Global Electric Garbage Van Market Set For 13.2% Growth, Reaching $1.14 Billion By 2028
Electric Garbage Van Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Is the Electric Garbage Van Market Set to Exert Significant Growth?
The electric garbage van market size has seen a significant hike in recent years. It is pegged to grow from $0.62 billion in 2023 to $0.70 billion in 2024 at a compound annual growth rate CAGR of 122.9%. The spike in the historic period can be credited to growing environmental regulations, rising urbanization, escalating fuel costs, government incentives for clean energy vehicles, and heightened public awareness of sustainability.
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What does the future hold for the Electric Garbage Van Market?
The electric garbage van market is set to witness rapid growth in the following years. Expected to rise to $1.14 billion by 2028, at a compound annual growth rate CAGR of 13.2%. The boost in the forecast period can be attributed to the expansion of charging infrastructure, rising adoption of smart city initiatives, changes in emission regulations, developments in sustainable waste management practices, and increase in battery capacity and energy density. Key trends to watch out for in the forecast period include advancements in battery technology, growth in smart waste collection systems, expansion of public and private charging networks, demand for modular and customizable electric garbage vans, and infrastructure development.
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What Factors are Poised to Drive the Growth of the Electric Garbage Van Market?
The growing adoption of emission-free vehicles is projected to steer the electric garbage van market forward. Emission-free vehicles are vehicles that emit no exhaust during operation, typically powered by alternative energy sources such as electricity or hydrogen. They are adopted due to their environmental benefits, government incentives, and technological advancements offering lower operating costs with improved energy efficiency. Utilization of electric garbage vans contributes to the adoption of emission-free vehicles by replacing traditional waste collection trucks with zero-emission alternatives. For instance, according to the Society of Motor Manufacturers and Traders SMMT, a UK-based trade association, the number of battery electric vehicles in use surged by nearly 47.3% in April 2024 compared to 2022, making these zero-emission vehicles account for 2.7% of all cars on the road, up from 1.9% the previous year. Hence, this growing adoption of emission-free vehicles is projected to fuel the market growth.
Which Companies Hold the Reins in the Electric Garbage Van Market?
Major companies operating in the electric garbage van market include Mercedes-Benz, Hyundai Motor Company, Tesla Inc., Daimler Trucks, Groupe Renault, Scania Group, Mitsubishi Motors, Iveco Group Company, Hino Motors, MAN Truck & Bus, Oshkosh Corporation, Terex Corporation, Heil Co., Kirchhoff Group, and Peterbilt, among others.
What are Some New Developments in the Electric Garbage Van Market?
Companies leading the electric garbage van market are focused on creating innovative solutions such as all-electric waste collection vehicles. These vehicles, powered entirely by electricity, help reduce emissions, lower operational costs, and improve efficiency in urban waste management. For instance, in July 2023, Grundon Waste Management, a UK-based waste management company, introduced the country's first all-electric waste collection vehicle, a Scania model, to provide zero-carbon waste collections in Reading and Newbury.
How is the Electric Garbage Van Market Segmented?
The electric garbage van market covered in this report is segmented as follows:
1 By Product Type: Garbage Tipper, Garbage Cycle eRikshaw, Battery Electric Van, Other Product Types
2 By Loading Capacity: Less Than 500 Kg, 500 To 800 Kg, More Than 800 Kg
3 By End User: Commercial Garbage Van, Industrial Garbage Van, Other End-Users
How is the Electric Garbage Van Market Spread Across the Globe?
Asia-Pacific held the largest share in the electric garbage van market in 2023, with regions covered in the report including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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