According to Fortune Business Insights, the global vacuum truck market size is projected to grow from USD 1.22 billion in 2022 to USD 1.93 billion in 2029, at CAGR of 6.8% during forecast period; Medico Construction Equipment’s Partnership with Vacall Industries to Incite Development
/EIN News/ — Pune, May 04, 2022 (GLOBE NEWSWIRE) — The global vacuum truck market size is predicted to hit USD 1.93 billion by 2029 and exhibit a CAGR of 6.8% during the forecast period. The growing need for industrial cleaning applications is anticipated to fuel the market’s expansion. Fortune Business Insights has presented this information in its report titled, “Vacuum Truck Market Analysis, 2022-2029”. The market size stood at USD 1.16 billion in 2021 and USD 1.22 billion in 2022.
Additionally, increasing environmental awareness, rising urban population, and advancements in vacuum trucks are anticipated to foster growth of the market in the coming years.
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|Forecast Period 2021 to 2028 CAGR||6.8%|
|2029 Value Projection||USD 1.93 billion|
|Market Size in 2021||USD 1.22 billion|
|Historical Data for||2018-2020|
|No. of Pages||141|
|Segments covered||Liquid and Dry Suctioning, Liquid Suctioning Only|
|Growth Drivers||Rising Need for Industrial Cleaning Applications to Amplify Market Growth|
|Swift Urbanization to Boost Market Growth in Europe|
Drop-in New Vehicles Sales amid COVID-19 to Hamper Market Growth
The swift spread of the COVID-19 pandemic inflicted severe negative impacts on the global automotive industry. The supply chain disruptions and raw material procurement hindrances due to stringent lockdowns and curfews affected the market’s growth. Declined revenues and profit margins due to unanticipated suspension of production processes and closed production plants aggravated the situation. The players operating in the market are restructuring their operations and the market is likely to recover in a short span of time.
Drivers & Restraints-
Rising Need for Industrial Cleaning Applications to Amplify Market Growth
Industrial vacuum trucks are globally utilized to clean dry, solid, and slurries. The growing industrialization and development of emerging nations are anticipated to bolster the vacuum truck market growth. Moreover, the expanding urban populace and the surging demand for effective & efficient waste management solutions are expected to complement the market’s growth. The increasing collaborations of rental companies with manufacturers to cater to consumer-specific demands are projected to amplify the market’s growth.
Lastly, the rising alliances between rental fleet companies and construction apparatus vendors due to the expanding demand for labor-efficient trucks are predicted to flourish in growth for the market.
However, extensive demand for labor-efficient trucks may act as a restraint to the market’s growth in the forthcoming years.
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On the basis of product type, the market is bifurcated into liquid suctioning only and liquid and dry suctioning.
On the basis of application, the market is categorized into general cleaning, municipal, excavation, industrial, and others.
Geographically, the market is classified into North America, Europe, Asia Pacific, and the Rest of the World.
Swift Urbanization to Boost Market Growth in Europe
Europe is predicted to attain the largest vacuum truck market share in the forthcoming years. The swift urbanization, improving living standards, and the escalating production of vacuum trucks for industrial applications are expected to be the key factors stimulating growth for the market in Europe.
North America is anticipated to gain striking growth due to the increasing numbers of rental fleet owners. Additionally, the supportive government policies for cleaning in Canada and the U.S. are expected to stimulate the region’s market growth.
Asia Pacific is projected to witness robust growth due to rising vehicle production and the growing use of autonomous and electric vehicles. Furthermore, the adoption of government initiatives is likely to propel growth in Asia Pacific.
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Key Players Focus on Development of Technologically Modern Vehicles
The consolidated marketplace embraces the presence of major key players with robust distribution networks and product portfolios. The major players emphasize the development of technologically modern vehicles. They focus on business expansion using various strategies. For instance, Westvac Industrial Ltd. was declared the exclusive dealer of Vac-con products by Vac-con Truck and Manufacturing Inc. in January 2021. The company will offer support, service, and sales to Vac-con customers in Western Canada.
Key Industry Development-
June 2020: Medico Construction Equipment formed a partnership with Vacall Industries to offer Hydro excavators, vacuum trucks, and sewer jetters.
List of Key Market Players-
- Federal Signal (U.S.)
- Vac-Con (U.S.)
- Keith Huber (U.S.)
- Sewer Equipment (U.S.)
- Vacall Industries (U.S.)
- KOKS (Netherland)
- Dongzheng (China)
- Vactor Inc (U.S.)
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
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Article originally published as: https://www.einpresswire.com/article/571044085/vacuum-truck-market-size-worth-usd-1-93-billion-globally-by-2029-at-6-8-cagr-rising-need-for-industrial-cleaning-applications-to-fuel-market