Electric Waste Collection Trucks Enhance Efficiency And Sustainability: A Electric Waste Collection Trucks Market Trend
Electric waste collection trucks Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does the Future Hold for the Electric Waste Collection Trucks Market?
The electric waste collection trucks market size has grown exponentially in recent years. It will grow from $0.17 billion in 2023 to $0.21 billion in 2024 at a compound annual growth rate CAGR of 20.2%. The growth in the historic period can be attributed to increasing environmental regulations, rising fuel costs, growing urbanization, the need for reduced emissions, and government incentives for green technologies.
What Are The Future Projections For The Global Electric Waste Collection Trucks Market?
The electric waste collection trucks market size is expected to see exponential growth in the next few years. It will grow to $0.43 billion in 2028 at a compound annual growth rate CAGR of 20.5%. The growth in the forecast period can be attributed to expanding charging infrastructure, increased adoption of smart city initiatives, higher government funding for green initiatives, rising operational cost benefits of electric vehicles, and continued growth in municipal and commercial waste management needs. Major trends in the forecast period include the integration of autonomous driving technology, enhanced energy storage solutions, the expansion of electric vehicle fleets, the adoption of advanced waste sorting systems, and the development of faster and more efficient charging technologies.
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What are the Key Growth Drivers for the Electric Waste Collection Trucks Market?
The increasing waste generation is expected to propel the growth of the electric waste collection truck market going forward. Waste generation refers to creating waste materials due to human activities, including residential, industrial, and commercial processes. Waste generation is increasing due to rising urbanization, which boosts the demand for disposable products and packaging and rapid technological advancements, leading to more electronic waste. Electric waste collection trucks help manage waste generation by reducing emissions and noise and lowering operational costs, leading to more sustainable waste management. For instance, in February 2024, according to a report published by the United Nations Environment Programme UNEP, a Kenya-based international organization, municipal solid waste is projected to grow from 2.1 billion metric tons in 2023 to 3.8 billion metric tons by 2050. Therefore, increasing waste generation is driving the growth of the electric waste collection truck market.
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Who Are The Major Players In The Electric Waste Collection Truck Market?
Major companies operating in the electric waste collection trucks market are Ford Motor Company, Hyundai Motor Company, Tesla Inc., BYD Company Limited, Volvo Trucks Corporation, PACCAR Inc., Isuzu Motors Limited, Scania AB, Iveco S.p.A., Hino Motors Ltd., MAN Truck & Bus SE, Navistar International Corporation, Rivian Automotive Inc., Mack Trucks Inc., E-One Inc., Transpower Inc., Proterra Inc., Dennis Eagle Ltd., Mercedes-Benz Group AG, Lion Electric Co., Greesinknorba B.V., Eicher Trucks and Buses Limited, Curbtender Inc., Bollinger Motors Inc., Wrightspeed Inc.
What Are The Emerging Trends In The Electric Waste Collection Trucks Market?
Major companies operating in the electric waste collection truck market are focusing on developing innovative products, such as all-electric commercial waste collection vehicles, to enhance operational efficiency and reduce environmental impact. An all-electric commercial waste collection vehicle is a battery-powered truck designed for waste management that eliminates emissions and reduces noise while improving energy efficiency. For instance, in November 2023, Grundon Waste Management Ltd., a UK-based integrated waste management and environmental services supplier, launched the country's first all-electric waste collection vehicle, a Scania model, to provide zero-carbon waste collections in Reading and Newbury. This initiative includes two electric vehicles, one serving commercial customers in London and the Thames Valley from Colnbrook and the other based in Bristol. These vehicles are powered by electricity generated from the waste they collect, utilizing Grundon's Energy from Waste EfW facility for sustainable operation. Additionally, Grundon is exploring alternative fuels like hydrogen and hydrotreated vegetable oil HVO to minimize its environmental impact further and improve urban air quality.
How is the Electric Waste Collection Trucksmarket segmented?
The electric waste collection trucks market covered in this report is segmented –
1 By Type: Rear Loader Trucks, Side Loader Trucks, Front Loader Trucks, Automated Side Loader Trucks, Mini Electric Trucks, Hybrid Electric Trucks
2 By Loading Capacity: Less Than 500 Kg, 500 To 800 Kg, More Than 800 Kg
3 By End Use: Municipal Garbage, Industrial Garbage, Other End Uses
How Is The Market Distributed Globally?
North America was the largest region in the electric waste collection trucks market in 2023. The regions covered in the electric waste collection trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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