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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 (North America, Latin America, Europe) - Global Market Insights 2022-2032

Analysis of Bucket Trucks market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Bucket Trucks Market Outlook (2022-2032)

The global bucket trucks market is set to enjoy a valuation of US$ 1,333.6 million in 2022 and further expand at a CAGR of 3.5% to reach US$ 1,872.4 million by the end of 2032.

Sales of bucket trucks accounted for nearly 5% of global vocational trucks market in 2021.

Report Attributes

Details

Bucket Trucks Market Size (2021A)

US$ 1,291.1 Million

Estimated Market Value (2022E)

US$ 1,333.6 Million

Forecasted Market Value (2032F)

US$ 1,872.4 Million

Global Market Growth Rate (2022-2032)

3.5% CAGR

North America Market Share (2022)

~ 36.7%

North America Market Value (US$ Mn), 2022

US$ 489.1 Million

Europe Market Share (%), 2022

~31.3%

Europe Market Value (US$ Mn), 2022

US$ 417.7 Million

China Market Share (%), 2022

~9.5%

China Market Value (US$ Mn)

US$ 126.8 Million

Top 3 country Market Share (%)

~39.7%

Key Companies Profiled

  • Tadano Limited
  • TIME Manufacturing Company, Inc.
  • Terex Corporation
  • AICHI Corporation
  • Manitex International, Inc.
  • Palfinger AG
  • The Manitowoc Company
  • Altec Industries
  • Socage S.R.L
  • CTE Group

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Sales Analysis of Bucket Trucks Market (2017-2021) Vs. Market Forecast Outlook (2022-2032)

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 (2022-2032). 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.

  • Short Term (2022 Q2 to 2025): Utilization and integration of bucket trucks in the telecommunication and construction industry to positively impact bucket trucks market growth.
  • Medium Term (2025-2028): Europe and North America anticipated to witness high bucket trucks demand on the back of industrial and commercial sectors in these regions, with the global leading players.
  • Long Term (2028-2032): Increase in the use of insulated bucket trucks by insulation type will drive bucket trucks market demand.

Over the 2017-2021 historical period, the global bucket trucks market registered a CAGR of 2.8%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 3.5% CAGR between 2022 and 2032.

Global bucket trucks market forecast by Fact.MR

Market share analysis of bucket trucks based on lifting capacity and region is provided in a nutshell in the above image. Under the lifting capacity segment, the above 1000 Kg sub-segment dominates with 42.4% market share in 2022.

Bucket Trucks Market

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What’s Driving Demand for Bucket Trucks?

“Rental Construction Equipment Companies Flourishing on the Back of Stable Economic Situations will Drive Growth”

A wide number of initiatives are being taken in the commercial sector to improve the safety of operators and encourage manufacturers to invest in the development of scissor lifts. Adoption of boom lifts is expected to increase in the coming years owing to initiatives being taken by associations and regional governments. This has resulted into more number of rental companies in industry.

Algeria, Morocco and South Africa are at the forefront in the list of high growth of bucket truck market where construction and logistics are well-developed. Moreover, in South Africa, the rental concept is more developed than anywhere else in Africa. Another factor attributing to the growth of bucket trucks market is that these regions have more stable economic situation than in other African countries, which encourages companies to build a reliable dealer network.

“Safety Standards Revaluation Will Encourage the Widespread Adoption of Aerial Work Platforms”

Bucket trucks market has undergone considerable amount of restrictions over the recent past. Post this, massive restructuring effort and greater emphasis has been placed on safety regulations which eliminate the need to use risky rope access and other conventional methods, such as scaffolding. In saturated markets, such as Western Europe and North America, technologically advanced equipment is perceived to be the best bet for any job.

In effect to this, OSHA and other associations have developed and made amendments to several standards, which are encouraging the adoption of aerial work platforms and thus driving their growth in the market. Japan is known to lay a 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.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

What Do Bucket Trucks Manufacturers Need to Watch Out for?

“High Pricing – One of the Predominant Challenges for Bucket Truck Market”

The main challenges in the bucket trucks market are political, economic and regulatory in nature. In the Middle East & Africa, companies that intend to increase their market share face difficulties, such as underdeveloped infrastructure and shortage of qualified workers/operators.

Despite a moderate increase in the use of bucket truck, markets in the MEA have been observing purchasing of used equipment which impedes the sales of new equipment.

Market introduction of bucket truck is facing three primary challenges such as consumer awareness & understanding; pricing; and safety concerns. Lack of awareness could hamper the market of aerial work platforms. Further, bucket trucks with increased features cost relatively higher than conventional ladders and towers.

Subsequently, the number of end users in developing countries and nations are relatively lower than developed countries. Additionally, lack of technological advancements in countries of the South East Asia , Middle East & Africa will decelerate the growth of the bucket truck market in the region.

Country-wise Insights

Will the Huge Industrial and Commercial Sectors in the U.S. Drive High Demand for Bucket Trucks?

The United States bucket trucks market is currently estimated at US$ 439.4 million in 2022.

The United States had one of the world's largest industrial and commercial sectors. The country has a large share of bucket trucks market is roughly 89.9% in North America region in 2021.

The construction industry accounts for a key share in the United States GDP. Balanced increment in the construction productivity has led to the utilization of various technological equipment. At the macro level, projects and sites are becoming more complex which demands efficient work platforms. Therefore, dynamics of construction industry play a pivotal part in bucket trucks market in U.S.

The U.S. remains one of the world's largest markets for construction equipment industry making it a lucrative market for bucket trucks manufacturers. Higher population and environmental awareness among Americans will drive growth in the market.

Why is the China Bucket Trucks Market Expected to Boom?

In recent years, China has become a cradle for the production of bucket trucks and other aerial working platform - not just for domestic manufacturers, but also for established players based outside of China. There are considerable number of bucket trucks manufacturers in China based market. Key companies are making inroads into mature markets, thereby enhancing sales in Europe. Despite relatively low demand in China, manufacturers and suppliers are focusing on developing long-term plans explicitly for Europe.

The China market for bucket trucks is expected to reach a valuation of US$ 232.1 million in 2032.

Category-wise Insights

Will Market Growth Be Led by Insulation Type Bucket Trucks?

An industrial vehicle that carefully maneuvers around complicated electrical cabling is called an insulated bucket truck. The insulated bucket truck has better technology and a greater level of protection since it is more useful than a regular aerial platform truck.

Beside from performing the basic duties of a conventional aerial platform vehicle (with the exception of extra-large tonnage lifting), an insulated bucket truck can also work while the power is still on, for example, while changing transformers, wires, or cable clips without turning off the power.

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 4.7% during the forecast period. However, with consistent demand, the market for insulated bucket trucks is expected to be valued at US$ 617 million by 2032-end.

Is Non-Insulated Bucket Truck Up Surging in Sales?

The bucket truck market is segmented into insulated and non-insulated models based on type. The low price of non-insulated bucket trucks is causing them to become more popular. The market share of non-insulated bucket truck was around 71.7% in 2021. These vehicles are primarily made for utility personnel and anyone who work close to electrical cabling. Non-insulated bucket trucks are built using fiberglass and other dielectric materials to stop electricity from conducting. Due to non-insulated bucket truck is up surging, the non- insulated bucket truck is likely to reach the valuation of US$ 1,247.5 million.

Competitive Landscape

Bucket trucks manufacturers are Tadano Limited, TIME Manufacturing Company, Inc., Terex Corporation, AICHI Corporation, Manitex International, Inc., Manitex International, Inc., Palfinger AG, The Manitowoc Company, Altec Industries, Socage S.R.L,CTE Group, Duralift.

The world’s leading manufacturers of bucket trucks products are employing sustainable technologies and optimization systems for diverse end users. Key manufacturers are focusing on developing new product designs to address problems in terms of product placement in harsh operating environments. Moreover, expertise and professionalism in planning, designing, and providing minimum maintenance cost are at the backbone of their marketing strategies.

  • In Jan.2021, Bucket truck manufacturer Versalift Parent Time manufacturing company announced that it has agreed to acquire Ruthmann, a European manufacturer of aerial work platforms. The deal is expected to close in Q1 2021. Ruthmann is headquartered in Gescher-Hochmoor, Germany. The company has a long history of manufacturing high-quality, truck-mounted aerial work platforms
  • In Jan.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.

Fact.MR has provided detailed information about the price points of key manufacturers of bucket trucks positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Bucket Trucks Industry Research

  • By Lifting Capacity:

    • < 500 Kg
    • 500 - 1000 Kg
    • > 1000 Kg
  • By Type:

    • Articulated
    • Telescopic
  • By Model:

    • Standard
    • Hybrid
  • By Insulation Type:

    • Insulated
    • Non-insulated
  • By Region:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- Premium Report Details -

Bucket Trucks Market
  • FACT4442MR
  • Nov-2022
  • Automotive
  • 170 Pages
  • 140 Tables
  • 114 Figures

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The global bucket trucks market is valued at US$ 1,291.1 million in 2021.

Worldwide demand for bucket trucks is anticipated to reach US$ 1,872.4 million by 2032-end.

During 2017-2021, sales of bucket trucks increased at 2.8% CAGR.

North America tops the global bucket trucks market accounting for 36.7% market share in 2022.

Standard bucket trucks accounted for 68.9% share of global sales in 2021.

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