Pune, July 11, 2023 (GLOBE NEWSWIRE) -- The vacuum truck market size was valued at USD 1.76 billion in 2022 and is expected to be worth USD 1.86 billion in 2023. The industry is projected to reach USD 3 billion by 2030, recording a CAGR of 7.1% during the forecast period.
Vacuum trucks, also called vacuum tankers, help municipal corporations to manage and clean up large volumes of sludge and liquid from industrial sites. These trucks are typically used to maintain and prevent the blockage of sewer and septic systems. They are also utilized in many municipal and industrial settings to remove water and debris while carrying out drilling jobs or during hydro-excavation. These trucks have gained immense traction among various end-users, ranging from industries to cities, as they assist in exposing the utility lines and preventing leaks and blockages. They also help in keeping the surroundings clean and ensure timely waste management. These factors are expected to favour the vacuum truck market growth.
Fortune Business Insights™ displays this information in a report titled, "Vacuum Truck Market, 2023-2030."
Request a Free sample PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/vacuum-truck-market-103435
Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 7.1% | |
| 2030 Value Projection | USD 3 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 1.76 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 157 | |
Drivers & Restraints-
Growing Demand for Industrial Cleaning to Drive Market Progress
Vacuum loaders, or industrial vacuum tankers, are mainly used to clean liquids, slurries, and solid & dry waste from inaccessible areas. These trucks have been designed by using customers’ inputs to tackle various challenges in industrial cleaning. Also, many organizations involved in this market are expanding their industrial vacuum tanker business by using various strategies. These factors will help the vacuum truck market share grow.
However, high demand for labour-efficient trucks may hinder the market’s growth.
COVID-19 Impact-
New Vehicle Sales Dropped During COVID-19 Pandemic, Hampered Market Growth
The COVID-19 pandemic caused a major breakdown in value & supply chain systems due to abrupt slowdown in manufacturing activities. Many companies faced a massive financial crunch as there was a severe lack of new orders during this period. However, the demand for automated vacuum tankers increased at a notable pace as they offered contactless vacuum excavation. But many leading companies witnessed a decline in their revenue margins due to the outbreak. The production of excavation, vacuum, and sewer trucks was hampered as well as there was shortage of raw materials. These aspects hindered the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/vacuum-truck-market-103435
Segments-
Growing Number of Water Management Projects to Boost Demand for Liquid Suctioning Vacuum Trucks
Based on product type, the market is segmented into liquid & dry suctioning and liquid suctioning only. The liquid suctioning-only segment is expected to record a robust CAGR during the forecast timeframe as the number of water management projects is rising to preserve water. The incidence of liquid-based suctioning is high in industrial, oil, and commercial sectors, which will further help the segment grow.
Effective Management of Wastewater to Boost Product Application in Industries
In terms of application, the market is segmented into industrial, excavation, municipal, general cleaning, and others. The industrial segment is projected to account for the largest market share in the coming years as many industries are looking for reliable wastewater management solutions.
By region, the global market is divided into Asia Pacific, North America, Europe, and Rest of the World.
Report Coverage-
This research report analyzes the market and highlights important areas, such as key product types, leading companies, and prominent product applications. It also offers valuable insights into the latest market trends and covers top developments in the industry. Besides the abovementioned factors, the report covers several factors that have contributed to the market's growth in recent years.
Regional Insights-
Europe to Lead Market Growth with Rising Production of Vacuum Trucks Every Year
Europe is anticipated to dominate the market as the region is a prominent automotive hub, and the annual production of vacuum tankers is growing each year. These vehicles are witnessing a notable rise in their demand due to factors, such as rapid urbanization, growing adoption of these vehicles in industries, and improved standard of living.
The North America market also held the second-largest share due to the rising presence of rental fleet owners and growing product applications in industries.
Buy now this Report: https://www.fortunebusinessinsights.com/compare-plan/103435
Competitive Landscape-
Key Players to Strengthen Their Product Portfolios, Boosting Market Growth
The market has a vast presence of companies that have a strong product portfolio and an expansive distribution network. KOKS United States Corporation is leading the market’s progress in terms of the production of heavy industrial cleaning equipment and vacuum trucks. It achieved this milestone in 30 years and is said to be one of the leaders in ergonomics, safety, quality, and environment.
List of Key Players Covered in The vacuum truck market Report:-
- Federal Signal Corporation (U.S.)
- Vac-con Vacuum Trucks (U.S.)
- Keith Huber Corporation (U.S.)
- Sewer Equipment Co (U.S.)
- Alamo Group Inc (U.S.)
- KOKS (Netherlands)
- GapVax Inc. (U.S.)
- Dongzheng Special Purpose Vehicle Co. Ltd (China)
- CAPPELLOTTO S.P.A. (Italy)
- FULONGMA GROUP Co., Ltd (China)
The vacuum truck market Segmentation:-
By Product Type
- Liquid and Dry Suctioning
- Liquid Suctioning Only
By Application
- Industrial
- Excavation
- Municipal
- General cleaning
- Others
Notable Industry Development:
April 2023: George Municipality in the Western Cape, South Africa launched wastewater rehabilitation projects by using Werner Pumps units. The corporation found these rental units essential; the Impi Combi Unit has a hydraulically driven vacuum pump operating at 1700 m3/hr.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/vacuum-truck-market-103435
Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Global Vacuum Truck Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Liquid Suctioning Only
- Liquid & Dry Suctioning
- Market Analysis, Insights and Forecast – By Application
- Industrial
- Excavation
- Municipal
- General Cleaning
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Toc Continue……
Ask For Customization- https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/vacuum-truck-market-103435
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights Pvt. Ltd.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
