The Garbage
Truck Global Market Report 2024 by The Business Research Company provides
market overview across 60+ geographies in the seven regions - Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, the Middle East,
and Africa, encompassing 27 major global industries. The report presents a
comprehensive analysis over a ten-year historic period (2010-2021) and extends
its insights into a ten-year forecast period (2023-2033).
Learn More On The Garbage Truck Market:
https://www.thebusinessresearchcompany.com/report/garbage-truck-global-market-report
According to The Business Research Company’s Garbage Truck Global Market Report
2024, The garbage truck market size has grown strongly in recent years. It will
grow from $15.44 billion in 2023 to $16.66 billion in 2024 at a compound annual
growth rate (CAGR) of 7.9%. The growth in the historic period can be
attributed to urbanization and population growth, health and sanitation
concerns, industrial revolution impact, public health crisis responses, waste
recycling initiatives.
The garbage truck market size is expected to see strong growth in the next few
years. It will grow to $21.89 billion in 2028 at a compound annual growth rate
(CAGR) of 7.1%. The growth in the
forecast period can be attributed to shift towards electric and hybrid
vehicles, smart waste management systems, demand for automated collection
systems, adoption of ai in waste sorting, rise in biodegradable waste handling.
Major trends in the forecast period include on-demand waste collection services,
robotics integration in waste handling, enhanced waste segregation
capabilities, modular and customizable truck designs, smart fleet management
systems.
The rising need for waste management is expected to propel the growth of the
garbage truck market going forward. Waste management is the process of
gathering, handling, getting rid of, and managing waste products effectively
and responsibly. Garbage trucks are helpful for waste management to collect and
transport solid garbage from homes, businesses, and industrial areas to
facilities for proper disposal or treatment. For instance, in July 2021,
according to an article published by the World Bank, a US-based international
organization that provides financing, advice, and research to developing
nations, the waste generated in 2020 was estimated to be 2.24 billion tons of
solid waste, which amounted to a footprint of 0.97 kilograms of waste per
person per day. Furthermore, with the rapid growth of population and
urbanization, annual waste generation is set to see an increase of 73%,
amounting to 3.88 billion tons by 2050.
Therefore, the rising need for waste management is driving the growth of
the garbage truck market.
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The garbage truck market covered in this report is segmented –
1) By Type: Front Loaders, Rear Loaders, Side Loaders
2) By Technology: Manual, Automatic, Semi-Automatic
3) By Fuel Type: Gasoline, Diesel, Electric
4) By End User: Industrial Corporations, Municipal Authorities
Major companies operating in the garbage truck market are developing new
products such as hydrogen trucks to gain a competitive edge in the market.
Hydrogen trucks, also known as hydrogen fuel cell trucks, are commercial
vehicles that use hydrogen fuel cells to generate electric power for
propulsion. For instance, in December 2021, Hyundai Motor Company, a South
Korea-based automotive manufacturing company, launched hydrogen-powered garbage
truck. The vehicle employs hydrogen storage tanks and fuel cell systems. This
innovative truck contributes to cleaner streets by eliminating emissions and
also provides a quieter working environment for street cleaners, with a 40%
lower noise level compared to conventional garbage trucks. It is designed with
a custom-made motor enabling it to efficiently navigate uphill roads while
carrying a substantial 4.5 tons of garbage, despite its own weight of 9.5 tons.
The hydrogen-powered garbage truck is equipped with a convenient portable sink,
providing sanitation workers with a means to wash off potential pollutants
encountered during their duties. Additionally, the truck features a detachable
loading container, enabling a single vehicle to collect multiple garbage
containers efficiently.
The garbage truck market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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