According to a new report published by Allied Market Research, titled, “Vacuum Truck Market,” The vacuum truck market was valued at $1.5 billion in 2021, and is estimated to reach $2.7 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
The Europe region dominates the market in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. In Asia-Pacific, China dominated the vacuum truck market in 2021, whereas India is expected to grow at a significant rate during the forecast period. Vacuum trucks are necessary in industrial and municipal settings for suction of water and debris left from hydro-excavation or drilling jobs. It is often involved in street cleaning operations to clean up garbage from curbs, ditches, and other places. It can easily collect dirt, small rocks & stones, asphalt pieces, and leaves through its vacuum pipe and store it in the tank. In rescue efforts and environmental calamities, vacuum trucks can be quite valuable. Vacuum trucks are critical for prevention of contamination of the environment or local waterways by efficiently clearing and storing hazardous waste or oil spills. Vacuum trucks are used to aid emergency personnel with rescue efforts in the past.
The prominent key factors that drive the growth of the vacuum truck system market are rise in need for industrial cleaning, growth in environmental awareness, and demand for waste management. The market economy is responsible for the growth of the vacuum truck market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector has witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the expansion of the vacuum truck industry.
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Competition among key industry players to deploy top quality vacuum trucks and expand a company’s portfolio drives the market growth. Government waste management initiatives across all sectors of the economy have led to widespread adoption of vacuum trucks across multiple industries and communities, strengthening the vacuum truck market.
The Vacuum Truck market is segmented on the basis of product type, application, fuel type, and region. By product type, the market is segregated into dry & liquid suctioning and liquid suctioning. The liquid suctioning segment serves as the top investment pocket for investors to capitalize in the near future and is anticipated to be the most lucrative segment in the global market, owing to rise in water management projects and water plants across the globe.
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COVID-19 Impact Analysis
- The COVID-19 impact on the vacuum truck market is unpredictable, and is expected to remain in force for a few years.
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.
- As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, automotive production and sales suffered severely, which, in turn, negatively impacted the market for vacuum truck in 2020.
- To prevent the spread of the COVID-19 virus, governments across the globe implemented strict lockdowns and made social distancing mandatory. Consequently, several organizations began work from home programs as precautionary measure. This led to a sudden decline in global demand for automobiles, which has affected the vacuum truck market
KEY FINDINGS OF THE STUDY
- By product type, the liquid suctioning segment is expected to register a significant growth during the forecast period.
- By application, the industrial segment is projected to lead the global vacuum truck market
- By fuel type, the battery electric segment is projected to lead the global vacuum truck market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players operating in this vacuum truck market are CAPPELLOTTO S.P.A, Federal Signal Corporation, FULONGMA GROUP Co., Ltd, GapVax, Gradall Industries, Inc., Kanematsu Engineering Co., Ltd., Keith Huber Inc., KOKS Group bv., Rivard and Vac-Con among others.
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