The waste or garbage collection vehicle market is expected to observe promising growth on the back of the rising awareness about keeping the surroundings clean and hygienic. The advent of pandemics such as COVID-19 has strengthened the aspect of keeping the surroundings clean to a great extent. Hence, based on these aspects, the demand for waste or garbage collection vehicles is estimated to increase at a rapid rate.
According to the World Bank data, almost 2.01 Bn tons of solid waste was generated in 2016. With the current urbanization and population increase rate, the number is estimated to reach 3.4 Bn tons by 2050. These statistics point out the growing need for effective waste management. All these factors bring considerable growth opportunities for the waste or garbage collection vehicle market.
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Introduction of Several Government Initiatives to Encourage Clean and Hygienic Public Places to Add Value to Growth Trajectory of Waste or Garbage Collection Vehicle Market
The government bodies of numerous countries are increasing their focus on maintaining the public places and keeping the surroundings clean. Densely populated countries like India and China are introducing numerous initiatives for encouraging clean surroundings. ‘Swachh Bharat’ scheme is a classic instance of such initiatives. It is an initiative of the Government of India. Such initiatives will boost the growth of the waste or garbage collection vehicle market to a substantial extent.
Technological Advancements to Gain Substantial Traction during Forecast Period
The players in the waste or garbage collection vehicle market are paying attention to various developments and techniques that can add more features to the garbage collection vehicles. New features such as real-time monitoring and addition of novel equipment to collect waste will assure substantial growth for the waste or garbage collection vehicle market. Furthermore, waste or garbage collection vehicles powered by CNG or batteries are also attracting profitable growth.