LONDON--(BUSINESS WIRE)--The smart trash bin market is expected to grow by USD 75.44 million during 2020-2024, expanding at a CAGR of over 5%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges that market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Smart Trash Bin Market: Convenience offered by touchless trash bins to drive growth
Smart trash bins offer convenience to consumers by allowing them to remotely operate the trash bin by a smartphone app connected to a Wi-Fi network. This is beneficial for older consumers and people with disabilities as these are convenient to operate. With the growing need for maintaining health and hygiene, especially at commercial spaces such as hotels, hospitals, and restaurants where the risk of contamination is high, there is a significant demand for efficient sanitary solutions. To capitalize on this demand, vendors in the market are introducing a wide range of touchless trash bins that offer convenience to end-users. For instance, Nine Stars offers touchless smart trash bins that use motion sensors to automatically open and close the lid. All these factors are positively influencing the growth of the global smart trash bin market.
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As per Technavio, growing investment in the installation of smart trash bins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Trash Bin Market: Growing investment in the installation of smart trash bins
Governments across the world are making significant investments in the installation of smart trash bins to optimize waste collection operations and ensure effective utilization of resources. For instance, in March 2019, The City of Canterbury Bankstown in south-west Sydney announced its plans to spend over USD 1 billion to help change the way residents provide and receive communication on waste management issues. Similarly, In January 2018, Baltimore partnered with Korea-based Ecube Labs Co. and invested USD 15 million towards the installation of 4,500 smart trash bins around the city. Many such investments are expected to influence the growth of the market over the forecast period.
“Increasing adoption of smart homes and the increasing number of smart cities will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Smart Trash Bin Market: Segmentation Analysis
This market research report segments the smart trash bin market by End-user (Residential and Commercial) and Geography (North America, Europe, APAC, South America, and MEA).
The North America region led the smart trash bin market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to the rising disposable incomes and the increased adoption of smart devices in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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