Urbanization and population growth directly contribute to waste generation. Population growth will be accompanied by urbanization, with the proportion of the global population living in urban areas projected to increase from 55% in 2018 to 68% in 2050. The world population is projected to grow from 7.7 billion in 2019 to 9.7 billion in 2050. Significant Growth in Waste Generation Driven by Urbanization and Population Growth Hence, the electrification of garbage trucks is a positive trend for market growth. GreenWaste plans to transition its whole residential garbage fleet to an electric vehicle within the next few years. Using this truck saves around 6,000 gallons of diesel and reduces emissions by 78 metric tons of CO2 equivalent annually. For instance, in 2019, GreenWaste, a waste service provider in California, incorporated a BYD manufactured first-generation electric waste truck in their fleet. Electric garbage trucks are quieter, thereby reducing noise pollution as well. Many waste service providers and sanitation departments test electric garbage truck bodies or add them to their fleet to reduce emissions. Growing Emphasis on Alternative Fuel and Vehicle Electrification to Augment Growth
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The automated side loaders can increase efficiency by up to 75% than manual handling of waste collection operations. It provides a contactless solution for garbage collection and avoids a companion worker's need to collect the garbage and dump it in the truck. ASL allows the minimization of drivers' contact with an infected person, thus improving safety. The importance of automated side loading trucks is growing considering the COVID-19 impact. Thus, the supply chain crisis further impacted their profit margins. Companies were already facing a huge cash crunch due to no new orders as the pandemic started. This resulted in a substantial delay in fulfilling existing orders. The lockdown disrupted the supply chain, mainly for raw materials from the Asian region, such as steel rolls, paints, and machinery. However, the market rebounded substantially after Q4 as the lockdown induced restrictions were reduced in most countries, and demand for garbage trucks increased. In addition, the lockdown and economic crisis severely impacted the financials for truck body manufacturers from Q1 to Q3 2020, with demand decreasing by up to 40% in some countries. The sudden drop in industrial waste significantly affected the new garbage truck orders in China, the U.S., and Europe.
Therefore, truck body manufacturers invest heavily in improving the truck body design and making it ready for automation. There is a stronger focus on automated garbage collectors to substantially limit waste management workers' exposure to COVID-19. Therefore, the discussions about improving worker safety were raised by various governments. The pandemic severely affected the front-line workers, including cleaning staff. Reduced Industrial Waste amid COVID-19 Has Significantly Affected New Garbage Truck Orders These factors generate high demand for the truck bodies to adhere to the rapidly evolving regulations regarding solid waste management. Hence, conventional solid waste collection methods are being modernized and replaced in several countries. Rapid-paced industrialization, urbanization, and high population growth propel the global demand for modern waste management methods. Garbage truck bodies collect and transport the solid waste to treatment facilities for functions such as recycling and landfilling. As society grows, an underlying problem is the lack of efficient solid waste management. Based on our analysis, the global market share exhibited a rise of 6.2% in 2020 as compared to 2019.Ĭorrectly managing solid waste is critical to human and environmental well-being. The global COVID-19 pandemic has been unprecedented and staggering, with garbage truck bodies experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The market is projected to grow from USD 4.26 billion in 2022 to USD 5.89 billion by 2029, exhibiting a CAGR of 4.7% during the forecast period. The global garbage truck bodies market size was valued at USD 4.16 billion in 2021.
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