Pune, India, June 15, 2022 (GLOBE NEWSWIRE) — The global garbage truck bodies market size is predicted to reach USD 5.89 billion in 2029 from USD 4.26 Billion in 2022 and exhibit a CAGR of 4.7% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Garbage Truck Bodies Market, 2022-2029”. The global garbage truck bodies market is set to gain traction from growth in waste generation due to increasing population and increasing urbanization. As per the report, the garbage truck bodies market size stood at USD 4.16 billion in 2021.
Garbage truck bodies are used to collect and transport solid waste and implement various operations such as recycling and landfilling. Increasing industrialization, urbanization, and high population growth are expected to drive the market during projected period.
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Report Scope & Segmentation:
|Forecast Period 2022 to 2029 CAGR||4.7%|
|2029 Value Projection||USD 5.89 billion|
|Market Size in 2022||USD 4.26 billion|
|Historical Data for||2018-2020|
|No. of Pages||136|
|Segments covered||Front Loaders, Rear Loaders, Side Loaders|
|Growth Drivers||Rising Urbanization and Population Growth to Augment Growth|
|Asia Pacific Holds Highest Market Share Due to Increasing Waste Management Activities|
Asia Pacific Holds Highest Market Share Due to Increasing Waste Management Activities
During the forecast period, Asia Pacific region dominates the global garbage truck bodies market share. The region held USD 1.34 billion in 2021, and further is expected to exhibit higher CAGR in the coming years. Increasing consumer awareness and rising solid waste management practices are expected to boost market growth.
North America holds the second-highest market position due to increasing industrialization in the region. Also, rising emission regulations and the adoption of electric refuse trucks are anticipated to bolster market development.
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Garbage Truck Bodies Market Drivers & Restraints –
Rising Urbanization and Population Growth to Augment Growth
The market is expected to witness significant growth during the forecast period due to rising urbanization and the growing population rate globally. Also, increasing industrialization and commercialization in developing countries is expected to drive the market. Furthermore, several waste management companies holding large fleet sizes consider upgrading their garbage truck fleet using connectivity to easily manage and monitor their vehicles from remote locations. These factors are likely to ensure global garbage truck bodies market growth during the forecast period.
However, low waste collection rate in economically unstable countries is likely to hinder the market growth.
Highlights of the Report-
The garbage truck bodies market report provides complete information regarding market development and advancements in the market. The study sheds light on recent advancements and industrial developments introduced by the key players. Drivers and restraints affecting the market growth are further discussed, along with the latest trends adopted by the leading companies. Also, the impact of COVID-19 pandemic on market development and business expansion is elaborated further in this report.
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Strategic Alliances Allows Key Players to Expand Business Globally
The key market players focus on implementing various strategies to develop their business and acquire a higher market share in the coming years. These strategies include forming strategic alliances, partnerships, acquisitions, and mergers with the supporting companies and expanding their business globally. Also, implementing innovative product-building strategies allow key players to enhance their product portfolio.
List of Players Operating in the Garbage Truck Bodies Market are as follows:
- Fujian Longma Environmental Sanitation Equipment Co., Ltd
- McNeilus Truck and Manufacturing
- Haul-All Equipment Ltd.
- New Way
- LabrieEnviroquip Group
- DENNIS EAGLE LTD
- BYD Company Ltd.
- Curbtender Sweepers, LLC
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Garbage Truck Bodies Market Segmentation:
By Product Type:
- Front Loaders
- Rear Loaders
- Side Loaders
By Application Type:
- Urban Garbage Treatment
- Building & Mining Industry
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments – Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Garbage Truck Bodies Market
5. Global Garbage Truck Bodies Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
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