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Robust growth has been documenting in the global garbage truck bodies market size over the recent years. The market is forecasted to climb from $4.91 billion in 2023 to $5.22 billion in 2024, indicating a compound annual growth rate CAGR of 6.3%. What's behind this growth? Increasing waste generation, stringent government regulations on waste management, rising environmental concerns, cost reduction initiatives, developing infrastructure, and enhanced focus on waste separation and recycling have substantially powered this growth.
So, What Does the Future Hold for the Garbage Truck Bodies Market?
Predictions for the forthcoming years suggest continued strong growth for the garbage truck bodies market size. It is expected to leap to $6.75 billion by 2028, with an impressive CAGR of 6.6%. This future growth can be credited to several factors: launching of smart city projects, increased stringency in environmental regulations, growing urban populations, amplified concentration on sustainability, and the rising demand for electric and hybrid vehicles. Also, the shift towards sustainable waste management solutions and the increased emphasis on fleet management solutions are expected to fuel market expansion.
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Driving this impressive growth is the substantial increase in residential waste generation. Household waste consists of everyday items including food scraps, packaging, paper and other discards. The rise in residential waste is attributed to swelling population numbers, escalating living standards, and a culture heavily inclined towards convenience and disposables, leading to an up-tick in goods' consumption and packaging materials.
What Role Do Key Industry Players Play in the Garbage Truck Bodies Market?
Major companies participating in the garbage truck bodies market include BYD Company Ltd., Volvo Group, Scania AB, Dongfeng Motor Corporation, Dover Corporation, Oshkosh Corporation, China National Heavy Duty Truck Group Co. Ltd., Chengli Special Automobile Co. Ltd., Fulongma Group Co. Ltd., FAUN Umwelttechnik GmbH & Co. KG, DENNIS EAGLE Ltd., McNeilus Truck and Manufacturing, Heil Environmental Industries Ltd., Amrep, EZ Pack Holding Ltd., Galbreath Inc., Bridgeport Manufacturing, Labrie Environmental Group, J&J Truck Bodies & Trailers, Curbtender Sweepers LLC, Haul-All Equipment Ltd., Cryotec Anlagenbau GmbH, and the Kirchhoff Group.
What Emerging Trends Are Impacting the Garbage Truck Bodies Market?
Key industry players are seeking to bolster their competitiveness by focusing on innovative product technologies. For instance, the development of electric automated sideload garbage truck bodies is a prominent emerging trend aimed at enhancing efficiency and advancing waste collection processes. An example of this trend is the October 2022 launch of the RevAMP electric automated sideload body eASL by Heil Environmental Industries Limited, a US-based manufacturer of garbage and recycling trucks. This fully electric refuse collection vehicle is designed to enhance operational efficiency and promote sustainability in waste management.
Are There Segments Within the Garbage Truck Bodies Market?
The garbage truck bodies market is segmented by
1 Type: Front Loaders, Rear Loaders, Side Loaders, Roll-Off, Grapple Trucks
2 Material: Steel, Aluminum, Plastic, Other Materials
3 Power Source: Diesel, Electric, Hybrid
4 Technology: Automated, Semi-Automated, Manual
5 Application: Urban Garbage Treatment, Building And Mining Industry, Road And Infrastructure Cleaning, Industrial Waste Management, Recycling Facilities.
What Regions are Covered in the Garbage Truck Bodies Market Report?
In 2023, the Asian-Pacific region dominated the garbage truck bodies market, with the market report further covering Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, providing a comprehensive regional analysis.
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