Smart Trash Bin Market Customer Preferences Shaping Product Development Strategies
The global smart trash bin market size is expected to reach USD 162.02 million by 2030, expanding at a CAGR of 12.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Smart garbage cans are essentially touchless, sensor-technology based trash cans or cabinets that eliminates human involvement of manually operating the trash bins. Customers may comprehensively monitor trash operations by analyzing real-time information on the basis of waste collected, fill level, type of waste, and so on, using these automated smart trash bins for waste management and disposal.
The market is expected to be driven by the rising awareness of proper waste management in the governments across the world, international groupings such as United Nations Environment Programme (UNEP), and end-consumers. With the growing awareness about environmental issues and the need to reduce waste, governments and organizations around the world are placing greater emphasis on waste management. For instance, as per the World Bank, waste generation across the globe is expected to increase from 2.01 billion metric tons in 2016 to 3.40 billion metric tons by 2050 that represents 70% increase in just 34 years. Smart trash bins can help to optimize waste collection and disposal, thereby reducing the environmental impact of waste. For example, it can separate recyclable materials from non-recyclable ones, making it easier to recycle and reduce waste.
Gather more insights about the market drivers, restrains and growth of the Global Smart Trash Bin Market
Moreover, the rapid technological advancements are also a major factor boosting the growth of the market. The development of new technologies, such as the Internet of Things (IoT), has made it possible to create smart trash bins that are more efficient and effective than traditional trash bins. These technologies enable trash bins to detect when they are full and in need of emptying, and can even compact waste to reduce the amount of space needed for disposal. For instance, FinBin offers CitySolar, a waste-compacting smart trash bin powered by solar energy and has even patented its technology. The compactor easily accommodates 120 and 240-litre wheelie bins. The limited awareness, particularly in emerging nations, as well as lack of supporting infrastructure and the high cost of establishing and monitoring smart bin infrastructure, are among the primary issues limiting the growth of the market.
The COVID-19 pandemic has had a significant impact on the global economy, and the smart trash bin market has not been immune to its effects. One of the main impacts of the pandemic on the market has been the delay or cancellation of smart city initiatives. Many cities around the world have had to put their smart city plans on hold as they deal with the immediate challenges of the pandemic. However, along with these challenges, the pandemic has also created new market opportunities. As more people prefer work from home and spend more time in their local communities, there is a greater need for effective waste management solutions.
Smart Trash Bin Market Report Highlights
- The 14 to 23 gallon segment is expected to hold the largest market share. This dominance can be attributed to the demand across the commercial sector as this sectorrequires trash cans with greater capacities to collect enormous volumes of waste.
- The online segment is projected to expand at the fastest CAGR of 12.7% in the forecast period. This can be attributed to the rising consumer preferences for online shopping and associated benefits such as ease of convenience, and faster delivery among others.
- The commercial segment dominated the market in 2022 owing to the regulations for efficient waste management.
- The automatic segment dominated the market in 2022. This dominance can be attributed to the rising preferences among consumers for automatic based smart trash bins owing to ease of convenience and accessibility.
- The multi-compartment segment dominated the market in 2022 owing to its capability to handle specific type of waste.
List of Key Players of Smart Trash Bin Market
- Ausko Pte Ltd.
- iTouchless Housewares & Products Inc.
- EcubeLabs
- Simplehuman
- HANGSHAU Houseware Co. Ltd.
- EKO USA
- Home Depot Inc.
- EvoEco
- CleanRobotics
- Nine Stars Group Inc
- Binology LLC
- Honey Can Do International
- BIG BELLY LLC.
Order a free sample PDF of the Smart Trash Bin Market Intelligence Study, published by Grand View Research.
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