Garbage Collection Truck Market Is Projected To Reach US$ 12.24 Billion By 2034 | Fact.MR
Waste Management Firms and Municipalities Investing in Advanced Garbage Collection Truck Fleets to Comply with Strict Environmental Regulations: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 30, 2024 /EINPresswire.com/ -- As per a recently updated study by Fact.MR, a leading market research and competitive intelligence provider, the global garbage collection truck market1 is estimated to reach a size of US$ 8.27 billion in 2024 and advance at a CAGR of 4% from 2024 to 2034. With urbanization accelerating and trash management becoming a major global problem, there is an increasing need for garbage-collecting vehicles on a global scale.More effective garbage collection techniques are required because of growing populations, particularly in developing countries where waste generation is at an all-time high. Modern trash trucks are becoming increasingly necessary as improved waste management techniques are being used while environmental consciousness is growing.
To comply with increasingly stringent regulations and enhance service effectiveness, waste management firms and municipalities are investing in new fleets. Demand is also being influenced by the drive toward smart cities, as high-tech vehicles with automated lifting systems, GPS monitoring, and route optimization become increasingly common.
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Furthermore, the COVID-19 pandemic substantially increased public awareness of sanitation problems, leading some areas to modernize their waste collecting systems. The garbage collection truck market is projected to grow as countries work toward achieving sustainable development goals. To address environmental concerns, there is a growing emphasis on the use of electric and low-emission vehicles.
Key Takeaways from Market Study
The global garbage collection truck market is forecasted to reach a value of US$ 12.24 billion by the end of 2034. The South Korea market is evaluated to expand at a CAGR of 3.7% from 2024 to 2034.
The North American market is forecasted to expand at a CAGR of 3.8% through 2034. East Asia is projected to hold a global market share of 24.3% by 2034.
The United States is projected to occupy a share of 77.4% in North America by 2034.
The market is analyzed to reach a size of US$ 2.35 billion by the end of 2034. Based on product type, sales of front loaders are forecasted to rise at a CAGR of 3.1% and account for a market share of 28.4% by 2034.
“Increasing number of smart cities in several countries is pushing demand for garbage collection trucks that are equipped with automated lifting systems, GPS monitoring, and route optimization technologies,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Garbage Collection Truck Market:
Some of the prominent manufacturers of Combilift Material Handling Solutions; Labrie Enviroquip Group; Doosan Corporation; Fujian Longma Environmental Sanitation Equipment Co., Ltd.; Caterpillar; BAS Mining Trucks; Belaz North America Inc.; Cummins Inc.; Liebherr; EZ-Pack; ETF Holding B.V.; Hitachi Construction Machinery Co. Ltd.; Deutz AG; Kubota Corporation; AB Volvo; McNeilus Truck & Manufacturing; Zoomlion Heavy Industry Science & Technology Co. Ltd.
Route Optimization and GPS Technologies Taking Market to New Heights
Route optimization systems using GPS reduce the amount of gasoline used and the amount of time spent driving. Today, some garbage collection vehicles include RFID readers and onboard weighing devices, which enable accurate garbage collection monitoring and usage-based billing for business clients.
With increased sophistication, automated arm lifters can now handle a greater range of bin sizes while lowering worker injuries. Onboard compactors are another feature that some vehicles now have, which increases capacity and decreases the number of visits to disposal sites.
Collection schedules are optimized by using sensor technologies to monitor bin fullness levels. Additionally, some creative designs have distinct sections for various garbage categories, making it easier to gather recyclables, organic waste, and general rubbish in a single pass. This encourages improved waste sorting and recycling procedures.
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Garbage Collection Truck Industry News:
In January 2024, 18 new Renault electric garbage trucks were added to Paris by Sepur, a waste management business. Sepur collects domestic and residential garbage in the area using the 18 E-Tech D Wide.
In April 2023, at WasteExpo in First Orleans, Louisiana, McNeilus unveiled its first fully integrated electric vehicle. The purpose-built electric waste-collecting vehicle is the latest zero-emission variant. It has a large cab, a 360-degree camera, object recognition, active safety technologies, great visibility, and simple controls with a 15-inch touchscreen display.
In February 2023, Oshkosh Corporation, a pioneer in the development of equipment and vehicles with specific uses, introduced an advanced electric garbage collection truck in North America.
City View Specialty and New Way Vehicles announced in February 2023 their plan to distribute garbage trucks exclusively in Ontario, Canada. This would help New Way enhance its brand recognition and market share in North America.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the garbage collection truck market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (front loaders, rear loaders, side loaders), technology (semi-automatic, automatic, others), and end use (municipal garbage, industrial garbage), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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1 https://www.factmr.com/report/4574/garbage-collection-trucks-market
2 https://www.factmr.com/report/5246/truck-and-bus-radial-tbr-tire-market
3 https://www.factmr.com/report/713/truck-campers-market
