Breakthroughs in the utility sector, especially in developing economies, are projected to create plentiful opportunities for players in the bucket trucks market. The global market for bucket trucks is estimated to witness a moderate CAGR of 3.5% during the forecast period (2020-2030). This moderate growth is seen as an aftereffect of the cyclic nature of the market. Increased demand for bucket trucks in telecommunication services, power transmission, and utility sector is aiding the expansion of the global bucket trucks market size. Advancing demand for aerial working platforms (AWPs) with enabled-all safety measures and high quality has compelled key players in the global bucket trucks market to focus more on product innovation.
Furthermore, increased spending on smart city initiatives by regional governments to upgrade existing infrastructure has resulted in ascending demand for bucket trucks. Growing number of licensed non-banking financial companies (NBFCs) is leading to increase in investments made in order to procure and make use of bucket trucks and other aerial work platforms. The aforementioned factors and geographical expansion in untapped regions will boost demand for bucket trucks through 2030.
Articulated Bucket Trucks to Account for Lion’s Share
Advancing demand for flexible and multi-purpose bucket trucks could result in providing numerous market opportunities for articulated bucket trucks. With their ability to articulate at various angles, allowing operators to reach over and above obstacles, and increased flexibility over telescopic bucket trucks, the articulated segment is poised to expand at a CAGR of 3.5% over the forecast period.
However, the telescopic bucket trucks market is expected to create an absolute $ opportunity of US$ 135 Mn over the forecast period. Telescopic bucket trucks will lose market share over the forecast period amid increasing demand for products with flexibility and expanded capacity.
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Standard Bucket Truck Models to Remain Most Lucrative Segment
The choice of opting for a desired model depends on the end-use application, loading capacity, and type of bucket truck to be used. Standard bucket truck models are expected to be valued at US$ 1.1 Bn by 2030-end, expanding at a CAGR of 3% over 2020-2030.
Integration of bucket trucks with other boom lifts in single vehicles is termed as hybrid bucket trucks. Furthermore, their ability to perform numerous tasks with advanced engineering structures will result in facilitating numerous growth opportunities for players in the bucket trucks market in emerging regions. The hybrid bucket trucks segment is expected to gain market share by 2030 over 2020.
Bucket Trucks Market Insights by Insulation Type
Insulated bucket trucks with dielectric fiberglass coating prevent electricity from flowing through the boom, which can damage the equipment or potentially electrocuting the operator. Increased demand for bucket trucks from the utility sector will facilitate growth opportunities for insulated bucket trucks. The insulated bucket trucks market is expected to progress at a CAGR of 4.5% during the forecast period. However, with consistent demand, the market for non-insulated bucket trucks is expected to be valued at US$ 1.18 Bn by 2030-end.
Regional Outlook of Bucket Trucks Market
North America and Europe are seen as key regions as far as bucket trucks market share is concerned, as a result of advancing demand from end-use sectors and increasing number of regional players. Furthermore, Asia Pacific and Latin America are emerging markets for bucket trucks, backed by increased spending towards construction and utility services by regional governments.
Many manufacturers have begun concentrating on future advanced economies, such as ASEAN. In China, Beijing Jincheng Heavy Industry (JCHI) is set to produce AIRO lifts. Airo has production facilities and sales offices in France, Spain, and Brazil. The idea is to have a sales network for both companies throughout Asia Pacific and Europe.
For deeper knowledge surrounding the growth prospects of regional markets for bucket trucks, ask an expert analyst
Bucket Trucks Market Competitive Analysis: Key Players to Focus on Acquisition of Regional Players and Collaboration with Rental Companies
The global bucket trucks market is consolidated in nature, with primary competitors such as Altec, Versalift, and Terex acquiring maximum share in the market. The global market is characterized by intense competition between key market players. Emerging players are collaborating with rental companies, and are organizing off-road sporting events to capture high-potential markets.
- For instance, in 2019, Tando Limited acquired Demag GmbH Mobile Cranes Business, which is a Germany-based company. Through this acquisition, the company seeks to meet the needs of a wide range of customers with the addition of new crawler cranes to its product lineup.
COVID-19 Impact on Bucket Trucks Market
The effects of COVID-19 have been profound in recent times, which is thereby having significant implications on various sectors. Bucket trucks and other heavy vehicles products that are highly dependent on international trade have suffered quite early from the pandemic due to trade restrictions and closures of global markets. North America is one of the prominent regions in the bucket trucks market, and will see maximum fall in demand, as it is the most affected region by the coronavirus outbreak.
The Analyst’s Viewpoint
“Rental companies flourishing on the back of stable economic situations will drive growth for the bucket trucks market and other aerial working platform (AWP) trucks during the forecast period.”
Bucket Trucks Market: Scope of Report
Fact.MR published an exclusive forecast report on the bucket trucks market for the period of 2020-2030. The foremost objective of the bucket trucks market report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the bucket trucks market. Also, the bucket trucks market study addresses key dynamics that are expected to diversify the adoption and future prominence of bucket trucks.
The report on the bucket trucks market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the bucket trucks market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the bucket trucks market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors.
Bucket Trucks Market – Report Scope
A recent study by Fact.MR on the bucket trucks market offers a 10-year forecast for 2020-2030. The study analyzes crucial trends that are currently determining the growth of the bucket trucks market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of bucket trucks. The study also provides the dynamics that are expected to influence the future status of the bucket trucks market over the forecast period.
A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the bucket trucks market enhances the reliability of this comprehensive research study.
Bucket Trucks Market: Report Summary
The study offers comprehensive analysis on diverse features, including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the bucket trucks market across the globe.
A comprehensive estimate on the bucket trucks market has also been considered through an optimistic scenario as well as a conservative scenario regarding the sales of bucket trucks over the forecast period. Price point comparison by region with global average price is also considered in the study.
Bucket Trucks Market: Segmentation
Fact.MR has studied the bucket trucks market with detailed segmentation on the basis of lifting capacity, type, model, insulation type, and region.
Bucket Trucks Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the bucket trucks market.
Market estimates at global and regional levels for bucket trucks are available in terms of “US$ Mn” for value and “Units” in terms of volume. A Y-o-Y growth contrast on prominent bucket trucks market segments, along with market attractiveness evaluation, has been incorporated in the report. Another key feature of the bucket trucks market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives, in the bucket trucks market.
Bucket Trucks Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the bucket trucks market during the forecast period.
Country-specific valuations on demand for bucket trucks have been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of prominence in regions and countries. Regional market Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries has also been included in the report.
Bucket Trucks Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the bucket trucks market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of bucket trucks has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which help in thoughtfully presenting the market status, and predicting the competition levels in the bucket trucks market.
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