Over the next five years the vacuum truck market will register a 3.9% CAGR in terms of revenue, the global market size will reach US $1,450 million by 2024, from US $1,150 million in 2019, according to a report on MarketWatch.com.
A vacuum truck, also known as vacuum loader or vacuum tanker, is a tank truck with a heavy duty vacuum designed to pneumatically load solids, liquids, sludge or slurry through suction lines typically 2-4″ in diameter with 3″ being the norm and then transport the load to an appropriate place for disposal or re-use.
The global vacuum truck industry mainly concentrates in North America and Europe in terms of market value. The global leading player in this market is Federal Signal, whose revenue is $1,148.82 million in 2017, accounts for 13.03% of total revenue market.
The vacuum truck is mainly used in industrial, excavation and municipal field. The application market share of industrial and excavation is up to 64% in 2017 and it is forecasted that share will be maintain by 2023 with the increasing collaboration among rental fleet owners and vacuum truck manufacturers.
Currently, a major challenge affecting the market growth is the limitation of downstream market. As large demand of labor-efficient vehicles at home and abroad, many companies began to enter the field of labor-efficient vacuum truck industry.
The widely application of vacuum truck promote the growth of customer segments and the rising demand for labor-efficient vehicles is bringing a radical change to the vacuum truck market. With increased collaboration among construction equipment manufacturers and rental fleet owners, the products are being designed as per the customer need. The rental companies form a large customer segment for the vacuum truck market. Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area and the future will still have more new investment enter the field. In the next five years, the consumption volume will keep slow increasing, as well as the consumption value.
The research study on the market analysis provides a detailed brief regarding the competitive spectrum of the industry, that is inclusive of companies such as Federal Signal, K&E, Vac-Con, KOKS, Sewer Equipment, GapVax, Cappellotto, Heli, Vacall Industries, Keith Huber, Rivard, Hi-Vac, Aerosun, Super Products, AFI, Amphitec, Disab, Chengli, Ledwell, Foton, Dongzheng and XZL.