Garbage Truck Bodies Market size was valued at USD 4.2 Billion in 2023 and is likely to reach USD 8.03 Billion by the end of 2036, expanding at around 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of garbage truck bodies is assessed at USD 4.39 Billion. The growth of the market can primarily be attributed to the increasing amount of waste generated worldwide. For instance, it is estimated that the global waste generation by 2050 to reach more than 3 billion tons.
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. It was found that, globally, the technology spending on smart city initiatives is projected to reach about USD 189 billion by 2023.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
5.1% |
|
Base Year Market Size (2023) |
USD 4.2 Billion |
|
Forecast Year Market Size (2036) |
USD 8.03 Billion |
|
Regional Scope |
|
Product Type (Front Loaders, Side Loaders, Rear Loaders)
The global garbage truck bodies market is segmented and analyzed for demand and supply by product type into residential Waste and industrial waste. Amongst these segments, the commercial Waste segment is anticipated to garner the largest revenue by the end of 2036, backed by 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.
Our in-depth analysis of the global market includes the following segments:
|
By Product Type |
|
|
By Application |
|
Regionally, the global garbage truck bodies market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2036, backed by the 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. It was found that the East Asia and Pacific region is generated 23% of world’s total waste in 2021.
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.
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.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?