Rapid Industrialization to Boost Demand for Garbage Collection Trucks
The global garbage collection trucks market is estimated to grow at a CAGR of over 4% and reach a valuation of over US$ 10 Bn during the forecast period (2019-2029).
The rapid expansion of industrial operations and inadequate waste management methods have augmented the need for garbage collection trucks.
The inclusion of recycling facilities in garbage collection trucks for the treatment of solid waste is proliferating demand for garbage collection trucks.
Several industrialized nations such as China, India, Mexico, and Brazil are giving importance to regulate environmental conditions and are dedicating a considerable amount of capital to modernizing its waste management infrastructure.
Through increasing automation in several manufacturing verticals, and technological advances, garbage collection trucks are expected to witness abundant growth.
Given that garbage collection trucks are a major investment, demand for high-end features is also growing among end-users.
Municipal Garbage Segment to Drive Demand for Garbage Collection Trucks
Demand for garbage trucks is anticipated to grow during the forecast period owing to increasing municipal waste. Rapid urbanization and changing lifestyles has led to an increase in municipal sewage waste.
According to the World Bank, the world generates 2.01 billion tonnes of municipal solid waste annually which is expected to grow to 3.40 billion tonnes by 2050.
Thus, the increase in municipal sewage waste will accelerate sales of garbage trucks globally.
The municipal garbage segment is estimated to create an absolute dollar opportunity worth US$ 2 Bn by the end of the forecast period (2019-2029).
However, the industrial garbage segment is foreseen to grow around 1.5X faster as compared to 2019 during the forecast period.
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Developed Regions Continue to Lead in Garbage Collection Trucks Market
Developed regions such as North America & Europe are anticipated to capture a major chunk of the market share in the global garbage collection trucks market.
Many fleet operators provide their services in the region for municipal bodies and industrial sectors.
Moreover, growing regulations and strong policies related to environmental safety have helped the market to grow at an impressive rate.
According to data released by the World Bank, 289 million tonnes of trash is produced in North America, which is projected to grow to 369 million tonnes in 2050.
This has led government bodies to follow stringent measures. Therefore, the demand for garbage collection trucks will continue to increase over the forecast period.
North America is estimated to create an absolute dollar opportunity worth US$ 800 Mn, during the forecast period.
Furthermore, the European market is estimated to account for one-fourth of the overall absolute dollar opportunity created in the global market by the end of 2029.
Products Lunches to Sustain Hegemony of Leading Players
The global garbage collection trucks market is consolidated in nature with a few industry giants such as McNeilus Truck & Manufacturing and Dongfeng Motor Corporation holding top shares.
Prominent market leaders, are anticipated to witness intense market competition from existing as well as new players who introduce new garbage collection trucks.
For instance, in April 2019 market leader New Way Trucks launched a rear loader garbage collection truck Cobra HC for height restricted applications.
In May 2019, another market leader Autocar Trucks launched a conventional garbage collection truck DC – 64R in order to cater to the demand for the severe duty garbage collection trucks for heavy applications.
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Key Segments of the Garbage Collection Trucks Market
Fact.MR’s study on the garbage collection trucks market offers information divided into four important segments - product, technology, end-use, and region.
This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Garbage Collection Trucks Market - Scope Of The Report
Fact.MR recently published a market study on the global market for garbage collection trucks.
The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the garbage collection trucks market structure.
The market study presents exclusive information about how the Garbage Collection Trucks market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact.
MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the garbage collection trucks market in the forecast period.
The study is relevant for stakeholders in the garbage collection trucks market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market.
Stakeholders in the garbage collection trucks market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the garbage collection trucks market.
It also offers actionable insights based on future trends in the garbage collection trucks market.
Furthermore, small businesses and new entrants in the garbage collection trucks market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in the Fact.MR Garbage Collection Trucks Market Report
- Which regions will continue to remain the most profitable regional markets for garbage collection trucks market players?
- Which factors will induce a change in the demand for garbage collection trucks during the assessment period?
- How will changing trends impact the garbage collection trucks market?
- How can market players capture the low-hanging opportunities in the garbage collection trucks market in developed regions?
- Which companies are leading the garbage collection trucks market?
- What are the winning strategies of stakeholders in the garbage collection trucks market to upscale their position in this landscape?
Garbage Collection Trucks Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the garbage collection trucks market, and reach conclusions on future growth parameters of the market.
This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the garbage collection trucks market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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