Garbage Truck Bodies Market revenue to reach USD 8 Billion by 2033, says Research Nester
Key garbage truck bodies market players include Boivin Evolution Inc., Dover Corporation, Oshkosh Corporation, Changsha Zoomlion Heavy Industry Science &Technology Development Co, Ltd., Fulongma Group Co., Ltd., Geeinknorba Group, Terberg RosRoca Group, Pak-Mor Ltd., Labrie Environmental Group, Bridgeport Manufacturing, and others.
New York , Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global garbage truck bodies market size is projected to grow at a CAGR of over 5% from 2023 to 2033. The market is expected to garner a revenue of USD 8 billion by the end of 2033, up from a revenue of USD 4 billion in the year 2022. The major element to influence the sector growth is the rise in the generation of solid waste. For instance, globally, over 3 billion metric tons of municipal solid waste (MSW) are produced each year; by 2050, the number is predicted to rise by almost 69%.
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Moreover, approximately 4 percent of the world's greenhouse gas emissions originate from the decomposition of the organic element of solid waste. Furthermore, the trash from electronic and electrical devices that contains novel and complicated hazardous compounds is the waste stream that is most rapidly expanding, both in industrialized and developing nations. As a result, the market revenue for garbage truck bodies is set to rise.
*Garbage Truck Bodies Market: Key Takeaways *
· Market in Asia Pacific region to propel the highest growth
· Commercial waste segment to garner the highest growth
· Market in North America region to grow at a notable rate
*Growing Population to Boost the Growth of Global Garbage Truck Bodies Market *
Throughout 2022 and 2023, the population of the world increased by around 0.87%, from over 7,975,105,155 to over 8,045,311,446. There is an immediate connection between the rise in overcrowding and the rise in plastic garbage generation. Rapid population expansion causes more people to buy more products and services, which raises the quantity of plastic garbage created significantly. Therefore, the market is projected to grow over the coming years.
*Garbage Truck Bodies Industry: Regional Overview*
The global garbage truck bodies market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
*Growing Investment in Waste Management to Drive the Market Growth in Asia Pacific *
The Asia Pacific market for garbage truck bodies is projected to have significant growth over the forecast period. The main element to influence the market growth in this region is rising investment in waste management. A massive plan to build 1,000 megawatts of clean energy generation capacity in India was recently drafted by Singapore-based global investment firm Mount Row Partners. The plan proposes the installation of small projects that can gradually transform waste material into energy across states, needing about USD 3 billion in investment spread over several years.
*Rising Urbanization to Influence the Market Expansion in North America *
The North America market for garbage truck bodies is predicted to gather a notable revenue in the market over the coming years. This could be owing to rising urbanization. In 2022, there were approximately 308,798,138 urban residents in North America, an over 0.76% increase from 2021.
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*Garbage Truck Bodies Segmentation by Application *
· Residential Waste
· Commercial Waste
The commercial waste segment is projected to gather the largest revenue in the market over the forecast period. This growth is set to be influenced by growing commercial waste from offices, hotels, and more. An average office worker produces roughly 3 kilograms of garbage every day from materials including paper, plastic, and leftover meals. In accordance with estimates from the Environmental Protection Agency (EPA), solely paper and paperboard constitute roughly 24% of garbage that ends up in landfills.
*Garbage Truck Bodies Segmentation by Product Type *
· Front Loaders
· Side Loaders
· Rear Roaders
The front loader segment is poised to have notable growth over the forecast period. This growth is predicted to be dominated by rising disposable income. Global disposable incomes and family spending are predicted to increase by over 3% in 2022. Hence, this has increased the purchasing power of people further giving rise to the production of waste. Hence, the front loader is predicted to be one of the most consumed loaders since when it comes to reducing the space needed to operate them, they provide excellent levels of efficiency. This is the reason they have become so popular in large cities, where there can be a lot of obstacles due to the narrow streets and little pickup spaces.
A few of the well-known market leaders in the global garbage truck bodies market that are profiled by Research Nester are Boivin Evolution Inc., Dover Corporation, Oshkosh Corporation, Changsha Zoomlion Heavy Industry Science &Technology Development Co, Ltd., Fulongma Group Co., Ltd., Geeinknorba Group, Terberg RosRoca Group, Pak-Mor Ltd., Labrie Environmental Group, Bridgeport Manufacturing, and others.
*Recent Development in Garbage Truck Bodies Market*
· Dover Corporation reported that Boivin Evolution Inc. ("BEV") has sold it all of its intellectual property. Refuse collection vehicle ("RCV") bodies with electrical power were the subject of the acquisition.
· A collaboration between SSAB and McNeilus Truck and Manufacturing, Inc. (Oshkosh Corporation) was announced on the use of fossil-free steel in severe-duty commercial vehicle applications. The environmentally friendly prototypes for severe-duty vehicle production were selected from among McNeilus's garbage collecting vehicles.
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