Strategic Insights: The Business Research Company’s 2024 Report Maps Garbage Truck Market Trends

The Garbage Truck Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Garbage Truck Global Market Report 2024, The garbage truck market size has grown strongly in recent years. It will grow from $15.44 billion in 2023 to $16.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%.  The  growth in the historic period can be attributed to urbanization and population growth, health and sanitation concerns, industrial revolution impact, public health crisis responses, waste recycling initiatives.

The garbage truck market size is expected to see strong growth in the next few years. It will grow to $21.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.  The growth in the forecast period can be attributed to shift towards electric and hybrid vehicles, smart waste management systems, demand for automated collection systems, adoption of ai in waste sorting, rise in biodegradable waste handling. Major trends in the forecast period include on-demand waste collection services, robotics integration in waste handling, enhanced waste segregation capabilities, modular and customizable truck designs, smart fleet management systems.

The rising need for waste management is expected to propel the growth of the garbage truck market going forward. Waste management is the process of gathering, handling, getting rid of, and managing waste products effectively and responsibly. Garbage trucks are helpful for waste management to collect and transport solid garbage from homes, businesses, and industrial areas to facilities for proper disposal or treatment. For instance, in July 2021, according to an article published by the World Bank, a US-based international organization that provides financing, advice, and research to developing nations, the waste generated in 2020 was estimated to be 2.24 billion tons of solid waste, which amounted to a footprint of 0.97 kilograms of waste per person per day. Furthermore, with the rapid growth of population and urbanization, annual waste generation is set to see an increase of 73%, amounting to 3.88 billion tons by 2050.  Therefore, the rising need for waste management is driving the growth of the garbage truck market.

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The garbage truck market covered in this report is segmented –

1) By Type: Front Loaders, Rear Loaders, Side Loaders
2) By Technology: Manual, Automatic, Semi-Automatic
3) By Fuel Type: Gasoline, Diesel, Electric
4) By End User: Industrial Corporations, Municipal Authorities

Major companies operating in the garbage truck market are developing new products such as hydrogen trucks to gain a competitive edge in the market. Hydrogen trucks, also known as hydrogen fuel cell trucks, are commercial vehicles that use hydrogen fuel cells to generate electric power for propulsion. For instance, in December 2021, Hyundai Motor Company, a South Korea-based automotive manufacturing company, launched hydrogen-powered garbage truck. The vehicle employs hydrogen storage tanks and fuel cell systems. This innovative truck contributes to cleaner streets by eliminating emissions and also provides a quieter working environment for street cleaners, with a 40% lower noise level compared to conventional garbage trucks. It is designed with a custom-made motor enabling it to efficiently navigate uphill roads while carrying a substantial 4.5 tons of garbage, despite its own weight of 9.5 tons. The hydrogen-powered garbage truck is equipped with a convenient portable sink, providing sanitation workers with a means to wash off potential pollutants encountered during their duties. Additionally, the truck features a detachable loading container, enabling a single vehicle to collect multiple garbage containers efficiently.

The garbage truck market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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