"Selecting the right garbage collector is crucial for optimizing application performance: Serial GC for small applications with low memory footprint and low CPU requirements, but not suitable for low-latency applications due to longer GC pauses; Parallel GC (Throughput Collector) for maximizing application throughput by utilizing multiple threads for garbage collection but also not suitable for low-latency applications due to significant GC pauses; CMS (Concurrent Mark Sweep) designed to minimize pause times by working concurrently with application threads, has lower pause times but suffers from fragmentation ultimately giving long pauses; G1 (Garbage-First Collector) tries to provide a good balance between throughput and pause times, but doesn't give the lowest pause times; ZGC (Z Garbage Collector) and Shenandoah designed for low-latency applications, aiming to achieve pause times of less than 10ms, even on large heaps"