Market Trends of Municipal Vehicles Industry
This section covers the major market trends shaping the Municipal Vehicles Market according to our research experts:
Waste collection and disposal will remain the largest segment
With the rise in population, consumption of goods has exponentially increased resulting in large scale generation of waste. Countries across the world, developed and developing are investing heavily in garbage collection and disposal and receiving funds and loans from international organizations such as the United Nations and World Bank to strengthen and improve landfill sites. For instance, Liberia invested USD 10.5 million to develop sanitary landfills and improve the efficiency and effectiveness of waste collection networks.
In the light of high emphasis on cleanliness and global commitments regarding the reduction of population, many municipalities are buying a waste collection and disposal trucks. Among waste collection and disposal vehicles, compactor and bulk refuse carriers are commonly used and play an important role in solid waste management programs. With the adoption of new technology such as GPS, sensors, telematics, etc. it becomes easier to improve the efficiency of collection and dumping operation and safety while operating garbage truck. Technology firms and startups such as OnePlus systems, Compology, etc. are producing ultrasonic sensor-based, image-based waste monitoring systems.
Asia Pacific to exhibit the highest growth rate during the forecast period
Groundwater levels in major economies of Asia Pacific region are rapidly depleting due to the increasing population and many places face water crisis and this situation becomes worse during the summer. Municipalities are investing in the purchase of water tanker trucks and their outsourcing from third parties to meet the freshwater demand of the population.
China and India being the two most populous countries in the world, are seeing a high rate of residential construction, transportation infrastructure development. Owing to the aforementioned factor, the construction and repair vehicle segment is expected to see significant growth during the forecast period.
In India, government run initiatives such as Swachh Bharat Mission (Clean India Mission) encouraged the cleaning up of roads, streets, and public places. Municipalities of Indian cities were awarded a point on the basis of planning, strategy, initiatives were taken to clean the cities. This Cleanliness Survey was conducted by the Quality Council Of India and ranked best performing cities from top to bottom. Smart City Mission is another ambitious project by government of India that aims at developing 100 sustainable and citizen friendly smart cities.
Owing to the above-mentioned factors, the market for municipal vehicles will grow during the forecast period.
