(MENAFN- Ameliorate Digital Consultancy)
The Europe refuse compactor vehicle market is set to enjoy a valuation of US$ 98.5 Million in 2023 and further expand at a CAGR of 4.1% to reach US$ 147 Million by the end of 2033.
The Europe Refuse Compactor Vehicle market has been witnessing steady growth in recent years, driven by a growing emphasis on waste management and environmental sustainability across the continent. Refuse compactor vehicles, also known as garbage trucks or waste compactors, play a pivotal role in efficiently collecting and managing waste in urban and industrial areas.
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Key Takeaways from Market Study:
The Europe refuse compactor vehicle market is projected to expand at an impressive CAGR of 4.1% and be valued at US$ 147 million by 2033. The market witnessed 3.3% CAGR for the period of 2018-2022. Under loader type, the rear loader refuse compactor vehicle segment is estimated to grow with a CAGR of 4.2% during the period 2023 to 2033. Germany is expected to dominate the market with 25% market share in 2023. Based on country, the demand for refuse compactor vehicle is expected to increase at CAGRs of 2.9% and 3.7%, respectively, in UK and Nordics.
Market Drivers:
Rising Urbanization and Population Density : Europe is one of the most urbanized regions in the world, with a significant portion of its population residing in cities and metropolitan areas. This high population density generates substantial volumes of municipal waste, necessitating efficient waste collection and disposal systems. Refuse compactor vehicles have become indispensable in managing urban waste effectively. Stringent Environmental Regulations : European countries have some of the strictest environmental regulations globally, focusing on waste reduction, recycling, and environmentally responsible waste disposal. Refuse compactor vehicles equipped with waste compacting mechanisms help in meeting these regulatory requirements by reducing the number of trips to landfills and optimizing waste transportation. Growing Awareness of Environmental Sustainability : There is a growing awareness among European citizens and governments about the need for sustainable waste management practices. This awareness is driving municipalities and waste management companies to invest in modern refuse compactor vehicles that are more fuel-efficient and eco-friendly. Technological Advancements : The Europe Refuse Compactor Vehicle market has witnessed significant technological advancements in recent years. These include the integration of telematics, GPS tracking, and route optimization software to improve operational efficiency. Additionally, the development of electric and hybrid refuse compactor vehicles aligns with the region's push for cleaner transportation solutions. Efficiency and Cost Savings : Waste management companies and municipalities are increasingly focused on cost-effective waste collection and disposal. Refuse compactor vehicles are preferred for their efficiency in compacting waste, reducing transportation costs, and maximizing the use of available space in landfills. Competitive landscape:
Isuzu, Shinmawya, Pro Compactor Bucher Municipal AG, Dongfeng Motor Corporation, Faun Umwelttechnik GmbH & Co. KG, Fulongma Group Co., Ltd., Heil – An Environmental Solutions Group Company, Labrie Trucks, McneiTruck and Manufacturing, Närpes Trä & Metall, OMB Technology S.P.A., Orakci Machine and Rossi Oleodinamica S.R.L. are the key players in Europe refuse compactor vehicle market.
Technological innovation holds utmost importance in the refuse compactor industry. Until the last 5 years, the market was only attractive but highly opportunistic to the mid-level players and low-level automotive industry players, however recent advancements towards sustainable transformation of these vehicles have pulled in the global leaders like Volvo in the competition. Refuse compactor vehicles market hold significant growth opportunities in Europe in the forecast period under the influence of such leaders.
In May 2022 , hydrogen-powered refuse trucks fleet were deployed in Europe with a goal to reduce the CO2 emissions.
Fact.MR has provided detailed information about the price points of key manufacturers of Refuse Compactor Vehicle positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Refuse Compactor Vehicle Industry Research:
· By Loader Type :
Side Loader Rear Loader Satellite
· By Body Capacity :
Up to 6 Cubic Meter Up to 12 Cubic Meter Up to 18 Cubic Meter More than 18 Cubic Meter
· By Country :
Germany France UK BENELUX Nordics Italy Spain Rest of Europe
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Questionnaire answered in the Market outlook Report of Europe Refuse Compactor Vehicle include:
What is the key strategy deployed by large players to maximize Europe Refuse Compactor Vehicle Market growth? What are the main challenges faced by players in the Europe Refuse Compactor Vehicle market Demand? With the advent of technological advancement, how will the Europe Refuse Compactor Vehicle market landscape change over the forecast period? What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Europe Refuse Compactor Vehicle market size?
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