PUBLISHER: SkyQuest | PRODUCT CODE: 1270745
PUBLISHER: SkyQuest | PRODUCT CODE: 1270745
Garbage Truck Bodies Market size was valued at USD 14818.3 million in 2021 and is poised to grow from USD 16315.57 million in 2022 to USD 26110.74 million by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).
The industry is anticipated to experience significant growth during the forecast period because to growing urbanisation and the rising population rate worldwide. Additionally, it is projected that the market will be pushed by the increasing industrialization and commercialization of developing countries.
As concerns about effective waste management practises increase, garbage pickup truck technologies are developing to make recycling and waste disposal simpler. As a result, businesses are focusing on integrating new technology to increase the effectiveness and productivity of their offerings. Manufacturers of garbage collection trucks are also focusing on integrating new technologies, such as boosting automation and minimising downtime to increase efficiency.
The World Bank estimates that 2.01 billion tonnes of solid waste were created in 2016, and that by 2050, due to urbanisation and population growth, that amount will rise to 3.4 billion tonnes. The rules governing the management of municipal and industrial waste have therefore been strengthened by the government. The development of new equipment for the collection of waste from streets and segregation, as well as the incorporation of extra features like real-time monitoring, are being researched by manufacturers. The market for garbage collection trucks is anticipated to benefit from this.
Top-down and bottom-up approaches were used to estimate and validate the size of global Garbage Truck Bodies Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Garbage Truck Bodies Market is segmented based on the Product, Application, End User and region. Based on the Product Type, the Global Garbage Truck Bodies Market is segmented as Front Loader, Rear Loader, Side Loader, and Others. Based on the Application Market is segmented as Urban Garbage Treatment, Building and mining industry, and others. Based On End User, the Global Garbage Truck Bodies Market is segmented as Municipal Garbage, Industrial Garbage, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The main factor driving the market is that numerous waste management businesses with substantial garbage truck fleets are exploring modernising their fleets using a link to manage and monitor their vehicles effortlessly from remote locations.
Vehicles for garbage collection are crucial for recycling processes as well as the hygienic requirements of commercial, residential, and industrial uses. In response to increased concerns about fuel efficiency, garbage collection truck manufacturers are attempting to enhance the carrying capacity of solid waste in these trucks, which could boost the market.
Restraint
Municipal solid waste collection rates in lower-Middle and Low-Income countries are quite low. For instance, the rate of solid trash collection in high-income countries is over 100%, whereas it is almost 50% in low-income countries. These elements will therefore prevent the market from expanding.
Off-road vehicles like garbage trucks need more power to operate. Garbage vehicles therefore have substantial upfront and ongoing expenditures. The market for garbage trucks is being constrained by these considerations.
Market Trends
Many waste management firms and sanitation organisations test or buy electric garbage truck bodies in an effort to reduce pollution. Noise pollution is reduced as a result of the quieter operation of electric garbage trucks. For instance, the California-based waste management company GreenWaste expanded their fleet in 2019 by adding a first-generation BYD electric waste truck. Using this truck results in annual savings of 6,000 gallons of diesel and 78 metric tonnes of CO2 equivalent.
GreenWaste wants to switch over to entirely electric garbage trucks in its fleet during the following five years. Consequently, electric garbage trucks is a trend that is probably going to result in market growth.