Global garbage collection truck market to reach $10bn by 2026
Growing industrial and household waste is contributing to the expanding market for municipal products and services
The global market for garbage collection trucks was valued at $6.4bn in 2017, and could expand at a compound annual growth rate (CAGR) of 5.4% by 2026 to reach $10.2bn, according to data shared by research firm Persistence Market Research (PMR), titled Garbage Collection Trucks Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026.
World Bank data cited by PMR shows that increasing population and urbanisation will contribute to increasing municipal solid waste to 2.2 billion tonnes by 2025.
As a result, authorities are tightening guidelines for municipal and industrial waste management, and are investing noteworthy amounts to ensure effective working of solid waste and waste water treatment plants.
International players leading the market include Scranton Manufacturing corp, McNeilus Truck & Manufacturing, Heil, Pak-Mor, and CEEC Trucks Industry.
Key growth strategies for firms engaged in the business are focused on decreasing prices, localising manufacturing, and implementing technology to drive efficiencies, according to PMR's report.
Product range expansion and improved supplier relations are also being explored as potential ways to retain market position.