Waste or Garbage Collection Vehicle Market Size

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.