Waste or Garbage Collection Vehicle Market size was over USD 9.38 billion in 2023 and is likely to reach USD 16.42 billion by 2036, witnessing around 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of waste or garbage collection vehicle is assessed at USD 9.71 billion. The growth of the market can be attributed to the escalating amount of waste, growing concerns associated with effective plastic waste management, increasing advancements to enhance the performance of garbage collection trucks, and rising automation in several industrial verticals around the world. According to the World Bank, the world generates around 2.01 billion tons of municipal solid waste every year, with at least 33 percent of that not managed in an eco-friendly manner. The total amount of global waste is calculated to rise up to 3.4 billion tons by 2050. Along with these, over the last few years, the world has witnessed a hike in demand for electric vehicles, which has led to the development of electric garbage collection vehicle technology, expected to offer abundant growth opportunities to the waste or garbage collection vehicle market in the upcoming years. Furthermore, rise in collaborations with university students in developed nations to improve garbage truck designs is also projected to drive market growth in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 9.38 billion |
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Forecast Year Market Size (2036) |
USD 16.42 billion |
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Regional Scope |
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The market is segmented by vehicle type into light, medium, and heavy-duty vehicle, out of which, the medium-duty vehicle segment is anticipated to hold the largest share in the global waste or garbage collection vehicle market on account of the high usage of these trucks for the pickup, delivery, small dumps and lighter garbage truck applications. Additionally, on the basis of application, the segment for urban garbage treatment is predicted to grab the largest share during the forecast period, which can be credited to the rapid increase in the urban population around the world, and thus in the total waste generated by these people. Another statistic by the World Bank depicts that in 2020, 56.15 percent of total world population lived in urban areas, up from 55.714 percent in 2019. Apart from this, rising focus of manufacturers to enhance the process of garbage collection in urban areas is also assessed to boost the growth of the market segment in the years to come.
Our in-depth analysis of the global waste or garbage collection vehicle market includes the following segments
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By Type
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By Loader Type |
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By Application
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APAC Market Statistics
On the basis of geographical analysis, the global waste or garbage collection vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific is predicted to account for largest revenue share by 2036, on the back of high population of the region, growing number of efforts to improve municipal waste sorting performance in countries, namely China, India, Singapore and Australia, and increasing development of control rooms to help track waste collection vehicles. As per the United Nations Population Fund Association, Asia pacific is the home to 60 percent of people in the world, i.e., a total of 4.3 billion people. Moreover, the waste or garbage collection vehicle market in North America is assessed to occupy the largest share during the forecast period owing to the rising investments by major waste collection companies to incorporate technological advancements in their product portfolio, and surge in demand for hybrid vehicles in the region.
Author Credits: Saima Khursheed
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