Increase in environmental awareness, rise in need for industrial cleaning application, and surge in demand for waste management augment the growth of the global vacuum truck market.
PORTLAND, Ore., July 11, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Vacuum Truck Market by Product Type (Dry and Liquid Suctioning, Liquid Suctioning), by Application (Industrial, Excavation, Muncipal, General Cleaning, Others), by Fuel Type (Electric, ICE): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global vacuum truck industry generated $1.5 billion in 2021, and is anticipated to generate $2.7 billion by 2031, witnessing a CAGR of 6.5% from 2022 to 2031.
Prime determinants of growth
Increase in need for industrial cleaning application, rise in environmental awareness, and surge in demand for waste management drive the growth of the global vacuum truck market. However, high operating cost & high demand for labor-efficient trucks restrict the market growth. Moreover, rise in adoption of electric vacuum truck and technological advancements present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a positive impact on the global vacuum truck market, owing to stringent lockdown and ban on import & export activities.
- As a result of interrupted supply chains and production schedules, automotive production and sales suffered severely, which in turn, hampered the growth of the global vacuum truck market.
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The industrial segment to maintain its leadership status throughout the forecast period
Based on application, the industrial segment held the highest market share in 2021, accounting for more than two-fifths of the global vacuum truck market, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in demand for an effective and responsible waste management plan to manage waste generated by industries. However, the municipal segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, due to rise in utilization of vacuum trucks by municipalities for variety of projects such as sewer jetting, hydro excavation, sewage disposal, sewage removal, and sewer line cleaning.
The ICE segment to maintain its lead position during the forecast period
Based on fuel type, the ICE segment accounted for the largest share in 2021, contributing to nearly 88% of the global vacuum truck market, and is projected to maintain its lead position during the forecast period. This is attributed to the fact that majority of the vacuum trucks are driven by diesel engines. However, the electric segment is expected to portray the largest CAGR of 10.0% from 2022 to 2031. Vacuum truck manufacturers are coming up with the advance electric engines and drives in order to provide emission-free vehicles, which in turn, drives the segment.
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Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for more than one-third of the global vacuum truck market, owing to rise in utilization of vacuum trucks for cleaning sewage or waste. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.6% from 2022 to 2031. This is attributed to the increasing demand for vacuum trucks from industrial activities and construction in the region.
Leading Market Players: –
- Cappellotto SPA
- Federal Signal Corporation
- Fulongma Group Co. Ltd.
- GapVax
- Gradall Industries Inc.
- Kanematsu Engineering Co. Ltd.
- Keith Huber Inc.
- KOKS Group BV
- Rivard
- Vac-con, Inc.
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