in nature. Sany Group, Liebherr, SCHWING, Zoomlion Heavy Machinery Co. Ltd., PUTZMEISTER, KCP Heavy Industries, XCMG Co. Ltd., Concord Concrete Pumps, Anhui Hualing Automobile Group Co Ltd., Fangyuan Group Inc., Shantui Construction Machinery Co. Ltd., and Alliance Concrete Pumps Inc. are some of the key manufacturers of truck mounted concrete pumps across the world.