Global Street Sweeper Market to Record Impressive Growth, Electric Street Sweepers to Remain Preferred, Opines Fact.MR
Published : 13 Mar 2020 Industry: Automotive
Surpassing a valuation of US$ 3 billion by the end of 2027, the global street sweepers market is projected to grow at a value CAGR of more than 7% between 2019 and 2027. Electric street sweepers are gaining traction owing to the competitive advantage they provide such as zero emissions, high energy efficiency and less noise compared to other street sweepers. Governments of several countries are setting up new guidelines for selection of street sweepers in order to encourage municipal corporations to enhance penetration of electric sweepers into their fleet. Use of electric street sweepers are aiding municipal corporations to reduce their carbon footprint, improve quality of air, and mitigate climate change. As a result, demand for electric and hybrid street sweepers are projected to increase over the forecast period. In addition, leading manufacturers are also promoting and expanding their product portfolio by adding electric street sweepers which has boosted the demand for the electric street sweepers globally and which is anticipated to witness high demand growth in the foreseeable future.
Key Takeaways of Street Sweeper Market
- In the Global street sweeper market, Electric Street sweepers are anticipated to grow at a value CAGR of 16.4%, valued at more than US$ 640 million by the end of forecast period (2019 – 2027).
- By product category, mechanical broom sweepers are anticipated to accumulate majority share in terms of value and are expected to grow at a value CAGR of 6.4% during the forecast period.
- Municipal corporation end use segment is projected to grow at volume CAGR of 5.9%. It is expected to create an absolute $ opportunity of more than US$ 490 million and is projected to lose 242 BPS from its market share by the end of forecast period.
- Street sweepers that are powered with diesel are anticipated to hold more than 65% market share in terms of value. They are projected to create 3.5X more opportunity than street sweepers that are powered with CNG or Gasoline.
- Europe is projected to create an absolute $ opportunity of more than US$ 300 million and it is anticipated to hold maximum share in terms of value in the global street sweeper market by the end of the forecast period.
“In order to minimize human interference and make the process automatic and emission free, manufacturers are strategizing new product developments to cater to the high demand for street sweepers globally” says the Fact.MR analyst
Innovations to Remain a Prime Growth Lever
Global street sweeper market is highly consolidated in nature. Leading manufacturers are introducing new street sweepers with enhanced capacity and fuel efficiency. Manufacturers are focusing on developing and introducing electric street sweepers in order to cater to the heavy demand from the municipal corporations. For instance, in December 2019, another market leader Elgin Sweeper Company introduced plug-in, hybrid electric version of its Broom Bear mechanical sweeper in order to cater to the high demand from its municipal customers. In June 2018, Johnston Sweepers Limited launched VE651, an electrically powered, truck mounted, street sweeper.
More Valuable Insights on the Street Sweeper Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global street sweeper market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2027. The study divulges essential insights on the street sweeper market on the basis of type of product, end use and propulsion across six major regions.
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analysed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.