Albany, NY -- (SBWIRE) -- 09/18/2017 -- The global truck mounted concrete pumps market features a largely consolidated vendor landscape, with the top six companies accounting for a nearly 95% of the market in 2016, finds Transparency Market Research (TMR) in a recent report. These six vendors, namely Zoomlion Heavy Machinery Co. Ltd., SCHWING, Sany Group & Putzmeister, XCMG, LIEBHERR, and Concord Concrete Pumps command immense power in the market owing to strong brand identities, expansive product portfolios, and globally spread business operations.
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The level of competition is very high in the market and is expected to remain the same over the report's forecast period as well. To strengthen their hold on the world market, companies are focusing on adopting strategic collaborations, aggressive pricing, and ways of reaching out to a larger consumer base through geographical expansion. These factors are expected to further intensify the level of competition in the market.
TMR estimates that the global truck mounted concrete pump market will exhibit a promising 5.8% CAGR over 2017 and 2025, rising from an opportunity of US$2.79 bn in 2016 to US$4.64 bn by 2025.
Truck Mounted Mobile Pumps to Remain Most In-demand Product Variety
In terms of the type of truck mounted concrete pumps analyzed in the report, the segment of truck mounted mobile pumps is presently the leading revenue contributor to the global market. The trend is expected to remain strong over the forecast period as well, with mobile pumps likely to find favorable demand across small and big construction sites across the globe. In terms of geography, the market for truck mounted concrete pumps in Asia Pacific presently holds the lion's share in the global market owing to a thriving construction industry in some of its top developing economies. The region, accounting got over 55% of the global market in 2016, is expected to continue to have a significant influence on the overall market over the forecast period as well.
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Steady Pace of Development of Urban Settings in Developing Economies to Drive Market
To support the development of an ever-rising population moving to urban settings and the rapid pace of development of the industrial sector, especially in emerging economies in regions such as Asia Pacific, Latin America, and Middle East and Africa, governments are investing vast funds towards infrastructure development projects. The resultant surge in construction activities across the globe has led to the significant rise in demand for construction equipment such as concrete pumps. In the next few years as well, these factors will continue to drive the global truck mounted concrete pumps market towards a healthy growth path.
Rising Usage of Precast Concrete Structures to Hamper Growth Prospects
Despite having promising growth prospects, some factors continue to challenge the overall growth prospects of the global truck mounted concrete pumps market. Factors such as the increased usage of precast concrete structures across a number of construction projects and the high influence of economic and political factors on the overall development of the construction industry are projected to impact the market negatively. Nevertheless, companies operating in the sector could benefit from the vast growth opportunities present in emerging economies.
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This review of the global truck mounted concrete pump market is based on a recent Transparency Market Research report, titled "Truck Mounted Concrete Pump Market (Product - Truck Mounted Mobile Pump, Truck Mounted Static Pump and Truck Mixer Concrete Pump; End-use Sector - Industrial, Residential, and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."