Bucket Trucks Market
Bucket Trucks Market By Type (Articulated, Telescopic), By Model (Standard, Hybrid), By Insulation Type (Insulated, Non-insulated ), By Lifting Capacity, By Region - Global Forecast 2020-2030
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.
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.
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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.
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.
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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.”
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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: Segmentation
Fact.MR has studied the bucket trucks market with detailed segmentation on the basis of lifting capacity, type, model, insulation type, and region.
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