The global street sweeper market is anticipated to cross US$ 6.6 Bn by 2030. The street sweeper market is projected to expand at a CAGR of 3.5% from 2020 to 2030, in terms of revenue. The growth of the street sweeper market can be attributed to rising adoption of street sweepers in smart cities projects, and growing governmental regulations across developed and developing economies related to environmental cleanliness. Europe is anticipated to emerge as the leading street sweeper market, followed by North America and Asia Pacific, during the forecast period.
Key Growth Drivers of Street Sweeper Market
- High rate of urbanization and rapid industrialization: Over the past decade, urbanization across developing nations of the world has grown at a robust rate. The trend is especially evident in developing regions that have witnessed rapid development and expansion of Tier 2 cities. Hence, rising urbanization in South America, Asia Pacific, and Middle East & Africa has also raised the overall industrialization in the world. All these factors are anticipated to boost the sale of street sweepers across the globe.
- According to the World Bank, around 55% of the world’s population resides in urban areas, which is projected to increase to 68% by 2050. This, in turn, is expected to fuel growth of the street sweeper market.
Supportive government regulations promoting rapid industrialization in different countries is anticipated to propel the street sweeper market during the forecast period. Influence of this driver is expected to remain high during the forecast period, as urbanization rate is projected to increase worldwide.
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- Rising adoption of street sweepers in smart cities: Cities are in the process of transforming into state-of-the-art smart cities by using new technologies in order to improve the efficiency of urban areas and generate new economic opportunities. Governments of developed and developing countries are taking initiatives and undertaking large- scale investments to demonstrate the use of the right equipment or machine for smart cleanliness in smart cities. This is projected to propel street sweeper market.
Furthermore, smart cities require a range of sweepers such as mechanical broom sweepers, regenerative-air sweepers, vacuum sweepers, and electric sweepers to manage cleanliness of a city. Electric street sweepers are witnessing widespread adoption due to the benefits they offer, such as energy efficiency and zero emissions. This is set to drive the street sweeper market across the globe during the forecast period. Thus, increasing urbanization and growing trend of smart city expansion in both developing and developed economies are expected to boost the street sweeper market.
Street Sweeper: Market Segmentation
The global street sweeper market has been segmented in terms of product type, application, and region. Based on product type, street sweepers market has been divided into mechanical broom sweeper, regenerative-air sweeper, and vacuum sweeper. Based on application, the street sweeper market has been classified into municipality, airport & seaports, industrial, road & highway, and large-scale retail channels. Among applications, the airport & seaports segment dominated the global street sweeper market in 2019.
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Street Sweeper Market: Regional Outlook
The global street sweeper market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is anticipated to lead the street sweeper market during the forecast period. The U.K. is estimated to hold a notable share of the market in Europe, and the market in the country is projected to expand at a CAGR of 5.3% during the forecast period, in terms of revenue. North America and Asia Pacific are projected to hold significant shares of the global street sweeper market, with the U.S., Canada, India, China, and Japan being the major markets in the regions. The street sweeper market in Middle East & Africa and South America is also projected to expand moderately during the forecast period.
The report provides in-depth segment analysis of the global street sweeper market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the street sweeper market.
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Street Sweeper Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global street sweeper market. Key players profiled in the report include Alfred Kärcher SE & Co. KG, Aebi Schmidt Holding AG., Alamo Group Inc., Altra Industrial Motion Corp., Boschung Group, Dulevo S.p.A., Elgin Sweeper Company, Global Environmental Products, Inc., Hako GmbH, Johnston Sweepers Limited, Mathieu S.A., REV Group, Schwarze Industries, TENAX INTERNATIONAL s.r.l., Tennant Company., and TYMCO Inc.
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