According to the analysis, the garbage collection trucks market is projected to grow at ~4% CAGR during the forecast period. Rising demand for garbage collection trucks from municipal and industrial sectors is likely to propel the garbage collection trucks market growth during the forecast period.
According to the detailed research and deep study, increasing industrial activities & huge waste generation across the globe has led to the growth of the garbage collection trucks market. Moreover, heavy demand for refuse trucks for municipal and industrial garbage collection applications is set to directly contribute to the growth of the garbage collection trucks market during the forecast period.
Significant demand for automatic garbage collection trucks is contributing to the growth of the garbage collection trucks market throughout the forecast period. The global garbage collection trucks market value is projected to grow ~1.3X by the end of the 2029.
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Intensifying Competition Pushing Market Consolidation
Heil, an Environmental Solutions Group company, announced the expansion of its dealership network, with the addition of New Hampshire and Vermont.
Furthermore, the garbage collection trucks market is significantly fragmented. In order to sustain the intense market competition, merger & acquisition strategies are implemented. Moreover, many manufacturers are focusing on the expansion of their production capabilities for garbage collection trucks, which in turn, propels the growth of the garbage collection trucks market in the forecast period.
Steady Demand from the Municipal Waste Management Sector
As per PMR’s deep dive analysis, key players in the garbage collection trucks market are offering garbage collection trucks with characteristic properties, based on product type, such as front loader, rear loader, and side loader. Maximum demand for garbage collection trucks is from the municipal end-use industry, followed by industrial, which will result in heavy surge in the garbage collection trucks market growth during the forecast period.
China to Hold Significant Market Share
Owing to factors such as rapid industrial growth, urbanization, stable political backdrop, and governmental regulations in the country, China is expected to hold a prominent market share in the garbage collection trucks market during the forecast period.
Presence of major market players in the country and entrants in merger & acquisition activities are key factors pushing the growth of the garbage collection trucks market in China.
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Reduction in Weight of Garbage Collection Truck Bodies
Garbage collection trucks are not only vital for hygiene purposes in residential and industrial applications, but also important in recycling processes. Attributing to the growing concerns referring to fuel efficiency, garbage collection truck manufacturers are trying to enhance the carrying capacity of solid waste in these vehicles.
In line with this, manufacturers are focusing on weight reduction of garbage collection trucks as lighter trucks are able to load more trash. This trend is being followed by many garbage collection truck manufacturers in order to increase the efficiency of garbage trucks along with other technological advancements such as extending the hours of working and reducing the downtime.
This is expected to create significant growth opportunities for the garbage collection trucks market.
Garbage Collection Trucks Market: Vendor Insights
Persistence Market Research’s business analysis also highlights inventive perceptions about the competitive set-up of the garbage collection trucks market and distinctive approaches of prominent market players. Some key players in the market are McNeilus Truck & Manufacturing, Inc., Zoomlion Heavy Industry Science & Technology Co., Ltd., Fujian Longma Environmental Sanitation Equipment Co., Ltd., Dongfeng Motor Corporation, PAK-MOR LTD., Heil, FAUN Umwelttechnik GmbH & Co.KG, Bridgeport Manufacturing, Labrie Enviroquip Group, EZ-Pack Refuse Hauling Solutions, LLC, Dennis Eagle Inc., Geesinknorba Ltd., Scranton Manufacturing Corporation, Inc., CEEC TRUCKS INDUSTRY CO., LIMITED., and Curbtender, Inc.
A majority of market participants active in the garbage collection trucks market are adopting various strategies related to the demand point of view, from manufacturers and buyers. Significant developments & latest innovations and investments in R&D to enrich product portfolio are seen in the market. For instance, in 2017, McNeilus Truck & Manufacturing, Inc. launched enhanced products under its product line Meridian Front loader and Zero radius side loader trucks.
Key Segments of the Garbage Collection Trucks Market
PMR’s study on the garbage collection trucks market is divided into four significant segments- product type, technology, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
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