Press Release
Press Release
The Asia Pacific accounts for a significant portion of the vacuum truck market share due to the expanding population in countries like China and India. Rapid infrastructure development in developing economies and governments’ investments in housing stimulate the market growth.
Rapid urbanisation and favourable governmental housing and public construction schemes, such as China’s Public Housing Plan and Pradhan Mantri Awas Yojana (PMAY) by the Indian government, necessitate the requirement for vacuum trucks to clean up large-scale sludge and liquid.
By 2050, 814 million people are predicted to live in urban areas in India. Four more megacities are expected to be added to India by 2030. According to industry reports, India and China alone account for more than 62% of Asian urban population growth and 40% of global urban population growth. Increasing income levels and a rapid shift to urban regions drive demand for infrastructure development, further creating opportunities for the market for vacuum truck.
Partnerships between leading companies support the market growth. In April 2023, the leading provider of safety and environmental solutions, Federal Signal Corporation (NYSE: FSS) (the "Company"), announced that it had successfully acquired nearly all of the business and assets of Trackless Vehicles Limited ("Trackless"), a well-known producer of multifunctional municipal sidewalk tractors.
Federal Signal is a prominent worldwide designer, manufacturer, and supplier of goods and complete solutions for use by commercial, industrial, governmental, and municipal clients. The company creates and supplies equipment of the highest quality that transports materials, maintains infrastructure, and safeguards the areas. The activities of Work Equipment Limited, the only trackless dealer in Southwestern and Northern Ontario, Canada, are also included in the transaction.
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Table: Growth Rate of Urban Population (in %), 2018-2050
The major players in the global vacuum truck market are Federal Signal Corporation, Vac-Con, Inc, Huber Corporation, Sewer Equipment, and Gradall Industries LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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