Global Waste or Garbage Collection Vehicle Market Highlights 2022 – 2030
The global waste or garbage collection vehicle market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the escalating amount of waste, growing concerns associated with effective plastic waste management, increasing advancements to enhance the performance of garbage collection trucks, and rising automation in several industrial verticals around the world. According to the World Bank, the world generates around 2.01 billion tons of municipal solid waste every year, with at least 33 percent of that not managed in an eco-friendly manner. The total amount of global waste is calculated to rise up to 3.4 billion tons by 2050. Along with these, over the last few years, the world has witnessed a hike in demand for electric vehicles, which has led to the development of electric garbage collection vehicle technology, expected to offer abundant growth opportunities to the market in the upcoming years. Furthermore, rise in collaborations with university students in developed nations to improve garbage truck designs is also projected to drive market growth in the near future.
The market is segmented by vehicle type into light, medium, and heavy-duty vehicle, out of which, the medium-duty vehicle segment is anticipated to hold the largest share in the global waste or garbage collection vehicle market on account of the high usage of these trucks for the pickup, delivery, small dumps and lighter garbage truck applications. Additionally, on the basis of application, the segment for urban garbage treatment is predicted to grab the largest share during the forecast period, which can be credited to the rapid increase in the urban population around the world, and thus in the total waste generated by these people. Another statistic by the World Bank depicts that in 2020, 56.15 percent of total world population lived in urban areas, up from 55.714 percent in 2019. Apart from this, rising focus of manufacturers to enhance the process of garbage collection in urban areas is also assessed to boost the growth of the market segment in the years to come.
Global Waste or Garbage Collection Vehicle Market Regional Synopsis
On the basis of geographical analysis, the global waste or garbage collection vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the high population of the region, growing number of efforts to improve municipal waste sorting performance in countries, namely China, India, Singapore and Australia, and increasing development of control rooms to help track waste collection vehicles. As per the United Nations Population Fund Association, Asia pacific is the home to 60 percent of people in the world, i.e., a total of 4.3 billion people. Moreover, the market in North America is assessed to occupy the largest share during the forecast period owing to the rising investments by major waste collection companies to incorporate technological advancements in their product portfolio, and surge in demand for hybrid vehicles in the region.
The global waste or garbage collection vehicle market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global waste or garbage collection vehicle market includes the following segments:
By Type
- Light-Duty Vehicle
- Medium-Duty Vehicle
- Heavy-Duty Vehicle
By Loader Type
- Front Loader
- Rear Loader
- Side Loader
By Application
- Industry
- Urban Garbage Treatment
- Building and Mining
Growth Drivers
- Rising Concerns Regarding Effective Waste Management
- Growing Automation in Industry Verticals Globally
Challenges
- High Cost of Waste Collection Vehicles
Top Featured Companies Dominating the Market
- AMS Spa
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- AUTOCAR, LLC.
- AB NARPES TRA & METALL – NTM
- FAUN Umwelttechnik GmbH & Co. KG
- Fratelli Mazzocchia Spa
- GEP ECOTECH CO., LTD.
- EcoZeta S.r.l.
- Environmental Solutions Group
- EOW INTERNATIONAL COLLABORATION & MANUFACTURING LLC
- Nord Engineering s.r.l.
