A collection vehicle, also known as a waste collection vehicle or refuse collection vehicle, is specially designed to collect residential and non-residential garbage such as from localities, societies, streets, and roads. The collection vehicles are specially designed to collect municipal waste for depositing the waste at the recycling or waste treatment/management plant. These vehicles are generally used in suburban and urban areas. The collection vehicles have compartments to collect waste, and the compartment can be situated either back or at the in front of the vehicle. The waste is loaded onto the vehicles by different loading mechanisms such as top loading and front loading. The waste or garbage collection vehicles vary in size according to the need of the service.
COVID-19 scenario analysis:
- The global automobile sector has faced the most challenges while the COVID-19 pandemic as their production houses are shut, their inventories are overflowing and the demand is vanished out of the market.
- The main concern of the manufacturers while this pandemic is about, how they are going to create the demand when the lockdown is over, as per experts it may take a long while for companies to get back on track.
- The virus has forced manufacturers to rethink their business model and to change their operation styles all across the globe.
- The major dependency of global economies is on the automobile sector which has now been affected and it will lead to the economic slowdown in many countries or recession periods for many developing countries.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include growing industrialization, increasing proper waste disposal facilities, growing awareness regarding environment safety, and growing government initiatives to educate people about waste management & recycling. However, technological enhancements have improved the collection process as well as the segregation of wet and dry waste, which is very important for recycling it which is anticipated to hamper the growth of the market. Furthermore, governments across the globe are taking initiatives to educate people about waste management and recycling are expected to offer lucrative opportunities for the market in the forecasting period.
The collection of vehicle market trends are as follows:
Increase in proper waste disposal facilities
To boost economic development and social innovation, federal officials have increased their investment in artificial intelligence and data analytics. Higher investment is likely to pay for itself many times over in economic and social benefits in coming times, new innovation and technological advancement will boost the economies and such investments by various governments is expected to boost the market growth.
Growth in government initiatives to educate people about waste management & recycling
Artificial Intelligence (AI) is a key technology for autonomous driving systems, as it is the only technology that enables reliable and real-time recognition of objects around the vehicle. Currently, there are several investments specifically for the optimization of the self-driving technology, by major vehicle original equipment manufacturers (OEM). The implementation of safety features such as adaptive cruise control (ACC), advanced driver assistance system (ADAS), collision warning, and lane-keep assist is also facilitating the growth of artificial intelligence in the collection vehicle market.
Key benefits of the report:
- This study presents the analytical depiction of the collection vehicle market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the collection vehicle market share.
- The current market is quantitatively analyzed to highlight the collection vehicle market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed collection of vehicle market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the collection vehicle market research report:
- What are the leading market players active in the collection vehicle market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Collection Vehicle Market Report Highlights
Key Market Players
Terberg Matec UK Ltd., Legras Industries, FAUN Umwelttechnik GmbH & Co. KG., Curbtender Sweepers LLC, E-Z Pack, Husmann Umwelt-Technik GmbH, Xiagong Chusheng (Hubei) Special-Purpose Vehicle Co. LTD, Nantong Mingnuo Electric Technology Co. Ltd, Daimler AG, Mack