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.
List of the Companies Operating in the
Global Market 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.)
REPORT COVERAGE
The market report for garbage
truck bodies provides an in-depth analysis of several factors such as the key
drivers and restraints that will impact growth. The report further provides
insights into the regional analysis covering different regions, contributing to
the market growth. It includes the competitive landscape that involves the
leading companies and the adoption of strategies to introduce new products,
announce partnerships, and collaborate to further contribute to the market
growth. Moreover, the research analyst has adopted several research
methodologies such as PORTER’s Five Point analysis to obtain information about
the current trends and industry developments that will drive the market growth
between 2021 and 2028.
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.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/garbage-truck-bodies-market-103323
COVID-19 IMPACT
The
COVID-19 pandemic 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.
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.
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.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/global-garbage-truck-bodies-market-10126
No comments:
Post a Comment