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Surpassing a valuation of US$10Bn by the end of the forecast period (2019-2029), the garbage collection trucks market is forecast to follow a moderate growth trajectory. Management of solid waste is one of the most intractable problems for local authorities in urban centers. Collection of waste is a prime concern, as governments are investing a large amount in solid waste management. This has accelerated the demand for garbage collection trucks.
Proliferation of industries, burgeoning urban population, and waste generation is pushing the demand for garbage collection trucks. Owing to increased spending on waste management plans, Fact.MR says that the global garbage collection truck market is expected to grow at a value CAGR of 4.5% during the forecast period.
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Key Takeaways of Garbage Collection Trucks Market
- The municipal garbage segment is estimated to create an absolute dollar opportunity of around US$ 2 Bn during the forecast period and is estimated to account for 50% of the overall value opportunity in the global market by the end of 2029
- In the technology segment, automatic garbage collection trucks are projected to expand 1.6X as compared to 2019, by witnessing a value CAGR of 5% during the forecast period
- Rear loaders segment is forecasted to expand 1.3X as compared to the side loaders segment by the end of forecast duration
- Owing to an increase in awareness for proper waste disposal facilities in India and China, both countries collectively accounted for 20% of the global revenue share in 2019
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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.
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Manufacturers Focus on Automatic Garbage Collection Trucks
Manufacturers of garbage collection trucks are rapidly shifting from conventional to automatic technology. Trending electric garbage trucks in the market are expected to be a major opportunity to move away from the conventional diesel-fuel-burning garbage trucks which tend to produce harmful emissions that impact the environmental negatively. Launch of advanced products that offer various operational benefits and comply with the existing regulations has become a key trend among market actors. Moreover, manufacturers are exploring new ways to extend the shelf life of garbage trucks. Stakeholders are also focusing on additional features such as real time monitoring, addition of new equipment for collection of waste from streets, and segregation of waste. For instance, in April 2019 and in June 2019, the Lion Electric Co. and Boivin Évolution launched co-developed electric garbage collection class 8 truck with a powertrain and a fully electric & automated collection hopper.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/05/28/1853261/0/en/Electric-Vehicle-Battery-Sales-Upheld-by-Rapid-Adoption-of-EVs-and-Tightened-Fuel-economy-Standards-Fact-MR.html
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