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.
According to the report, the global vacuum truck market 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.
Vacuum Truck Market Segment Review
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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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.
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.
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Vacuum Truck Market Key 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.
The report provides a detailed analysis of these key players in the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market
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