Smart Trash Bins Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Smart Trash Bins Market: Overview and Definition
The global smart trash bins market size was USD 320.5 Mn in 2021 and is likely to reach USD 1120 Mn by 2032, expanding at a CAGR of 13.5% during 2022–2032. Waste management systems are vital as they keep homes and communities free from unwanted clutter. Although these waste management services exist in nearly every community, the industry’s current operating standards have proven to be highly inefficient.
This inefficiency is largely due to outdated manual collection methods and logistical processes which lack efficient data-driven solutions.
However, the waste management industry is beginning to develop and implement IoT-related solutions to these problems. Smart trash bin or automatic garbage bins/cans are technologically advanced waste management systems which are used for garbage management or disposition. They are touchless and sensor-based systems which reduce human efforts and can also be remotely controlled via mobile applications with wireless ultrasonic sensors embedded inside.
The demand for smart trash bins is increasing at a rapid pace due to growth in urbanization and heavy globalization. The smart trash bins market is expected to show growth at a robust rate in the coming years.
The growth of this market is attributed towards major relying factors including the need for improvement in waste management system worldwide, the growing preference for touch-less trash cans, increased use of wireless connecting devices and Internet of Things (IoT), increasing awareness about the usage of technologically advanced trash bins among users, increase in developing concepts of smart cities and efficient waste management systems across the globe and rising dependency of users on smart systems that have the ability of reducing manpower requirements to handle the garbage collection process etc.
With public welfare organizations, government bodies, and other concerned regulatory boards increasingly undertaking initiatives such as the Namami Gange Programme, Swachh Bharat Abhiyan, Gramin Swachh Bharat Mission and others, to ensure cleaner surroundings in urban areas, manufacturers of touchless garbage bins are escalating their efforts to boost the adoption of their offerings. As a result, the residential populations are getting encouraged to adopt touchless trash cans in the day-to-day waste disposal activities. This also allows the governments to raise funds for the completion of such initiatives.
Moreover, these smart connected trash bins allow consumers to search the space availability of trash bins bags with the help of an app installed in their mobile devices. Additionally, old aged people and people with disabilities find touch-free option as a value addition and convenient to operate.
Furthermore, innovation and technology improvements along with e-commerce are fueling market growth. Moreover, the rising preference for touchless trash bins as it offers convenience and prevents cross contamination of germs are expected to provide ample growth opportunities to the market players. Additionally, smart cans are now installed in washrooms at public places like airports, metro stations, bus stations, and shopping malls to provide a healthy and hygienic environment.
However, the low and slow adoption of smart solutions in developing countries, easy availability of several alternative solutions to trash bins worldwide, high cost required for training the employees to operate smart trash bins along with its overall maintenance cost, shorter ranges and lower data speeds of wireless technologies used, limited memory size of sensor nodes are a few factors which are likely to hinder the growth of this market.
SMART TRASH BINS MARKET SEGMENTATION:
- 8 to 13 Gallon
- 14 to 23 Gallon
- Above 23 Gallon
- Sales Channel
By Distribution Channel:
- Specialty Stores
- Direct Sales
- Others (Departmental Stores, Individual Stores, etc.)
North America has been dominating the global smart trash bin market for the past few years and is likely to maintain its dominance throughout the next few years as well. The U.S. is the major contributor in the region and holds about 3/4th of the global market share. This growth can be majorly attributed to the high purchasing power of the people, growing investments by market players in latest technologies, strong inclination of the population to adopt latest technologies, presence of key industry participants, growing demand for methodical or systematic waste disposal practices and growing innovation in the smart trash bin such as sensors, wireless communication modules, and other innovations etc.
While the European region is the second largest market for smart trash bins in the world, the Asia Pacific is also a potential market for smart trash bins and is expected to bolster growth owing to factors such as the growing demand for trash bins and increasing preference for smart products, growing urbanization and increasing garbage with insufficient waste disposition holdings, increasing initiatives by countries like India for marking smart cities which also drive economic growth and enhance the global market of the smart bin systems.
FEW KEY PLAYERS IN SMART TRASH BINS MARKET:
- Ausko Pte Ltd.
- Nine Stars Group Inc.
- HANGSHAU Houseware Co. Ltd.
- Spectrum Brands Holdings, Inc
- iTouchless Housewares & Products
- Honey Can Do International
- The Home Depot Inc.
- Other Players
- In April 2020, Indian Institute of Technology-Madras (IIT-M) incubated startup Antariksh Waste Ventures developed an IoT-enabled ‘Smart Bin System’ called ‘AirBin to prevent the spread Covid-19 through waste generated at CVPs (contagion vulnerable points – primarily hospitals, clinics, public bins, quarantine zones). It reportedly enables remote monitoring of waste accumulation levels and clearances through IoT systems. This smart bin system can be retrofitted on to existing garbage bins on nearby poles, walls or the bin lids.
- In June 2020, in an effort to curb dirty streets in San Francisco’s Tenderloin neighborhood, Supervisor Matt Haney announced the installation of 68 new “smart” trash cans in the area.
- In August 2020, Xiaomi Youpin launched the Quange GA1 Sorting Garbage Bin. Quange GA1 Smart Sorting Garbage Bin has an inner two-colour split design and it supports smart sensing, long standby, digital display touch screen and other features.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global smart trash bins market by the following segments:
- Distribution Channel
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Smart Trash Bins Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?