Bucket Trucks Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
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- Status : Upcoming
- Published on: May 2022
- Report ID: KDMI-7041
- Available Format: PDF/Excel/DOC
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Bucket Trucks Market: Overview and Definition
The global chatbot market size was valued at USD 1.5 billion in 2022 and is expected to expand at a CAGR of 5.1% from 2022 to 2030. 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.
In recent years, the demand for bucket trucks has been driven by several factors, including increasing infrastructure development projects, the growing use of renewable energy sources, and the need for improved access to elevated work sites in urban areas.
Bucket Trucks Market: Key Drivers
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 fueling 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.
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 fueling 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: Challenges
Despite the growth and high demand for bucket trucks, there are several challenges that the market faces, including:
High Cost of Bucket Trucks: Bucket trucks are expensive vehicles, and their high cost can be a barrier to entry for many potential buyers, especially in developing countries.
Limited Availability of Skilled Operators: A shortage of skilled operators capable of operating bucket trucks can limit the growth of the market.
Stringent Safety Regulations: Stringent safety regulations for the operation of bucket trucks can be a challenge for manufacturers, as they must comply with these regulations in order to sell their vehicles.
Lack of Standardization: There is a lack of standardization in the design and functionality of bucket trucks, which can lead to confusion among buyers and limit the growth of the market.
Maintenance Costs: Bucket trucks require regular maintenance and repairs, and the high cost of these services can be a challenge for many buyers, especially small businesses and contractors.
Bucket Trucks Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Bucket Trucks Market: Segmentation
By Lifting Capacity
- < 500 Kg
- 500 - 1000 Kg
- > 1000 Kg
By Insulation Type:
- Utility [Electric, Water]
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Bucket Trucks Market: Regional Outlook
North America, followed by Europe, has dominated the global bucket truck market in 2021 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.
Bucket Trucks Market: Recent Developments
There have been several recent developments in the bucket truck market, including:
Development of Electric Bucket Trucks: In response to the growing demand for eco-friendly vehicles, several manufacturers have started to develop electric bucket trucks. These vehicles offer several benefits over traditional gasoline-powered trucks, including reduced emissions, lower operating costs, and improved efficiency.
Advancements in Safety Features: Manufacturers are investing in the development of advanced safety features for bucket trucks, including stability control systems, backup cameras, and improved platform design.
Increased Focus on Customization: To meet the unique needs of different industries and applications, manufacturers are focusing on customization, allowing buyers to select the specific features and capabilities that are most important to them.
Expansion of the Rental Market: The bucket truck rental market is growing, as more companies and contractors are choosing to rent these vehicles instead of purchasing them outright.
Expansion into Emerging Markets: Many manufacturers are expanding into emerging markets, such as Asia-Pacific and Latin America, to tap into the growing demand for bucket trucks in these regions.
Bucket Trucks Market: Key Players
- Manitex International Inc.
- Altec Inc.
- Elliott Equipment Company
- Tadano Ltd.
- Palfinger AG
- Aichi Corporation
- Link Belt
- CTE group SPA
- Tadano Ltd.
- Manitowoc Cranes
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