The new report by Expert Market Research titled, ‘Global Vacuum Truck Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global vacuum truck market, assessing the market based on its segments like product types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 2843.5 Million
- Forecast CAGR (2022-2027): 10%
- Forecast Market Size (2027): USD 5347.3 Million
The rapid industrialisation and loads of liquid waste produced during industrial activities are driving the growth of the vacuum truck industry. The growing awareness about the importance of cleanliness and the increasing demand from people for waste management is leading to the steady growth of the market. The numerous benefits of vacuum trucks are leading to the continuous development of the industry. This includes low-cost as minimal labour is required, high operational efficiency, and saves time compared to the traditional excavation methods. Moreover, the increasing number of rental companies offering vacuum trucks that meet customer expectations is also contributing to the fuelling of the market. It eliminates the practice of manual scavenging as this “honeysucker model of waste management” can safely transport hazardous waste, which is likely to drive the vacuum truck industry in the forecast period.
Industry Definition and Major Segments
A vacuum truck, also called a vacuum tanker, is used to collect materials, usually waste liquid from the deposited place to another site via road. It has a pump and tank that is used for drawing the waste and storing it in a tank for ease of transportation.
The vacuum truck industry, by product type, is divided into:
- Liquid Suctioning Only
- Liquid and Dry suctioning
Based on application, the market can be segmented into:
- General Cleaning
The regional markets of vacuum truck include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The government initiatives for waste management in all the sectors of the economy, such as the Swachh Bharat Mission in India, is also leading to the wide adoption of vacuum trucks by several industries and municipalities, thus bolstering the vacuum truck industry. The competition between leading industry players to introduce vacuum trucks that are of superior quality and expand their company portfolios is bolstering the industry’s growth. For instance: KOKS United States Corporation, a manufacturer and supplier of DOT vacuum trucks, offers CycloVac air mover vacuum trucks with cyclone separators. It can be used for heavy industrial applications and is suitable for suctioning, transporting, and discharging dry, wet, and toxic substances. It is built in accordance with safety standards. Further, the technological advancements in vacuum trucks and research activities to improve the performance of vacuum trucks are expected to augment the market in the forecast period.
Key Market Players
The major players in the market are Federal Signal, Vac-Con, Keith Huber, and Sewer Equipment, and Vacall Industries, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.