Waste or Garbage Collection Vehicle Market: Introduction
According to the report, the global waste or garbage collection vehicle is projected to reach US$ 20 Bn by 2031, expanding at a CAGR of ~4% during the forecast period. Manufacturers are focusing on the introduction of new features, such as real-time monitoring system, and several new equipment for the collection of waste from segregation and streets, as more number of consumers are preferring zero-emission waste or garbage collection vehicles and autonomous vehicles due to their clean and economical operation. The increase in investments by major players in autonomous vehicles and their applications for improving vehicle safety is likely to drive the global waste or garbage collection vehicle market. For instance, in the latest research and development on self-driving vehicles, the Volvo Group, together with Renova, is testing an autonomous refuse truck that has the potential to be used across the urban environment. The Volvo truck is loaded with the latest technologies and innovations. It uses a surveying method called LIDAR to measure distance to a target by illuminating that target with a pulsed laser light, and measuring the reflected pulses with a sensor. The truck also has the AMCS certified vehicle data hub solution on the 2 compartment vehicle with the in-cab AMCS On board computer. Using this AMCS technology, the vehicle records relevant data for its pay-by-weight operation.
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Expansion of Waste or Garbage Collection Vehicle Market
Manufacturers in the waste or garbage vehicle market are continuously investing and focusing on innovations such as enhanced maneuverability, reduced noise levels, 360 degree camera systems, and eco-friendly, zero-emission power sources such as hydrogen cells, lithium ion cells, and electricity. Moreover, the waste or garbage collection vehicle over the next few years would be zero-emission vehicles, thus manufacturers are expected to focus on the development and manufacture of zero-emission waste or garbage collection vehicles. This, in turn, boosts the waste or garbage collection vehicles market across the globe. In 2018, Alke launched the ATX range of zero-emission waste or garbage collection vehicles, which include a special vehicle equipped with waste collection body, designed for use in cities and towns, sport centers, railway stations, airports, camping sites, and tourist villages.
Additionally, governments across the globe are taking initiatives to educate people about waste management and recycling. India is projected to be a major market for waste or garbage collection vehicles during the forecast period, as government initiatives, such as smart city and Swachh-Bharat, to create a healthy and clean environment are estimated to offer considerable opportunity to the waste or garbage collection vehicle market across the globe.
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Segmentation of Waste or Garbage Collection Vehicle Market
In terms of loader type, the rear loaders segment accounted for a notable share of the global waste or garbage collection vehicle market. However, the rear loaders segment is expected to gain market share by the end of the forecast period, owing to the increase in the demand for rear loaders garbage collection vehicles as compared to other types of loaders. Rear loader garbage truck are used for both organics and MSW collection. Each of these rear loader garbage trucks can be operated by a single driver, thus increasing crew efficiency. This, in turn, is estimated to propel the rear loaders segment during the forecast period.
In terms of application, the non-residential segment dominated the global waste or garbage collection vehicle market, in terms of value, in 2020. However, the municipal waste segment is anticipated to expand at a notable CAGR during the forecast period, owing to a rise in preference by municipalities of various countries across the globe to employ waste or garbage collection vehicles for collection of waste. This, in turn, is estimated to boost the non-residential segment during the forecast period. The rise in concerns regarding increasing pollution levels has prompted authorities of several governments to tighten their norms regarding emission standards. The demand for electric waste or garbage collection vehicles is high, especially in case of heavy-duty trucks, which significantly contributes to hazardous fuel emission. Furthermore, a lack of standard protocols for the development of garbage collection vehicles and the high initial cost of electric waste or garbage collection trucks are key factors restraining the market.
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Regional Analysis of Waste or Garbage Collection Vehicle Market
Based on region, the global waste or garbage collection vehicle has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global waste or garbage collection vehicle market. Asia Pacific has major presence of developed countries that are home to advanced research and development facilities for waste or garbage collection vehicles, which, in turn, is likely to enhance the use of waste collection vehicles across the region. China dominated the waste or garbage collection vehicle market in Asia Pacific, owing to the presence of numerous key players who are engaged in production and supply of waste or garbage collection vehicles and waste management equipment.
The market in the Asia Pacific is also driven by increasing sales of heavy duty vehicles in countries such as China, Japan, India, and South Korea. Sales of heavy duty and medium duty vehicles in countries in ASEAN have been increasing significantly for the past few years, which is also projected to propel the waste or garbage collection vehicle in Asia Pacific during the forecast period.
Waste or Garbage Collection Vehicle Market Players
Prominent players operating in the waste or garbage collection vehicle market include AUTOCAR, LLC., AMS Spa, EcoZeta S.r.l., EOW INTERNATIONAL COLLABORATION & MANUFACTURING LLC, FAUN Umwelttechnik GmbH & Co. KG, Fratelli Mazzocchia Spa, GEP ECOTECH CO., LTD., Hidro-Mak, MS DORSE, Mecagil-Lebon, Nord Engineering s.r.l., TERBERG ROSROCA GROUP, and XCMG Group.
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