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Global Utility Equipment Market Analysis and Review by Product (Garbage Trucks, Street Sweeper, Static Compactors, Winter Maintenance Equipment, and Sewer & Drainage Equipment)
In 2023, the global Utility Equipment Market will be worth US$ 11,604.4 Mn. and is projected to expand steadily at a CAGR of 5.1% to reach a market valuation of close to US$ 19,083.1 Mn by 2033.
Global Utility Equipment Market Size (2022A)
US$ 11,201.4 Mn
Estimated Market Size (2023E)
US$ 11,604.4 Mn
Projected Market Value (2033F)
US$ 19,083.1 Mn
Value CAGR (2023-2033)
Collective Share: Top 3 Countries (2023E)
The ongoing trend witnessed in the utility equipment market is the increasing adoption rate of street sweepers, particularly in municipal and industrial sectors including chemical, automotive, food and beverage, pulp, and paper, among others. Rising per capita waste generation due to increasing population and affluence has led various government authorities to significantly invest in efficient waste management plans. This in turn is driving the global utility equipment market's growth.
North America is anticipated to hold a majority of the share in the market owing to the rapid growth in municipal and airport end use in the country. According to PMR, North America will hold 24.2% of the market in 2032.
From 2017 to 2022, the global utility equipment market expanded at a CAGR of around 2.1%. With increased automation in numerous industry sectors and technological innovation, utility equipment is no longer falling behind. Given the high cost of utility equipment, there is a growing demand among end users for the incorporation of high-end functionality. As a result, manufacturers are looking into new ways to extend the life of their products while also incorporating new features such as real-time monitoring, the inclusion of new equipment for garbage collection from the streets, and waste segregation. Furthermore, factors such as increased knowledge of efficient waste disposal facilities are projected to drive utility equipment demand.
Equipment manufacturers are forming alliances with distributors and expanding their channel reach across the globe. Due to the product's reliance on local sales, its expansion favours the winter maintenance equipment market. According to Persistence Market Research, the market will grow at a 5.1% CAGR through 2033.
“Rising Adoption of Street Sweepers in Smart Cities”
Cities are in the process of transforming into state-of-the-art smart cities by using new technologies, in order to improve the efficiency of urban areas and generate new economic opportunities. The governments of developed and developing countries are taking initiatives and undertaking large-scale investments to demonstrate the use of the right equipment or machines for smart cleanliness in smart cities. This is projected to trigger the growth of the utility equipment market.
Furthermore, smart cities require a range of sweepers, such as mechanical broom sweepers, regenerative-air sweepers, vacuum sweepers, and electric sweepers, to manage the cleanliness of a city. Electric street sweepers are witnessing rampant adoption owing to the benefits they offer, such as energy efficiency and zero emissions. This is set to drive the growth of the utility equipment market across the globe over the forecast period. Thus, increasing urbanization and the growing trend of smart city expansion in both developing and developed economies are expected to boost the utility equipment market.
For instance, the Indian government has undertaken the 'Swachh Bharat' initiative to clean up infrastructure and roadways in smart city projects. Similarly, regulatory organisations in North America and Europe are investing heavily in the maintenance of their cities, roads, and highways, which can enhance the utility equipment industry.
“Usage of Alternative Fuel Options such as CNG”
The use of alternate power sources such as electric, CNG, and fuel cells is expected to promote utility equipment sales across areas. The majority of utility vehicles are diesel-powered. For example, the United States is expected to have an 180,000-strong garbage collection fleet that consumes around 1.2 billion gallons of diesel every year. Additionally, the pollution from these automobiles endangers the health of both residents and drivers.
Concerned about these issues and severe local government requirements, manufacturers are now leaning toward manufacturing environmentally friendly utility equipment that emits fewer dangerous emissions than diesel-powered utility equipment.
The use of electric, CNG, and fuel cell models to power utility equipment is a prominent trend. Furthermore, the increasing preference for automated utility equipment is likely to boost market growth in the coming years.
Which is the most prominent market for Utility Equipment manufacturers?
“U.S. Market to Drive High Sales of Utility Equipment”
The utility equipment market in the U.S. is expected to account for approximately 21.8% of global value in 2023. According to the United States Environmental Protection Agency (EPA), landfills in the United States receive 139.6 million tonnes of waste each year. Paper and paperboard waste account for the majority of the 268 million tonnes of recycling and landfill rubbish created each year. This represents the size of the waste management industry in the U.S. Thus, due to the rise in waste management activity in the U.S., demand for utility equipment is increasing.
Which Country is dominating the Europe Utility Equipment Market?
“Germany is anticipated to hold largest market share in the Europe Utility Equipment Market”
From 2023 to 2033, Germany is estimated to grow at a CAGR of 5.2%. Germany has implemented a number of methods, such as required waste sorting rules and a highly efficient deposit refund mechanism, to enhance garbage management and increase recycling rates. The government also implemented the 'Energiewende,' a roadmap for the low-carbon and renewable energy transition, as well as forming public opinion on the need for environmentally sound waste management. This indicates a predominant demand for utility equipment in the country.
Which Product Holds a Prominent Share in Global Utility Equipment Sales?
“High Demand Predicted for the Garbage Trucks”
Garbage trucks control over half of the global market. The usage of garbage trucks is directly related to the increase in waste produced per capita. According to World Bank forecasts, solid waste generation would reach 3.4 billion tonnes by 2050.
As a result of increased population and municipal solid waste creation, government agencies are investing heavily to improve the efficiency of waste water treatment and solid waste management plants. This is one of the factors driving up demand for garbage collecting trucks.
There have also been technological advancements in garbage collection vehicles to improve refuse collectors' working efficiency.
Which End Use of Utility Equipment Generates Most Market Revenue?
“Municipal Utility Equipment hold the Prominent Market Share”
Municipal use of utility equipment is expected to hold around 86% of the market share. The requirement for proper and efficient solid waste management, garbage disposal, and recycling with the use of highly equipped refuse collection vehicles is the reason for the significant increase in demand. Along with garbage removal, sewage and drainage equipment have witnessed an increase in demand due to a variety of end users, such as municipalities, and other civil activities. Over the forecast period of 2023 to 2033, demand from municipal end uses is expected to expand at a high rate.
Over the past few years, Manufacturers are conducting extensive research in future steps towards the Waste Management technologies, with automated utility equipment (sensors inbuilt) that makes process smooth and fast. The utility equipment market is growing at a strong trend due to the increasing demand from expanding end-use industries. Additionally, over the coming decade, foreign players are expected to expand their footprint through mergers and acquisitions. For Instance,
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By Product, the Global Utility Equipment Market is segmented as:
By End Use, the Global Utility Equipment Market is segmented as:
By Type, the Global Utility Equipment Market is segmented as:
By Region, the Global Utility Equipment Market is segmented as:
The Utility Equipment Market is expected to total US$ 11,604.4 Mn in 2023.
The demand for Utility Equipment will increase by 5.1% during the forecasted period from 2023 to 2033.
Dongfeng Motor Group Co., Ltd., Bucher Industries AG, McNeilus Truck & Manufacturing, Inc., Dennis Eagle LTD, FAUN Umwelttechnik GmbH & Co.KG. and others are the leading market players which hold around 40 to 45% of the market share.
The demand in China is expected to increase by 5.8% CAGR from 2023 to 2033 on a value basis.
U.S., Germany, China, India and Japan are the leading countries in the Utility Equipment Market.