Yahoo Finance Garbage Truck Bodies Market Size | Is Expected to Reach USD 29.98 Billion by 2028 while exhibiting a CAGR of 8.9%
Key Prominent Players Covered in the Garbage Truck Bodies Market Fujian Longma Environmental Sanitation Equipment Co., Ltd (Longyan, China), McNeilus Truck and Manufacturing (Minnesota, U.S.), Haul-All Equipment Ltd. (Alberta, Canada), New Way (Iowa, U.S.), Heil (Tennessee, U.S.), Labrie Enviroquip Group (Quebec, Canada), DENNIS EAGLE LTD (Warwick, UK), BYD Company Ltd. (Shenzhen, China), Curbtender Sweepers, LLC (Iowa, U.S.)
Pune, India, July 27, 2021 (GLOBE NEWSWIRE) -- The global “garbage truck bodies market” size is expected to experience significant growth by reaching USD 29.98 billion by 2028 while exhibiting a CAGR of 8.9% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Garbage Truck Bodies Market, 2021-2028.” The report further mentions that the market stood at USD 15.13 billion in 2020. The rapid-paced industrialization and urbanization, coupled with the growing population rate worldwide has led to a high demand for effective waste management solutions.
COVID-19 has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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Segmentation
Based on the product, the market is classified into front loaders, rear loaders, and side loaders.
On the basis of product, the side loaders segment held a global garbage truck bodies market share of about 14.2% in 2020. The segment is expected to gain momentum backed by the increasing demand for automatic side loaders from the residential sector owing to their low cost and high maneuverability.
Based on application, the market is segmented into urban garbage treatment, building and mining industry, and others. Lastly, on the basis of region, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World.
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DRIVING FACTORS
Increasing Focus on Truck Connectivity to Propel Market Growth
Several waste management companies are focusing on upgrading their large fleet of garbage trucks to provide efficient remote management and monitoring of waste management processes. These companies are adopting advanced connectivity solutions to collect data in order to observe the performance of the vehicles and improve their overall productivity.
For instance, the Detroit Connect virtual technician is a type of remote diagnostic application consisting of a standard Detroit DD8 engine placed in Freightliner EcpnicSD. This remote application keeps a tab on the vehicle performance and shares vital insights with the fleet managers. Therefore, such initiatives are expected to boost the global garbage truck bodies market growth in the forthcoming years.
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REGIONAL INSIGHTS
North America – The market in the region stood at USD 5.95 billion in 2020 and is expected to showcase exponential growth in the forthcoming years. This is owing to the presence of established manufacturers and the high adoption of electric refuse vehicles for proper waste management in countries such as the U.S. For instance, the sanitation department of Los Angeles announced their decision regarding the transition of their fleet of 1,100 garbage trucks to battery-electric by 2035.
Asia-Pacific – The market in the region is expected to showcase significant growth during the forecast period. This is attributable to the increasing awareness regarding sanitation and solid waste generation management that will propel the demand for advanced garbage truck bodies in the region.
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COMPETITIVE LANDSCAPE
Acquisition by Major Companies to Strengthen Their Market Positions
The market comprises small, medium, and large companies striving to maintain their presence. The large companies are focusing on acquiring other small companies to expand their garbage truck bodies portfolio. Moreover, other key players are adopting strategies such as merger and acquisition, the introduction of new products, partnership, and facility expansion that will favor the growth of the market in the forthcoming years.
Industry Development:
January 2020 – Heil, a part of Dover Corporation and Environmental Solutions Group (ESG), acquired Sunbelt Waste Equipment, LLC. The development is perceived as a strategic move to expand and strengthen its nationwide dealer network.
List of the Companies Operating in the Global Market for Garbage Truck Bodies:
Fujian Longma Environmental Sanitation Equipment Co., Ltd (Longyan, China)
McNeilus Truck and Manufacturing (Minnesota, U.S.)
Haul-All Equipment Ltd. (Alberta, Canada)
New Way (Iowa, U.S.)
Heil (Tennessee, U.S.)
Labrie Enviroquip Group (Quebec, Canada)
DENNIS EAGLE LTD (Warwick, UK)
BYD Company Ltd. (Shenzhen, China)
Curbtender Sweepers, LLC (Iowa, U.S.)
Others
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Table Of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments – Mergers, Acquisitions and Partnerships
Distributor Analysis – For Major Players
Growth and Penetration Analysis
Porter’s Five Forces Analysis
PEST Analysis
Impact of COVID-19
Global Garbage Truck Bodies Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product
Front Loader
Rear Loader
Side Loader
Market Analysis, Insights and Forecast – By Application
Urban Garbage Treatment
Building & Mining Industry
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Rest of the World
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