(MENAFN- America News Hour) Global Garbage Truck Bodies Market Key Insights
During the forecast period of 2023-2033, the global garbage truck bodies market is expected to reach an estimated value of ~USD 8 billion by 2033, by expanding at a CAGR of ~5%. The market further generated a revenue of ~USD 4 billion in the year 2022. Major key factors propelling the growth of garbage truck bodies market worldwide are the increasing amount of e-waste and the rising solid waste related emissions.
Market Definition of Garbage Truck Bodies
Garbage was often disposed in close proximity of the habitat such as into sewers, on streets and in rivers. Since the invention and application of garbage trucks, disposal of the waste that we generate became more organized. The rising innovations in the garbage truck bodies in the recent time is the result of growing amount of waste generated each day and the changing characteristics of the waste generated. With the rising advancements towards smart cities, the demand for different types of garbage truck bodies is on the rise amongst the municipal corporations, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global garbage truck bodies market during the forecast period.
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Global Garbage Truck Bodies Market: Growth Drivers
The growth of the global garbage truck bodies market can majorly be attributed to the increasing partnership plans and acquisition contracts by the key players operating in the market. For instance, Dover Corporation announced its complete acquisition of certain intellectual property from Boivin Evolution Inc. (“BEV”). The acquisition was related to electrically-powered refuse collection vehicle (“RCV”) bodies. On the other hand, McNeilus Truck and Manufacturing, Inc, (Oshkosh Corporation) announced a partnership with SSAB in fossil-free steel applications for severe-duty commercial vehicles. McNeilus refuse collection vehicles was chosen as prototypes in manufacturing environmentally sustainable severe-duty vehicles.
The global garbage truck bodies market is also estimated to grow majorly on account of the following:
Global Garbage Truck Bodies Market: Restraining Factor
Hence, these factors are expected to be the major hindrance for the growth of the global garbage truck bodies market during the forecast period.
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Global
Garbage Truck Bodies
Market Segmentation
By Application (Residential Waste, Commercial Waste)
The commercial waste segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing amount of waste generated from industries along with the surge in the paper & paperboard waste generated worldwide. For instance, out of ~290 million tons of waste generated in 2018, approximately 23% was contributed by paper & paperboard waste.
By Type (Front Loaders, Side Loaders, Rear Loaders) By Region
The Asia Pacific garbage truck bodies market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Presence of a transportation network in the region, growing amount of waste generated, as well as the rising awareness amongst the populace about the ill effects of dumping wastes in close proximity in the region are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. For instance, It was found that the East Asia and Pacific region is generated ~23% of world's total waste in 2021.
The market research report on global garbage truck bodies also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global
Garbage Truck Bodies
Market
Some of the key players of the global garbage truck bodies market are Dover Corporation, Changsha Zoom lion Heavy Industry Science &Technology Development Co., Ltd., Fulongma Group Co., Ltd., Boivin Evolution Inc., Oshkosh Corporation,
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