Garbage Collection Trucks Market
Garbage Collection Trucks Market By Product (Front Loaders, Rear Loaders, Side Loaders), By Technology (Semi-automatic, Automatic), By End-Use (Municipal Garbage, Industrial Garbage), By Region - Global Market Insights 2019 to 2029
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.
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.
By Product :
- Front Loaders
- Rear Loaders
- Side Loaders
By Technology :
By End-Use :
- Municipal Garbage
- Industrial Garbage
By Region :
- North America
- Latin America
- East Asia
- South Asia
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