In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
January 20, 2016: Autocar, LLC launched its E3 hybrid garbage trucks in the city of Lexington. These trucks are designed to save 35 percent of city’s total fuel consumption, along with decreasing emissions by about 44 percent.
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.
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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.
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:
Our in-depth analysis of the global waste or garbage collection vehicle market includes the following segments:
Ans: The major growth drivers for the market are rising concerns regarding effective waste management and growing automation in industry verticals globally.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Ans: High cost of waste collection vehicles is estimated to hamper the market growth.
Ans: Asia Pacific region will provide more business opportunities for market growth owing to the high population and growing number of efforts to improve municipal waste sorting performance in the region.
Ans: The major players in the market are AMS Spa, AUTOCAR, LLC., AB NARPES TRA & METALL – NTM, FAUN Umwelttechnik GmbH & Co. KG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, loader type, application, and by region.
Ans: The medium-duty vehicle segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.