PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299735
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299735
Waste or Garbage Collection Vehicle Market size was valued at USD 8,710.4 Million in 2022, expanding at a CAGR of 4.9% from 2023 to 2030.
A waste or garbage collection vehicle, also known as a garbage truck, trash truck, or waste disposal truck, is a specialized vehicle designed for the collection and transportation of waste materials from homes, businesses, and public areas to disposal sites such as landfills or recycling facilities. These vehicles are an essential part of municipal waste management systems and are used to efficiently and safely collect and transport waste, helping to keep communities clean and sanitary.
The Waste or Garbage Collection Vehicle market is primarily driven by the rapid urbanization and supportive environmental regulations. As populations continue to grow and urban areas expand, there is an increased need for waste management services, including garbage collection. Rapid urbanization in developing countries is driving the demand for waste collection vehicles as cities and towns strive to manage increasing amounts of waste generated by growing populations. Governments and environmental agencies around the world are implementing stricter regulations and sustainability initiatives aimed at reducing waste generation, promoting recycling and waste diversion, and minimizing environmental impacts. This has led to increased demand for waste collection vehicles that can support these goals, such as vehicles with improved waste separation and recycling capabilities.
Furthermore, proper waste management is essential for maintaining public health and sanitation. Waste collection vehicles play a critical role in collecting and disposing of waste in a safe and sanitary manner, which is especially important in densely populated urban areas. The need to maintain clean and healthy living environments is a significant driver for the demand for waste collection vehicles. There is an increasing focus on worker safety in waste management operations. Waste collection vehicles with enhanced safety features, such as automated lifting mechanisms, ergonomic designs, and improved visibility for operators, are gaining popularity in the market as they help reduce workplace accidents and improve worker well-being.
The global Waste or Garbage Collection Vehicle Market is segmented on the basis of Loader Type, Vehicle Type, Application, and Region.
The market is divided into five categories based on Loader Type: front loaders, automated side loaders, rear loaders, grapple trucks, and pneumatic collection. Rear loader segment dominates the market. The increasing demand from garbage trucks is contributing to segment growth.
The market is divided into three categories based on Vehicle Type: light duty vehicle, heavy duty vehicle and medium duty vehicle. The passenger cars segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for cars.
The market is divided into four categories based on Application: urban garbage treatment, industrial, building, and mining. The urban garbage treatment segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increasing demand for garbage treatment in urban areas.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America held the largest market share in 2021 and is projected to continue its dominance during the forecast period. The growing concerns for waste or garbage collection in the U.S. is mainly contributing to market growth.
Due to the continuous need for recycle of waste & garbage in the coming years, the worldwide market for waste or garbage collection vehicle is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their product through a variety of channels, including corporate websites, retailers, distributors, and end consumers. Product makers compete on a variety of aspects, including product costs, performance, product making, Application, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in 2022, Volvo Trucks, a leading manufacturer of commercial vehicles, has introduced the Volvo FE Electric, an all-electric waste collection truck with a gross vehicle weight (GVW) of up to 27 tons.
This proposed research study on Waste or Garbage Collection Vehicle market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Waste or Garbage Collection Vehicle market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Waste or Garbage Collection Vehicle market
Impact of COVID-19 on Waste or Garbage Collection Vehicle market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Waste or Garbage Collection Vehicle market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Waste or Garbage Collection Vehicle market, we have also included competitive landscape and key innovator analysis for the Waste or Garbage Collection Vehicle market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Waste or Garbage Collection Vehicle market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Waste or Garbage Collection Vehicle market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: