Global Garbage Collection Truck Market Set For 7.4% Growth, Reaching $18.86 Billion By 2028
Garbage Collection Truck Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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In recent years, the global market for garbage collection trucks has been showing robust growth. From $13.23 billion in 2023, the market's size is expected to expand to $14.17 billion in 2024 at a compound annual growth rate CAGR of 7.1%. The historical increase can be attributed to various factors, including increased urbanization, population growth, environmental regulations, economic growth, infrastructure development, improved waste segregation, and private sector participation.
What can we look forward to in the near future?
It is expected that in the forthcoming years, the garbage collection truck market will continue to witness considerable growth. By the year 2028, the market size is projected to shoot up to $18.86 billion at a compound annual growth rate CAGR of 7.4%. The key drivers of this growth are expected to be the increasing adoption of smart city initiatives, growth in municipal solid waste generation, heightened consumer awareness of the harmful impacts of open dumping, growing public concern about sustainability, and the increasing automation across numerous industrial sectors. Future trends to watch out for include the integration of smart waste management systems, updates in garbage truck fleets with connectivity and telematics integration, development of more efficient and affordable garbage truck models, and the incorporation of technical advancements.
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What are the key drivers influencing the growth of the garbage collection truck market?
An important factor expected to drive the growth of the garbage collection truck market is the increasing generation of municipal solid waste. The term refers to everyday waste generated by households, businesses, and institutions within a municipality, which includes food scraps, paper, plastics, and yard trimmings. Due to population growth and urbanization, cities are producing more refuse leading to greater concentrations of waste. Garbage collection trucks play a critical role in the management of this municipal solid waste by efficiently collecting, transporting, and disposing of it, thereby maintaining cleanliness and enabling effective waste management. As an example, in February 2024, according to the United Nations Environment Programme, a Kenya-based organization overseeing responses to environmental issues, there was a sharp rise in global municipal solid waste generation. Projections suggest a jump from 2.1 billion metric tons in 2023 to 3.8 billion metric tons by 2050. Given these conditions, the increasing generation of municipal solid waste is definitely a strong driver for the growth of the garbage collection truck market.
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Who are the leading industry players in the garbage collection truck market?
Major companies operating in the garbage collection truck market include Volvo Truck Corporation, Isuzu Motors Limited, Hino Motors Ltd., Mitsubishi Fuso Truck and Bus Corporation, Terex Corporation, Heil Environmental Industries Ltd., Mack Trucks Inc., Peterbilt Motors Company, Wastequip LLC, Bucher Municipal AG, International Truck and Engine Corporation, Freightliner Trucks, Autocar LLC, McNeilus Companies Inc., New Way Trucks Inc., Avery Weigh-Tronix LLC, TerraCycle Inc., AMREP Inc., Sullivan-Palatek Inc., Curbtender Inc., RDK Truck Sales Inc.
What are the emerging trends within the garbage collection truck industry?
Major players in the garbage collection truck market are focusing on the development of innovative solutions like hydrogen-powered waste collection vehicles. These vehicles use hydrogen fuel cells to generate electricity and emit only water vapor, offering a cleaner and more sustainable alternative to traditional diesel-powered trucks. Recent advancements like these, which aim to reduce emissions and improve environmental sustainability, represent major trends impacting the size and growth of the garbage collection truck market.
How is the global garbage collection truck market segmented?
The segments of the garbage collection truck market covered in this report are as follows:
1 By Product: Front Loaders, Rear Loaders, Side Loaders
2 By Technology: Semi-Automatic, Automatic, Other Technologies
3 By End Use: Municipal Garbage, Industrial Garbage, Other End Uses
What is the regional outlook of the garbage collection truck market?
In 2023, North America was the largest regional market for garbage collection trucks. However, the report covers several other regions including Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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