Bucket Trucks Market to Reach US$ 1.8 Bn by 2030; COVID-19 Outbreak Affecting Demand in Key Regional Markets
Published : 24 Nov 2020 Industry: Automotive
The bucket trucks market has undergone considerable amount of restructuring over the recent past. Greater emphasis has been placed on safety regulations that eliminate the need to use risky rope access and other conventional methods such as scaffolding. In saturated markets such as North America and Western Europe, technologically-advanced equipment are perceived to be the best bet for any job. Japan is known to lay great emphasis on safety standards, and due to the presence of a large number of OEMs in the country, it requires a large number of AWPs for a wide variety of applications.
Increasing spending on infrastructure projects, utility services, and telecommunication services by regional governments will facilitate numerous growth opportunities for the bucket trucks market during the forecast years of 2020-2030. Though many countries are at an emerging stage, Asia Pacific is likely to gain high traction in the global bucket trucks market over the coming years.
Overall, the bucket trucks market will rise at a steady CAGR to close in on a valuation of US$ 1.8 Bn by 2030.
Key Takeaways from Bucket Trucks Market Study
- Increased spending on smart cities will play an important role in the growth of the bucket trucks market.
- In the foreseeable future, electric drive systems are likely to become dominant due to their efficiency and extended battery life. Federal governments are urging end-use industries to utilize environment-friendly solutions in their premises. This has proliferated the demand for solutions that are equipped with electric systems.
- The articulated bucket truck segment is expected to record a CAGR of 3.5%, and create an absolute $ opportunity of US$ 360 Mn over the forecast period.
- Developments in Asia Pacific countries such as China and India are proving to be important for the growth of the market in the region.
- Standard bucket truck models are estimated to account for 69% of the market revenue share by 2020-end, but expected to lose 400 BPS in market share by 2030 over 2020.
- The largest share is contributed by non-insulated bucket trucks. This is expected to represent US$ 896 Mn of the market in 2020, and reach US$ 1.1 Bn in 2030, representing a CAGR of 3% across the forecast period.
- The North America bucket trucks market is projected to grow 1.3X over the forecast period, while, Latin America is projected to grow 1.6X by 2030.
- Due to trade restrictions and lockdown measures, the global bucket trucks market has been adversely affected by the COVID-19 pandemic.
“Increasing focus on incorporation of sensors for sensing loads and safety is driving the growth of the bucket trucks market. Telematics incorporation in bucket trucks to gather real-time operational data is also fueling growth,”says a Fact.MR analyst.
Key Players Focusing on Acquisitions to Gain Significant Share
Prominent manufacturers in the bucket trucks market are focusing on innovation in products with sizable amount of investments for the development of electric or battery-powered bucket trucks. Along with this, companies are fine-tuning their expansion strategy, product portfolio strategy, and mergers with regional rental companies and distributors to expand their business footprint.
- For instance, in November 2019, Time Manufacturing Company, the parent company of Versalift, announced that it had acquired BrandFX, the world’s largest composite body manufacturer. This acquisition was aimed at providing trucks with lower weight and improved fuel efficiency.
More Valuable Insights on Bucket Trucks Market
Fact.MR, in its new offering, presents an unbiased analysis of the bucket trucks market, presenting historical demand data (2015-2020) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the bucket trucks market on the basis of lifting capacity (< 500 Kg, 500 - 1000 Kg, and >1000 Kg), type (articulated and telescopic), model (standard and hybrid), and insulation type (insulated and non-insulated), across five major regions.
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