During the projected period, the worldwide garbage collecting trucks market is expected to develop at a CAGR of over 4% and reach a worth of over US$ 10 billion (2019-2029). The global garbage collection trucks market is expected to grow at a modest pace, surpassing a valuation of US$10 billion by the end of the forecast period (2019-2029). Solid waste management is one of the most difficult problems for city governments to solve.
Governments are investing a lot of money in solid waste management, therefore rubbish collection is a major concern. The demand for waste collection trucks has increased as a result of this. Garbage collection trucks are in high demand due to the proliferation of industries, the growing urban population, and trash generation. Investment on waste management programmes has increased as a result of increased spending. According to Fact.MR, the worldwide garbage collection truck market would increase at a CAGR of 4.5 percent over the forecast period.
Garbage Collection Trucks Market: Key Segments
Garbage Collection Trucks Market: Key Takeaways
- During the projection period, the municipal waste segment is expected to generate an absolute dollar potential of roughly US$ 2 billion, accounting for half of the whole value opportunity in the global market by the end of 2029.
- In the technology sector, automatic garbage collection vehicles are expected to grow 1.6X in 2019 compared to 2019, with a value CAGR of 5% during the projection period.
- By the conclusion of the forecast period, the rear loaders segment is expected to grow 1.3X faster than the side loaders segment.
- The global garbage collection trucks market will create enormous opportunities, as prominent players in the industry are focusing on innovative approaches to deliver solutions in order to cater to the heavy demand from end use industries, according to a Fact.MR analyst.
“Global garbage collection trucks market will create enormous opportunities, as prominent players in the industry are focusing on innovative approaches to deliver solutions in order to cater to the heavy demand from end use industries,” says the Fact.MR analyst.