Press release
Garbage Collection Trucks Market To Reach US$ 10,244.5 Mn by the end of 2026
The companies operating in the market are incessantly focusing on the implementation of various strategies in order to retain their positions in the market. Decrease in prices, implementation of more efficient technology, broader product portfolio, and long term supply relations with key end-use industries as well as localized manufacturers are the core strategies of the leading players to amplify consumer base and market share. The growing adoption of garbage trucks in key regions such as Europe, North America, and Asia Pacific has further benefitting the players operating in the market. Some of the leading players are Scranton Manufacturing Corporation, Inc., McNeilus Truck & Manufacturing, Inc., Heil, PAK-MOR LTD., and CEEC TRUCKS INDUSTRY CO., LIMITED.
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According to a PMR analyst, the global garbage collection trucks market is projected to witness a CAGR of 5.4% from 2018 to 2026. The market was worth US$ 6,434.2 Mn in 2017 and is expected to rise to a valuation of US$ 10,244.5 Mn by the end of 2026.
Proliferating Focus on Waste Management to Augment Market Growth : Due to the exponential rate of expansion of industrial activities and inappropriate methods of disposing of the waste, waste management has become a serious concern among international authorities. According to the World Bank, the municipal solid waste will reach up to 2.2 billion tonnes by 2025 owing to increasing population and urbanization. As a result of this, authorities have been tightening guidelines for municipal and industrial waste management. In accordance with the growing population and increasing municipal solid waste generation, governments are investing noteworthy amounts to ensure effective working of solid waste and waste water treatment plans.
Several developing countries have taken up initiatives to eradicate waste materials. Such as, in the recent five year plan, China has substantially invested a significant amount for advancing its infrastructure keeping in mind the environmental conditions. India has also taken up an initiative known as the “Swacchh Bharat which is a long term high budget plan. Moreover, the growing industrial waste and household in both developed and developing nations has triggered high adoption of garbage collection trucks.
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Garbage collection trucks are reflected as heavy duty trucks. They are integrated with several equipment for efficient collection. Currently, automated trucks offer several additional features, which in turn raise the overall cost of the garbage collection trucks, making them comparatively more expensive than their counterparts, which also contributes to their low replacement rate as compared to refuse collection trucks. Moreover, the employment of used garbage collection trucks is also pretty high across several countries and are obstructing the sales of new garbage collection trucks.
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