Global Garbage Truck Market Poised for Growth, Expected to Reach $21.89 Billion by 2028

LONDON, GREATER LONDON, UK, June 27, 2024 /EINPresswire.com/ -- The global garbage truck market has shown robust growth in recent years, with the market size expanding from $15.44 billion in 2023 to $16.66 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.9%. This growth is attributed to factors such as urbanization, population growth, health and sanitation concerns, the impact of industrial revolutions, responses to public health crises, and initiatives promoting waste recycling.

Rising Adoption of Electric and Hybrid Vehicles Drives Market Growth
The garbage truck market is expected to continue its strong growth trajectory, reaching $21.89 billion by 2028 at a CAGR of 7.1%. This growth in the forecast period is driven by a shift towards electric and hybrid vehicles, smart waste management systems, demand for automated collection systems, adoption of AI in waste sorting, and increasing capabilities in handling biodegradable waste.

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Key Players and Market Trends
Major companies in the garbage truck market include Tata Ltd., Mack Trucks Inc., Bucher Municipal, and more. These companies are actively developing new products such as hydrogen trucks to gain a competitive edge. For instance, Hyundai Motor Company launched a hydrogen-powered garbage truck in December 2021, offering quieter operations and zero emissions, addressing environmental and noise pollution concerns.

Market Segmentation
The garbage truck market is segmented based on:
• Type: Front Loaders, Rear Loaders, Side Loaders
• Technology: Manual, Automatic, Semi-Automatic
• Fuel Type: Gasoline, Diesel, Electric
• End User: Industrial Corporations, Municipal Authorities

Geographical Insights: North America Leads the Market
North America held the largest share of the garbage truck market in 2023 and is expected to continue its dominance. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.

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Garbage Truck Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Garbage Truck Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on garbage truck market size, garbage truck market drivers and trends, garbage truck market major players, competitors' revenues, market positioning, and market growth across geographies. The garbage truck market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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