Refuse Compactor Vehicle Market Is Anticipated To Reach US$ 147 Million By 2033

According to Fact.MR, market research and competitive intelligence provider, Europe refuse compactor vehicle market is estimated at US$ 98.5 million in 2023 and is expected to expand at an impressive CAGR of 4.1% during the forecast years of 2023-2033.

Europe is known for its sustainability goals and waste management efficiency. Advancements in waste collection trucks is one of the key factor driving this popularity. Refuse compactor vehicles (RCVs) are the most common garbage trucks on Europe roads. The ease of loading and the increase in loading capacity are the prime reasons for their wide acceptance.

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With increasing population and urbanisation, Europe is producing more waste than ever in the urban localities. The need to collect and dispose of this increasing waste while favouring the circular economy targets is the key challenge. Notable research has ignited in the region on how waste can be collected, segregated and reused. This is expected to shape the future of RCVs in the region.

In the present scenario, hydrogen and electric hybrid fuelled RCVs are in vogue to address the need for zero carbon emission and shift the dependence towards sustainable fuel source.

However, the associated cost with these advancements is expected to be the key challenge for the market expansion in the region.

Key Takeaways from Market Study

• The Europe refuse compactor vehicle market is projected to expand at an impressive CAGR of 4.1% and be valued at US$ 147 million by 2033.
• The market witnessed 3.3% CAGR for the period of 2018-2022.
• Under loader type, the rear loader refuse compactor vehicle segment is estimated to grow with a CAGR of 4.2% during the period 2023 to 2033.
• Germany is expected to dominate the market with 25% market share in 2023.
• Based on country, the demand for refuse compactor vehicle is expected to increase at CAGRs of 2.9% and 3.7%, respectively, in UK and Nordics.

Market Development

RCV market is fragmented among the local leaders and a healthy competition sustains among them. However, global automotive leaders, like Volvo, showing interest in the field has challenged their persistence. Prominent RCV Manufacturers are coming together in partnerships and agreements to pace up the development and technological advancements. The utmost focus in the industry is the reduction of human effort and increase operating convenience with zero carbon emissions.

Manufacturers in the field are also focusing on adding functionalities to varied loader types, for instance curotto can to front loaders, to diversify the applications of RCV to different industrial sectors.

Some of the leading players include:

• Bucher Municipal AG
• Dongfeng Motor Corporation
• Faun Umwelttechnik GmbH & Co. KG
• Fulongma Group Co., Ltd.
• Heil - An Environmental Solutions Group Company
• Isuzu
• Labrie Trucks
• Pro Compactor
• Mcneilus Truck And Manufacturing
• Närpes Trä & Metall
• OMB Technology S.P.A.
• Orakci Machine
• Rossi Oleodinamica S.R.L.
• Shinmawya

Segmentation of Refuse Compactor Vehicle Industry Research

• By Loader Type :
o Side Loader
o Rear Loader
o Satellite

• By Body Capacity :
o Up to 6 Cubic Meter
o Up to 12 Cubic Meter
o Up to 18 Cubic Meter
o More than 18 Cubic Meter

• By Country :
o Germany
o France
o UK
o BENELUX
o Nordics
o Italy
o Spain
o Rest of Europe

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the Europe refuse compactor vehicle market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of loader type (rear loader, side loader, satellite), body capacity (up to 6 cubic meter, up to 12 cubic meter, up to 18 cubic meter, more than 18 cubic meter), across major countries of Europe (Germany, France, UK, BENELUX, Nordics, Italy, Spain, rest of Europe).

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This release was published on openPR.