Furthermore, the rise in advancements such as customized vacuum trucks design of lightweight components for the construction of vacuum trailers encourage the development of alternative energy-driven vehicles. Thus, automobile manufacturers have shifted toward electric and alternative fuel automobiles. The growth in development of commercial & industrial vacuum trucks design creates a demand for the market across the globe. For instance, in April 2020, Vactor launched iMPACT combination sewer cleaner with compact design for easy maneuverability in tight and confined spaces. The combination sewer cleaner was specifically designed for smaller-scale applications to clean sanitary/storm sewers, catch basins, lift stations, and laterals.
Vacuum truck market is segmented on the basis of product type, application, and fuel type. By product type, it is divided into dry & liquid suctioning, and liquid suctioning. By application, it is classified into industrial, excavation, municipal, general cleaning and others. By fuel type, it is divided into electric and ICE. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments. In addition, it includes Porter’s five forces analysis to understand competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights competitive landscape of key players to increase their market share and sustain intense competition in the industry.
The key players operating in this 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.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents analytical depiction of the global vacuum truck market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall vacuum truck market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the global vacuum truck market with a detailed impact analysis.
- The current vacuum truck market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Product Type
- Dry and Liquid Suctioning
- Liquid Suctioning
By Application
- Industrial
- Excavation
- Muncipal
- General Cleaning
- Others
By Fuel Type
- Electric
- ICE
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Russia
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- 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
- vac-con, inc.
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Table of Contents
Executive Summary
According to the report, 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.
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.
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.
Companies Mentioned
- 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
- Vac-Con, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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