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The global garbage truck bodies market size was valued at USD 22.63 billion in 2019 and is projected to reach USD 31.82 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Garbage dustcart or truck refers to the truck specially intended to gather solid waste and drag the waste to a waste handling facility for example landfill for composting. Other regular names for this type of truck include trash truck or dustcart in the USA, and junk truck, rubbish truck, truck dumpster, bin wagon, dustbin lorry, bin van, or bin lorry elsewhere. Furthermore, technical names include waste collection vehicles and refuse collection trucks. The market for Garbage Truck Bodies is bifurcated into the front, side, and rear loaders. These truck types are common in various countries and they are highly adopted across the globe.
Economics behind the Waste Management
Waste treatment is part of the financial system it is a byproduct of economic activity, by government, households, and businesses. The waste is also an input to financial activity whether through energy or material improvement. The management of waste has financial implications for government expenditure, productivity, and, the environment. The waste materials are prevented and then are prepared for recycling and reuse, and other non-recyclable materials are disposed.
Impact of COVID-19 Pandemic on Garbage Truck Bodies Market
The COVID-19 Impact on certain automobile segments is expected to be direr due to the slowdown in automobile production and non-emergency procedures. During January, February, and March automakers and major manufacturers of garbage truck bodies market have been scrambling to keep vehicle assemblage lines active but in May, the production began in sync with administration advisories to keep its workers safe. Automobile and truck bodies manufacturing plants are being shut down around the world, customers' footfalls in the showroom have fallen harshly, automobile sales are dropping considerably and almost every major industry conference is either being canceled or going into digital mode.
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Higher Efficiency of Garbage Trucks with Enhanced Performance to Drive Market Growth
Globally, the public and government are seeking urgent and efficient waste removal and waste treatment; these are the exciting times for the garbage truck or the refuse truck industry. There is rapid growth in the new trends, for example, alternative fuels, electric trucks, and hybrid power systems are fueling garbage trucks or refuse truck performance. Furthermore, tracking software and telemetric route products are seeing rapid adoption by fleets. Currently, there are a handful of players operating in this segment, and these players are focusing on introducing new garbage trucks in the market. These new trends are expected to fuel the growth of the market during the forecast period at a significant CAGR.
Rising Urbanization and Waste Generated by Hospital to Propel the Growth of the Market
According to the World Bank, the annual municipal solid waste generated in developing or underdeveloped countries is lower than developed economies, due to the rise in the urban population. To keep a part clean and keep away from spreading epidemics due to garbage, and garbage generated required to be transported daily to waste treatment sites, thus boosting the market for Garbage Truck Bodies. Moreover, medical waste generated by the hospitals is dangerous and required to be treated separately.
The special function garbage truck is required for safe disposal of the waste at the waste treatment site. Thus, there is an increasing demand for refuse trucks in the medical industry. According to the World Health Organization, around 12.6 million deaths arise due to unhealthful environments. In regards to the rising population and increasing municipal solid garbage generation, governments are spending considerable amounts to make sure the efficient working of waste treatment plants. Garbage collection trucks are required for the proper performance of the waste management system. This factor is likely to propel the global market for garbage truck bodies during the forecast period.
Launch of Innovative and Advanced Loader Garbage Trucks to Boost the Growth of Market
Manufacturers of garbage trucks are focusing on providing various types of garbage loaders such as the front loader, rear loader, and side loader. The rear loader garbage trucks are designed to gather garbage in a semi-automated manner. The working system compresses the garbage into a storage bin and unloads it at a solid waste treatment facility. There are various advantages of rear loader garbage trucks. The rear loader garbage trucks are equipped with a broad range of safety features such as emergency stop buttons and backing cameras. The truck has compaction up to 1,200 pounds per cubic yard and capacity of up to 25 cubic yards. The front loader garbage trucks are mostly used in the industrial and commercial sectors. They service these business segments by using large refuse containers or dumpsters to collect garbage waste materials The side loader garbage trucks are commonly used for residential services. The 3,000-pound side loader garbage trucks can handle garbage from28 cubic yards of waste or 1,500 homes per day.
High Maintenance and Operating Cost to Hinder the Market Growth
The key restraint affecting the global market overview, is garbage trucks are off-road trucks that need more power to function. Moreover, the garbage trucks' bodies which are hydraulic or automatic have high initial cost and maintenance costs. These factors are likely to hinder the growth of the market during the forecast period.
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Rear Loader Garbage Trucks to Grow at Faster Pace during 2020-2027
Based on product type, the market for garbage truck bodies includes front loader garbage truck, rear loader garbage truck, and side loader garbage truck. The rear loader garbage trucks are the most common garbage truck and are used in nearly all neighborhoods to gather the garbage bags left on the street by public or by residents. These trucks have a rear opening to the hopper and occasionally use a hydraulic elevates to lift and dump the garbage bags into the hopper.
However, the other two segments are expected to grow at a significant CAGR during the forecast period due to the increasing urbanization and rapid growth in the hospitals.
Urban Garbage Treatment Segment Dominated the Market in 2019
Based on the application type, the market segments urban garbage treatment, building and mining industry, and others. Waste treatment and management is a problem in rapidly growing urban areas in developing economies. The indefensible consumption and production patterns result in the garbage that can be hazardous to the environment and the health. Poor people frequently make a living on garbage, and this can be valuable, providing it is not done in a damaging manner.
North America Garbage Truck Bodies Market Size, 2016-2027 (USD Million)
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The market size for garbage truck bodies in North America stood at USD 8,933.2 million in 2019. The dominance of this region is attributable to the increasing prevalence of urbanization and the increasing amount of generated waste. The market in Europe is expected to grow at a significant CAGR owing to the rising awareness regarding health safety and environmental safety. The market in Asia Pacific is expected to exhibit healthy growth owing to the increasing urbanization and increasing awareness of environmental and healthcare safety. In addition to this, market players in this region are making heavy investments, which in turn, will fuel demand for the market.
Strong Portfolio has Propelled Smith & Nephew, ConvaTec Inc., and 3M to Lead the Global Market.
The market is fragmented owing to the strong product portfolio and remarkable distribution network of various major companies in developed and emerging countries. There are various major players in the market, such as Kirchhoff Group, McNeilus, New Way, Labrie, EZ Pack, Bridgeport Truck Manufacturing, Inc, and BYD Motors, Inc. Other strong key players such as Haul-All Equipment, Curbtender, Pak-Mor, Fujian Longma sanitation, Cheng Li, ZOOMLION, Cnhtc have also entered the market competition with novel garbage truck bodies products.
The garbage truck bodies market research report provides a detailed study along with truck bodies market analysis, besides focusing on key aspects such as competitive landscape, product types, and leading types applications of the product. Moreover, the report offers insights into market trends for garbage truck bodies and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the years.
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Value (USD million) & Volume (Units)
By Application Type
Fortune Business Insights says that the global garbage truck bodies market size was USD 22.63 billion in 2019 and is projected to reach USD 31.82 billion by 2027.
In 2019, the North America market value stood at USD 8.93 billion.
Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2020-2027).
The rear loader garbage truck segment is expected to be the leading segment in this market during the forecast period.
Launch of innovative and advanced front, rear, and side loader garbage trucks are anticipated to boost the growth of the market
Kirchhoff Group, McNeilus, New Way, Labrie, and BYD Motors Inc. are major players of the global market.
North America dominated the market share in 2019.
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