Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Garbage Truck Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive market research on the global garbage truck market has now been published, detailing an anticipated rise from the previous year's valuation of $14.25 billion to a projected $15.44 billion in 2023. This notable surge, marked at a compound annual growth rate (CAGR) of 8.3%, can be largely attributed to increasing waste management requirements worldwide. Despite the adversities posed by global events such as the Russia-Ukraine war, which negatively impacted broad economic sectors by escalating commodity prices and causing supply chain upheavals, the market for garbage trucks is optimistic about its future. By 2027, the market value is expected to soar, reaching approximately $20.34 billion with a steady CAGR of 7.1%.
Driving Forces Behind Market Growth
The escalating volume of waste management demands acts as a significant catalyst for the growth of the garbage truck market. An efficient waste management system is imperative for the collection and transportation of solid waste from residential, commercial, and industrial establishments to appropriate disposal or treatment facilities. For instance, the UK experienced an increase in household garbage, tallying up to 22.6 million tons in 2020, thereby necessitating a robust response from the waste management sector.
Technological Advancement: A Key Trend
Technological advancements are profoundly shaping the landscape of the garbage truck market. Established companies within the sector are integrating innovative technologies to enhance operational efficiencies and competitive standing. A testament to this trend is the introduction of the Command-SST Automated Side Loader by Heil Environmental Industries Ltd. The new model emphasizes safety, operator comfort, and maintenance ease, featuring advanced capabilities that align with the growing automation in waste collection methods. North America emerges as the leading region in the global garbage truck market, with comprehensive coverage of the market spanning across continents such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The market comprises a portfolio of major players including Tata Ltd., Bucher Municipal, and McNeilus Companies Inc., who are pivotal in steering the market growth with their strategic innovations and market presence.
Market Segmentation and Definition
Garbage trucks are segmented into front loaders, rear loaders, and side loaders, each serving distinct functions to accommodate varied solid waste collection and transportation requirements. The adoption of technologies within these vehicles ranges from manual, automatic to semi-automatic, with a focus on fuel types such as gasoline, diesel, and electric, to cater to the diverse needs of end-users like industrial corporations and municipal authorities. The market's valuation considers the 'factory gate' value prices – the selling price of garbage trucks from the manufacturers directly to customers or other businesses, alongside any associated services provided by the manufacturers.
A selection of companies mentioned in this report includes
- Tata Ltd.
- Mack Trucks Inc.
- Bucher Municipal
- FAUN Zoeller
- Dennis Eagle Ltd.
- McNeilus Companies Inc.
- Heil Environmental Industries Ltd.;Labrie Enviroquip Group
- Peterbilt
- Curbtender Inc.
- EZ Pack Refuse Hauling Solutions
- Haul-All Equipment Ltd.
- Bridgeport Manufacturing Inc.
- Volvo Group
- Jesco Industries Inc.
- Cardinal Carryor
- Superior Pak Pty Ltd.
- Vecoplan LLC
- New Way Trucks
- Papas Waste Equipment International Pty Ltd.
- Russ Engineering Pty Ltd.
- Amrep Inc.
- Meyer Material Handling Products Inc.
- Aman Cleaning Equipments Pvt. Ltd.
- Warren Truck and Trailer LLC.
For more information about this report visit https://www.researchandmarkets.com/r/brxr0h
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