Report Overview
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The global garbage truck market size was USD 211.8 million in 2022. As per our research, the market is expected to reach USD 328.8 million in 2028, exhibiting a CAGR of 7.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with garbage truck market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A garbage truck, also known as a trash truck or a dustbin lorry, is a specially constructed vehicle that collects and transports municipal solid waste (MSW) from residential and business areas to a landfill or recycling facility. They have hydraulic systems that lift and compress waste into the storage compartment of the vehicle. The compactor reduces rubbish volume, enabling for more waste to be collected on a single route. In addition, the truck usually features a separate compartment for recycling goods such paper, cardboard, plastics, and metals.
Garbage trucks are classified into three types: front-loaders, rear-loaders, and side-loaders. Front-loaders are often utilised in business settings, whilst rear-loaders and side-loaders are typically used in household settings. To limit emissions, some trucks utilise diesel engines, while others use compressed natural gas (CNG) or other alternative fuels. The garbage truck market is expected to grow in the coming years due to rapid urbanisation and rising demand for sustainable waste management.
COVID-19 Impact: Pandemic Increased the Demand for Market
There has been an increase in the production of waste from homes as a result of lockdowns and restrictions forcing more people to stay at home. As a result, there has been an increase in the need for services like waste management. To lessen the gamble of Coronavirus transmission, many waste administration organizations have moved towards contactless waste assortment techniques, like computerized assortment frameworks. As a result, demand for automated garbage trucks has grown. The pandemic has made people more aware of how important sanitation and hygiene are, which has made it more important to buy these trucks that have sanitation features like disinfection systems built in. As a result, there has been a substantial increase in demand for market f as a result of the COVID-19 pandemic.
Latest Trends
"Growing Demand for Electric Garbage Trucks to Fuel Market Growth"
The growing demand for electric garbage trucks is one of the most recent trends in the garbage truck market, driven by the need to reduce emissions and enhance air quality. Several businesses have created electric trucks with high-capacity batteries and advanced charging systems, which offer significant energy efficiency and lower maintenance costs over typical diesel-powered trucks. Another trend is the use of modern technologies, such as telemetry and automation. Garbage collection firms can use these technology to manage and monitor their fleets in real time, optimize routes and timetables, and increase overall operational efficiency. Automation technology like robotic arms and sensors can help increase the safety and dependability of waste collecting operations.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into front loaders, rear loaders, side loaders.
- By Application Analysis
Based on application, the market can be divided into urban garbage treatment, building and mining industry, others.
Driving Factors
"Growing Demand for Sustainable Waste Management Solutions to Stimulate Market Growth"
There is a growing demand for eco-friendly and sustainable waste management solutions, which is driving the development of new types of trash trucks such as hybrid and hydrogen-powered trucks. These vehicles offer lower emissions and reduced environmental impact, making them a more sustainable choice for waste collection. Overall, the market is expected to continue to evolve and grow in the coming years as the world focuses on environmental sustainability and efficient waste management solutions.
"Rapid Urbanisation to Boost Market Demand"
As more people relocate to cities, the amount of waste produced rises. This increases the demand for these trucks to collect and carry rubbish to landfills. Governments all across the world are enforcing stringent garbage disposal and management requirements. To comply with these restrictions, specialized waste trucks must be used. To improve trash management and reduce environmental effect, governments and corporate organizations are investing in waste management infrastructure. All these benefits will boost garbage truck market growth.
Restraining Factors
"Increasing Use of Built-In Rechargeable Batteries to Restrict Market Growth"
Garbage trucks are costly to manufacture and purchase. This high initial cost can be a significant barrier to entry for new market participants and may limit the growth potential of existing market participants. These trucks must be serviced on a regular basis to stay in good functioning order. This maintenance can be expensive and time-consuming, and it may also necessitate the use of specialized expertise and equipment.
Regional Insights
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"Rising Environmental Concerns in North America Anticipated to Boost Market Expansion "
North America holds the leading position in garbage truck market share due to due to the presence of significant manufacturers, environmental concerns and rising urbanization, which has raised the need for waste management solutions. Environmental regulations and a growing demand for environmentally friendly waste management solutions are responsible for the market's expansion.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Growth"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.
The top key players in the market are Superior Pak, Bucher Municipal, Volvo, Papas, FAUN Zoeller, Russ Engineering Pty Ltd, Dennis Eagle, Heil Co, Manco Engineering Australia, McNeilus, New Wa, ORH Truck Solution, Labrie, EZ Pack. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.
List of Market Players Profiled
- Superior Pak
- Bucher Municipal
- Volvo
- Papas
- FAUN Zoeller
- Russ Engineering Pty Ltd
- Dennis Eagle
- Heil Co
- Manco Engineering Australia
- McNeilus
- New Way
- ORH Truck Solutions
- Labrie
- EZ Pack
Report Coverage
This report examines an understanding of the garbage truck market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 211.8 Million in 2022 |
| Market Size Value By | US$ 328.8 Million by 2028 |
| Growth Rate | CAGR of 7.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global garbage truck market expected to touch by 2028?
The global garbage truck market is expected to touch USD 328.8 million by 2028.
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What CAGR is the garbage truck market expected to exhibit during 2022-2028?
The garbage truck market is expected to exhibit a CAGR of 7.6% over 2022-2028.
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Which are the driving factors of the garbage truck market?
The increasing demand eco-friendly and sustainable waste management solutions and rapid urbanization are the driving factors of the garbage truck market.
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Which are the top companies operating in the garbage truck market?
Superior Pak, Bucher Municipal, Volvo, Papas, FAUN Zoeller, Russ Engineering Pty Ltd, Dennis Eagle, Heil Co, Manco Engineering Australia, McNeilus, New Wa, ORH Truck Solution, Labrie, EZ Pack are the top companies operating in the garbage truck market.
