Waste or Garbage Collection Vehicle Market to Register 4.2% CAGR Growth as Growing Expenditures for The Advancement of Collection and Recycling Systems, The Brainy Insights
Technical improvements in trash collection vehicles, the rising cost of electric trash collection vehicles, and an improved economy are creating profitable new chances for the waste or garbage collection vehicle market's growth.
Newark, June 13, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global waste or garbage collection vehicle market is expected to grow from USD 7.2 billion in 2021 to USD 10.42 billion by 2030, at a CAGR of 4.2% during the forecast period 2022-2030.
Various names for waste or garbage collecting vehicles are used across the world, including dustbin lorry, refuse truck, garbage truck, trash truck, rubbish truck, Belli vehicle, bin lorry, junk truck, and prohibit collection vehicle (RCV). These trucks gather the waste from highways, communities, and streets. Waste collection vehicles collect waste and transfer it to a waste treatment facility or landfill. The style of the car differs from one country to the next. These vehicles are available in some countries with separate closed compartments for dry and moist rubbish. Waste collection vans in several countries are outfitted with hydraulic systems for lifting and dumping the garbage. Another critical element likely to assist the target market's growth is the increasing technological innovation in garbage collecting trucks. Other factors predicted to drive worldwide market growth throughout the forecast period include an increase in the number of residences and home construction, as well as an increase in the number of industries throughout the world.
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Key players operating in the global waste or garbage collection vehicle market are AUTOCAR, LLC., EOW INTERNATIONAL COLLABORATION & MANUFACTURING LLC, AMS Spa, GEP ECOTECH CO., LTD., AB NARPES TRA & METALL – NTM, EcoZeta S.r.l., FAUN Umwelttechnik GmbH & Co. KG, Mecagil-Lebon, Environmental Solutions Group, Fratelli Mazzocchia Spa, Hidro-Mak, MS DORSE, TERBERG ROSROCA GROUP, Shandong Wuzheng Group Co., Ltd., Nord Engineering s.r.l. among others. To enhance their market position in the global waste or garbage collection vehicle market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In order to maintain the environment clean, the Corporation of the City of Panaji purchased modern garbage collecting vehicles in January 2021.
The rear loaders segment led the market in 2021 with a market share of around 34%.
The loader type is divided into front loaders, automated side loaders [asl], rear loaders, grapple trucks, and pneumatic collection. The rear loaders segment led the market in 2021 with a market share of around 26% and market revenue of 1.8 billion. The rear-loading garbage truck is a familiar sight on the streets. The compaction cycle, which crushes the garbage against a steel plate placed right behind the cab, is the key to its efficiency. This eliminates waste liquids and air from the vehicle, allowing it to make fewer visits to the local landfill. Due to its teardrop-shaped form, a rear-loading dump truck is also an excellent solution for crowded metropolitan locations. There is a reduced chance of crashes and worker injuries. Furthermore, most rear loaders may be equipped with automated cart tippers, which reduces stress and pressure on sanitation workers.
The medium-duty vehicle segment led the market in 2021 with a market share of around 37.3%.
The vehicle type segment is divided into light-duty vehicle, heavy-duty vehicle, and medium-duty vehicle. The medium-duty vehicle segment led the market in 2021 with a market share of around 37.3% and a market revenue of 2.6 billion. Drivers favor medium-duty trash trucks for their purposes because of the short turning radius and excellent visibility, which is useful when their path necessitates them to traverse neighborhood streets.
The urban garbage treatment segment accounted for the largest share of the market for waste or garbage collection vehicles market in 2021.
The application segment is divided into urban garbage treatment, industry, building, and mining. The urban garbage treatment segment accounted for the largest share of the market with 35.23% and market revenue of 2.5 billion in 2021. When correctly exploited in productive waste-to-energy facilities, urban garbage provides a largely untapped supply of recyclable materials for manufacture, reusable commodities, and a source of both heat and power. This, along with the myriad health and environmental challenges generated by the consumption and disposal practices, must be tackled in order to help design the sustainable and liveable cities of the future.
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Regional Segment Analysis of the Waste or Garbage Collection Vehicle Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global waste or garbage collection vehicle market, with a market share of around 41.34% and 2.9 billion of the market revenue in 2021. Because of the region's dense population, there has been an increase in the number of initiatives to enhance municipal garbage sorting performance in nations such as China, India, and Singapore, as well as the establishment of control centers to track waste collection vehicles better. Also, as the population grows, so does public awareness of the significance of garbage collection in a secure environment. Furthermore, the country's rising infrastructure and industries, enormous population, and increased consumption and production of commodities are speeding worldwide market expansion.
About the report:
The global waste or garbage collection vehicle market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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