The latest market report published by Credence Research, Inc. “Global Garbage Collection Trucks Market: Growth, Future Prospects, and Competitive Analysis, 2023 – 2030”. The Global Garbage Collection Trucks Market generated revenue of around USD 13.5 billion in 2022 and is anticipated to grow a CAGR of over 7.5% during the forecast period from 2023 to 2030 to reach around USD 22.3 billion in 2030.
Proper solid waste management is essential for the well-being of people and the environment. As society develops, an issue that keeps coming up is the need for more effective solid waste management. The solid waste is gathered and transported by garbage truck bodies to facilities for recycling and landfilling. Modern waste management techniques are in high demand worldwide due to fast-pacing industrialization, urbanization, and population increase. Thus, more than outdated solid waste collecting techniques are being replaced in many nations. Due to these characteristics, truck bodies are highly sought after to comply with the continually changing solid waste management requirements. Many sanitation agencies and waste management companies test or purchase electric garbage truck bodies to cut emissions. Since electric garbage trucks are quieter, noise pollution is also decreased. For instance, in 2019, the California-based garbage management company GreenWaste added a first-generation electric waste truck from BYD to their fleet. Using this truck annually saves 78 metric tonnes of CO2 equivalent and approximately 6,000 gallons of diesel. GreenWaste intends to replace all residential garbage trucks in its fleet for the next five years with electric ones. Hence, electrifying garbage trucks is a trend that will likely lead to market expansion.
The global garbage collection trucks market is bifurcated into product type, technology, end-user, and geography. Based on product type, the garbage collection trucks market is categorized into Front Loader, Rear Loader, and Side Loader. On the basis of technology, the global market is segmented into Semi-Automatic, Automatic, and Others. Based on end-user, the market is categorized into Municipal Garbage, Industrial Garbage, and Others. Based on geography, the garbage collection trucks market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In terms of revenue, Asia Pacific retained a significant market position for Garbage Collection Trucks Market in 2022. Having reached USD 1.34 billion in 2021, Asia Pacific is expected to grow faster throughout the projection period. Consumer awareness of the harmful effects open dumping has on the environment, and human health is rising. Additionally, the exponential rise in generating municipal solid trash in nations like China and India has prompted them to support educational initiatives, implement incentive schemes, create legal frameworks, and enhance garbage management tactics. Due to these characteristics, this area will have the highest worldwide market share and demand for garbage truck bodywork.
The Garbage Collection Trucks Market major players analysis is a crucial tool for understanding the competitive landscape of this industry. It provides an overview of the key companies operating in the market and their respective market shares, along with insights into their strategies, strengths, weaknesses, opportunities and threats. The report covers both established players as well as new entrants to the market. Some of the leading players in this space include Heil Environmental Industries Ltd., McNeilus Truck & Manufacturing Inc., Volvo Group AB, Autocar LLC and Curbtender Inc.
Some of the key factors driving the growth of the garbage collection trucks market worldwide include:
- Increasing urbanization: The growing urbanization worldwide is leading to a rise in the amount of waste generated, driving the demand for garbage collection trucks.
- Government initiatives and regulations: Governments around the world are implementing initiatives and regulations to improve waste management, which is expected to drive the demand for garbage collection trucks.
- Technological advancements: Technological advancements in garbage collection trucks, such as the development of electric and hybrid trucks, are leading to more efficient and eco-friendly vehicles, driving the growth of the market.
- Growth in the waste management industry: The waste management industry is experiencing steady growth, and garbage collection trucks are essential in ensuring effective waste collection and management.
- Increase in recycling and sustainability efforts: The increasing focus on recycling and sustainability efforts is driving the demand for garbage collection trucks that can handle the collection of recyclable materials and waste.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global Garbage Collection Trucks Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global Garbage Collection Trucks Market segmentation based on product type, product form and sales channel.
- Major countries in each region with their import/export statistics
- The global Garbage Collection Trucks Market report also includes analysing of the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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