According to Fact.MR, the global bucket trucks market is estimated to reach a valuation of US$ 1.5 billion by 2027. Bucket trucks have gained huge traction as potential alternatives to ladders and scaffolding across numerous job sites owing to their mobility and flexibility.
They are prominently associated with the electrical and utility industries where they are helping to build and maintain high-voltage transmissions. A host of other industries ranging from telecommunications to building inspection and maintenance rely on bucket trucks to complete daily tasks efficiently and safely.
Moreover, the increasing number of construction projects and smart city developments are enabling key manufacturers as well as new entrants to gain a foothold in the bucket trucks market. Based on the aforementioned factors, the bucket trucks market is poised to grow at a CAGR of over 4% during the forecast period 2019–2027.
Key takeaways of the report:
- Hybrid bucket trucks are gaining traction with demand set to increase two-fold during the forecast period.
- With several grid development projects mushrooming in developing nations, the demand for insulated bucket trucks is growing at a positive CAGR of ~5% over the forecast period.
- The bucket trucks market in Europe will be highly lucrative with an absolute dollar opportunity of over US$ 90 million during the forecast period. Flourishing building and construction sectors in the region are boosting growth of the market. The market is further receiving impetus with the increasing number of rental companies.
- The bucket truck market in APAC is projected to witness a strong growth rate of around 5.5% due to several governments adhering to the “Investment Partnerships Program” where the state and private sectors, through the conclusion of partnerships have agreed to implement public infrastructure projects.
“The global bucket trucks market is gaining immense traction on the back of increased expenditure on infrastructure with increasing demand from end use industries including construction, utility, and telecom,” says a Fact.MR analyst.
Competitors Leveraging on Bucket Trucks with Diesel Enhancements and Fuel-Saving Capabilities
Competition among bucket truck manufacturers will likely increase throughout the forecast period. On the one hand, overcapacity looms large in emerging markets, leading to high and growing price competition. In addition to increasing price competition, rising customer demand for quality, functionality and service is also playing an important role in shaping the dynamics of the industry.
Bucket truck OEMs are developing a rich package of fuel-saving innovations that can reap rich benefits such as potential savings of 50-65%. Solutions include near- and long-term diesel enhancements, updates to vehicles such as advanced aerodynamics and active driver technology. Some of the key players in the bucket trucks market are Versalift Corporation, Terex Corporation, Altec Industries, Axion AG and others.