The global garbage trucks market size was worth around USD 14,819 million in 2021 and is predicted to grow to around USD 26,111 million by 2028 with a compound annual growth rate (CAGR) of roughly 7.41% between 2022 and 2028. The report analyzes the global garbage trucks market drivers, restraints/challenges, and the effect they have on the demands during the projection period.
Garbage Trucks Market
The global garbage trucks market size was worth around USD 14,819 Million in 2021 and is predicted to grow to around USD 26,111 Million by 2028 with a compound annual growth rate (CAGR) of roughly 7.41% between 2022 and 2028. The report analyzes the global garbage trucks market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the garbage trucks market.
Garbage trucks are vehicles designed to collect and transport municipal solid waste from the collection point and drop off the content at a treatment facility like a recycling center, landfill, or other transfer stations. Different regions have different names for garbage trucks. For instance, In Australia, they are called rubbish trucks whereas in the United Kingdom the term used is bin lorry or dustbin lorry. Other terms used are refuse truck, trash truck, junk truck, and bin van, amongst others. Garbage trucks can most commonly be sited in urban areas. These vehicles have been in existence for centuries in various forms. Before the technological boom, wagons and other related vehicular devices were used to transport solid waste, and with changing times the design and structure have undergone multiple conversions.
In 1920, the first self-propelled garbage truck was used but due to concerns related to foul smell and dropping of waste from all sides, the trucks were later changed to round compartments. In the same way, depending on the nature of the waste being handled and the amount, modern-day garbage trucks are developed to not only safely transfer the content but also to provide added assistance to human resources employed in the service to ease their task by using mechanical pulling and dropping techniques.
The global garbage truck market is projected to grow owing to the rampant modernization and urbanization of regions across the globe. As every economy strives to provide the regional population with a better standard of living along with efforts to upgrade infrastructure since it is an important measure of economic growth, more investments can be expected in favor of units or structures that form essential components of a modernized locality. Since urbanization does not only mean tall buildings and a constant supply of energy but when a region falls under the urban category it automatically receives the necessary funds for further development to make sure the growth trajectory does not get disrupted. For instance, as per official reports, New York city in the United States is known to spend over USD 1.5 billion on trash picked up both from residential spaces and public places. It costs around USD 24.21 per cubic yard to collect trash in the city.
Market penetration for garbage trucks depends heavily on the rate at which garbage is collected. The number is really low in underdeveloped nations as they generally lack a proper garbage collection protocol or do not have the right systems in place. For instance, in high-income economies, the garbage collection rate is as high as 100% while the same number in low-income economies is not more than 52%. Multiple factors could be causing this like lack of awareness and resources, diversion of funds to other most critical investments, etc. This could severely impact global market growth in the coming years.
The global garbage trucks market is projected to benefit from the rising amalgamation of technology and garbage trucks of waste disposal systems. Well-funded economies or municipal corporations are known to adopt advanced technology to align the region's entire waste disposing process including an upgrade in the type of garbage trucks being used. The recent ones are installed with high-tech systems to completely automate the process and improve interconnectivity.
The high-end garbage trucks are expensive and cannot be afforded on a large scale by many municipal corporations, especially the ones that are not well-funded. In such situations, the agencies have to work with relatively less effective garbage trucks that are loaded beyond capacity owing to less quantity of trash trucks being available. This is a major problem in various countries and manufacturers should invest more resources in managing the issue.
Based on application, the global market divisions are building & mining, hazardous waste, urban garbage treatment, and others. In 2021, the global market was led by the urban garbage treatment segment owing to the immense waste generated in urban cities including industrial and residential trash. Since the responsibility of managing the waste lies on municipal authorities or waste-regulatory bodies of the region, they have to be well-funded and equipped with the essential capacity of garbage trucks and human resources. In 2019, China was estimated to have disposed of more than 242 million tons of garbage. London, the national capital of the United Kingdom, is known to produce more than 1.65 million metric tons of food waste every year.
Based on product, the global market divisions are side loaders, front loaders, and rear loaders. The global market, in 2021, witnessed high revenue from the rear loader segment in which the garbage is collected from the rear end. They are high in demand because such garbage trucks are typically installed with mechanical systems to lift the garbage and can accommodate more garbage content as compared to their counterparts. Some of the modern-day rear garbage trucks also include a front-loading tractor designed to collect yard waste. These trucks can be found in large numbers in San Jose city of US. An advanced garbage truck can cost anything between USD 200,000 to USD 400,000.
|Garbage Trucks Market Research Report
|Market Size in 2021
|USD 14,819 Million
|Market Forecast in 2028
|USD 26,111 Million
|Compound Annual Growth Rate
|CAGR of 7.41%
|Number of Pages
|Value (USD Million), and Volume (Units)
|Key Companies Covered
|New Way, Heil Co., Bridgeport Truck Manufacturing, Curbtender, McNeilus, Labrie, Kirchhoff Group, Haul-All Equipment, EZ Pack, and others.
|By Application, By Propulsion, By Product, By End-User and By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
|North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|2016 to 2020
|2022 - 2028
|Avail customized purchase options to meet your exact research needs. Request For Customization
North America to walk with the highest revenue
The global garbage trucks market is projected to witness surging growth in North America owing to the highly advanced infrastructure of countries like the US and Canada that spend heavily on developing garbage and waste disposal systems. The local authorities are well-funded to invest in all types of garbage trucks. The regional growth is also driven due to the presence of some of the biggest manufacturers of garbage trucks in the US. Heil Environmental Industries Limited, the world’s most dominating producer of garbage trucks is headquartered in the US. The company’s current revenue stands at USD 153.6 million. As of 2018, British Columbia and Nova Scotia, Canadian cities spend around USD 30 per person on waste management and disposal processes. In 2018, the city of Saskatoon, Canada spent more than USD 1.2 million on garbage tracking systems.
The global garbage trucks market is dominated by:
According to study, the global garbage trucks market size was worth around USD 14,819 million in 2021 and is predicted to grow to around USD 26,111 million by 2028 with a compound annual growth rate (CAGR) of roughly 7.41% between 2022 and 2028.
The global garbage trucks market is dominated by New Way, Heil Co., Bridgeport Truck Manufacturing, Curbtender, McNeilus, Labrie, Kirchhoff Group, Haul-All Equipment, EZ Pack, and others.