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The bucket trucks are utility trucks fitted with a hydraulic pole or boom with materials- or man-carrying bucket at its end. The bucket allows keeping the worker safe as the hydraulic pole lifts him up to perform his job and safely use his tools. These trucks are can also be mounted on trailers or industrial vans. They are widely being used in various industries such as electric utility, lights and signs, telecommunications, and vegetation management. The demand for bucket trucks is experiencing huge growth for many purposes, such as lifting workers for pumping concrete, inspection and maintenance of high-rise structures & buildings, and loading & unloading cargo from warehouses or other trucks.
The market for bucket trucks is expected to reach rise at a CAGR of 4.2 percent during the forecast period. The rising demand for bucket trucks in power transmission, telecommunication services, and utility sectors primarily fuels the market's growth.
Rapid industrialization and urbanization around the globe have created a mounting demand for the development of new infrastructure. This has led to the growing adoption of bucket trucks. In addition to this, the government & private sector worldwide is spending colossal amount on the construction of the infrastructure, further fuelling the market's growth. There is rising spending under the smart city initiatives by regional governments to upgrade existing infrastructure. For instance, Singapore announced to spend $1 billion in smart city initiative during 2019. Furthermore, the ability of bucket trucks to offer a height-adjustable & flexible platform allows workers among the utility and construction sectors to perform their tasks with improved safety and efficiency. It is the reliable & safe alternative to the ladders and scaffoldings used for repair & maintenance or construction jobs at elevated heights. This factor significantly push the demand for bucket trucks.
However, the high cost needed for purchasing these trucks may hamper growth of the market to some extent during forecast period. The high cost of these trucks is influenced by use of high-quality parts and pneumatic components. A more number of construction industry players tend to use used or rental equipment due to the high cost of purchasing new bucket trucks; thus, challenging the market growth. On the other hand, increasing expenditure on infrastructure across developing countries such as India, Brazil, and China creates lucrative growth opportunities for the market.
Furthermore, COVID-19 pandemic disrupting the global economy since its advent. Therefore, bucket trucks market too is anticipated to be affected by the impact. For instance, bucket trucks as well as other heavy vehicles products are highly dependent on international trade, which has been halted due to trade restrictions and closures of global markets. This has led to a decline in the demand for bucket trucks in year 2020.
Throughout the forecast period, articulated bucket trucks will continue to hold a dominant share of the global market, on the basis of type. This is due to upsurge in demand for multi-purpose and flexible bucket trucks. These trucks have an ability to articulate at several angles, enabling the operators to easily reach over and above obstacles, and with increase in flexibility. However, the telescopic bucket trucks segment is anticipated to witness significant growth rate during the forecast period.
Based on the application, the telecommunications segment is expected to hold a dominant global market share. Upsurge in global population has created huge demand for efficient telecommunication systems coupled with the large-scale need of robust telecommunication infrastructure fuelling the growth of this segment. A number of companies operating in the telecommunication industry are rapidly deploying bucket trucks to install communication systems. For instance, in May 2019, Verizon Communications, Inc., an American multinational telecommunications conglomerate purchased five hybrid trucks manufactured by Odyne Systems, LLC, a manufacturer of hybrid and electrification systems for medium- and heavy-duty trucks. These hybrid trucks consisted a bucket height of 29 feet to assist Verizon Communications for installations of communication systems and repair & maintenance of existing cable networks.
BUCKET TRUCKS MARKET SEGMENTATION:
By Lifting Capacity
By Insulation Type:
North America, followed by Europe, has dominated the global bucket truck market in 2019 and is likely to be the most profitable region. Rapid growth of utility and telecom industries around the North America fuels growth of the market. In addition, increasing adoption of bucket trucks for the development of power stations in European countries propels growth of the market. For instance, in March 2020, the French Government allotted a significant number of new energy infrastructure development projects to private sector companies.
On the contrary, the heavy investments in infrastructure and lavish construction projects in several countries across the Middle East has led to the rising demand for bucket trucks, fuelling the market growth.
Further, Asia-Pacific region is expected to witness highest growth rate during the forecast period. This is attributed to increasing expenditure on infrastructure as well as construction and utility services projects by regional governments.
FEW KEY PLAYERS IN BUCKET TRUCKS MARKET:
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