Waste management has become a serious concern among international authorities because of the exponential rate of expansion of industrial activities and inappropriate methods of waste management. The World Bank data reveals that 2.01 billion tons of solid waste was generated in 2016, and with rapid population growth and urbanization, it is estimated to grow up to 3.4 billion tons by 2050. Thus, authorities have been tightening regulations for municipal and industrial waste management.
In accordance with increasing population and rising municipal solid waste generation, governments are spending substantial amounts to ensure efficient working of waste water treatment and solid waste management plants. Garbage collection trucks are essential for the proper functioning of the waste management process. This factor is expected to fuel the growth of the garbage collection trucks market in upcoming years. Also, incorporating recycling facilities in most garbage collection vehicles is becoming an integral part of solid waste treatment.
China is giving high importance to environmental conditions and has dedicated a noteworthy amount of money for modernizing its infrastructure. Also, India has taken some important initiatives regarding cleanliness, such as its long-term high budget plan - ‘Swachh Bharat’.
Constant Product Innovation in Garbage Collection Trucks to Propel Demand
With rising concerns regarding effective procedures for waste management, innovations in garbage collection trucks are also increasing to ease the process of waste disposal and recycling. Thus, manufacturers are focused on the incorporation of several technologies in order to increase the efficiency and productivity of their products. Manufacturers are also focusing on bringing various technological improvements in garbage collection trucks, such as increasing efficiency through reduction of downtime, increasing the degree of automation, and noise reduction.
With increasing automation in several industrial verticals and advancements in technology, garbage collection trucks no longer lag behind. Considering that garbage collection trucks are a significant investment, demand for inculcation of high-end features among end users is surging. Thus, manufacturers are exploring new ways to extend the life as well as imbibe additional features such as real-time monitoring and addition of several new equipment for collection of waste from streets and segregation. This is expected to create a positive impact on the garbage collection trucks market.
Adoption of Electric and Hybrid Vehicles to Drive Market Growth
According to the U.S. classification of trucks (class 1 to class 9), refuse collection trucks fall under the class 8 category, which is considered a category for heavy trucks. In the U.S., while heavy trucks contribute merely 4% of total vehicles, they are estimated to be responsible for ~30% of vehicle emission and ~26% of fuel usage. Therefore, due to rising concerns regarding increasing pollution levels, authorities of several governments have tightened their norms regarding emission standards.
The demand for electric and hybrid electric vehicles is thus high, especially in case of heavy duty trucks, which significantly contribute to hazardous fuel emission. Furthermore, usage of electric vehicles will have a profound impact on emissions with their cleaner economics and outsized impact. Considering this, manufacturers are also inclined towards the development of electric garbage collection vehicle technology as electric-based vehicles will form a major factor, which will supplement the growth of the garbage collection trucks market across the globe
Reduction in Weight of Garbage Collection Truck Bodies
Garbage collection trucks are not only vital for hygiene purposes in residential and industrial applications, but also important in recycling processes. Attributing to the growing concerns referring to fuel efficiency, garbage collection truck manufacturers are trying to enhance the carrying capacity of solid waste in these vehicles.
In line with this, manufacturers are focusing on weight reduction of garbage collection trucks as lighter trucks are able to load more trash. This trend is being followed by many garbage collection truck manufacturers in order to increase the efficiency of garbage trucks along with other technological advancements such as extending the hours of working and reducing the downtime. This is expected to create significant growth opportunities for the garbage collection trucks market.
A broader view of the garbage collection trucks market has led analysts to conclude that the market is growing at an impressive rate, with North America and Europe holding a large share of the global garbage collection trucks market. The China garbage collection trucks market is estimated to be an opportunistic market in terms of sales. Increasing number of key market players, increasing investments in waste management, increased productivity, and constant innovations will positively impact the garbage collection trucks market.
The garbage collection trucks market is characterized by the presence of few big players from Europe, North America, and China. The municipal garbage segment in end-use type in the garbage collection trucks market is anticipated to dominate the global garbage collection trucks market throughout the forecast period. The impact of other market restraints will remain steady globally in the garbage collection trucks market is projected to grow vividly over the forecast period. Technological innovations, along with collaborations, as well as mergers & acquisitions by key market participants will also give impetus to the garbage collection trucks market.
Persistence Market Research (PMR) recently published a study report on the global garbage collection trucks market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the garbage collection trucks market structure. This market research report presents exclusive facts and figures about how the garbage collection trucks market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the garbage collection trucks market over the forecast period.
The study is relevant for manufacturers in the garbage collection trucks market, as well as stakeholders, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the garbage collection trucks market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the garbage collection trucks market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the garbage collection trucks market. The study also offers actionable insights based on the future trends in the garbage collection trucks market. Furthermore, regional players and new entrants in the garbage collection trucks market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of the Garbage Collection Trucks Market
PMR’s study on the garbage collection trucks market is divided into four significant segments- product type, technology, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Garbage Collection Trucks Market Report
Garbage Collection Trucks Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the garbage collection trucks market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the garbage collection trucks market study, which comprises of the facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the garbage collection trucks market to make PMR’s projection on growth prospects of the garbage collection trucks market more accurate and reliable.