Bucket Truck Rental Market

Bucket Truck Rentals Market Growth Outlook (2023 to 2033)

The global bucket truck rental market is expected to be valued at US$ 293.0 million in 2023 and further expand at a CAGR of 4.8% to reach US$ 468.3 million by the end of 2033.

With the growing construction and infrastructure development activities across both developed and developing economies coupled with growing government spending on smart city development, the demand for bucket trucks is likely to increase, which paves the way for the growth of the bucket truck rental market.

Rental services enable end-users to opt for an advanced solution at economical prices and save on the overall operational cost of maintaining and storing bucket trucks creating immense growth opportunities for the bucket truck rental market growth.

Report Attributes	Details
Bucket Truck Rental Market Size (2022A)	US$ 279.6 Million
Estimated Market Value (2023E)	US$ 293.0 Million
Expected Market Value (2033F)	US$ 468.3 Million
Global Market Growth Rate (2023-2033)	4.8% CAGR
United States Market Share (2023)	27.7%
China Market Growth Rate (2023-2033)	5.1% CAGR
United States Market Growth Rate (2023-2033)	5.0% CAGR
Market Share of Top 3 Countries	63.3%
Key Companies Profiled	BlueLine Rental H&E Equipment Services Haulotte Group Herc Rentals NES Rentals Riwal Sunbelt Rentals United Rentals

Comprehensive Analysis of the Bucket Truck Rental Market

A bucket truck, also known as an aerial work platform or an aerial lift, is a specialized vehicle equipped with a hydraulic lifting system and a bucket-like platform at the end of an extendable boom. This platform allows workers to access elevated areas safely and efficiently.

The construction industry is experiencing significant growth globally, leading to a higher demand for bucket trucks. These vehicles enable workers to perform tasks at heights, such as installation, maintenance, and repairs. Hence, growing construction and infrastructure development activities are likely to drive the bucket truck rental market.

Owing to the aforementioned market dynamics, the global market is expected to witness of 4.8% CAGR, projected to create an absolute dollar opportunity of US$ 468.3 Million during the forecast period.

• Short Term (2023-2026): Growing infrastructure projects, including roadways, bridges, and utility networks, require the use of bucket trucks for various tasks. The growing infrastructure development creates growth opportunities for the bucket truck rental market in the coming years.
• Medium Term (2026-2029): The need for regular maintenance and repair work in industries like utilities, telecommunications, and public services drives the demand for bucket trucks. These vehicles are crucial for activities such as equipment inspection, streetlight maintenance, and tree care services. Renting bucket trucks is often more cost-effective for businesses than purchasing them outright. Such factors are creating a positive outlook for market growth.
• Long Term (2029-2033): Technological advancements and a consumer shift towards electrical bucket trucks are likely to drive the market in the long run.

On the back of the aforementioned facts, the concrete grinder rental market is expected to grow at a CAGR of 4.8% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of bucket truck rental based on type and region is illustrated briefly in the above image. Under the type segment, the telescopic articulated sub-segment will dominate with 39.1% market share in 2023.

Market Dynamics Outlook

“Growing Mining & Quarrying Industries to Drive Bucket Truck Rental Market Growth”

In the mining and quarry industry, there is a need to access elevated areas for various operations such as exploration, drilling, blasting, and equipment maintenance. Bucket trucks provide a safe and efficient solution for reaching these heights, allowing workers to carry out their tasks effectively.

Mining and quarry operations involve maintaining and repairing heavy machinery and equipment. Bucket trucks provide a stable platform for technicians to access elevated parts of the equipment, facilitating maintenance and repair work.

Renting bucket trucks is often a more cost-effective option for mining and quarry companies compared to purchasing them outright. Renting allows for flexible budget allocation, especially for projects with varying duration or intermittent need for elevated work platforms.

The growing mining and quarry industry's demand for bucket trucks drives the rental market's expansion, enabling companies in this sector to access specialized equipment, at lower rates.

“Factors Restraining the Market Growth”

Rental companies are constrained in their ability to grow their fleet due to the high initial cost of investment in bucket trucks. These specialized bucket trucks come with high maintenance and repair expenses as well, which impact the profit margin of rental companies.

Additionally, strict criteria for bucket trucks are imposed by regulatory compliance and safety regulations, raising operational costs for rental businesses. The market is further challenged by a lack of skilled operators and a requirement for specialized training.

Country-wise Insights

What Factors Drive the Bucket Truck Rental Market across the US?

Bucket trucks are widely used because of the large infrastructure network and continual maintenance efforts across the United States. Cities and towns need bucket trucks for jobs like power line repairs, tree trimming, and streetlight maintenance since their utility systems are aging. The construction industry is expanding rapidly in the United States, which increases demand for bucket truck rentals. Additionally, the need for bucket trucks is due to the growing attention towards renewable energy projects like wind farms and solar systems, which need specialized equipment for installation and maintenance.

Furthermore, bucket truck rentals are a sensible option for many firms due to strict safety laws and the requirement for qualified operators. Due to its extensive infrastructure demands, construction activity, and renewable energy projects, the U.S. consequently makes a considerable contribution to the booming bucket truck rental market. This upsurge in demand paves the way for the bucket truck rental market across the country.

With respect to the aforementioned dynamics, the U.S. bucket truck rental market is expected to grow at a rate of 5.0% during the forecast period.

Why Chinese Bucket Truck Rental Market is Highly Lucrative?

There are many significant developments that have emerged in China in recent years that has boosted the utilization of bucket truck and created growth opportunities for the bucket truck rental market players. The rapid urbanization and infrastructure development occurring in diverse parts of China is one significant trend. The need for effective utility services, such as power, telecommunications, and streetlight maintenance, is increasing as cities grow.

The demand for bucket truck rentals in China is also fueled by the growing emphasis on renewable energy. The country has invested heavily in solar and wind energy projects which require installation and upkeep of transmission lines, solar panels, and wind turbines. The ability of experts to reach the heights necessary for these operations is made possible by bucket trucks, which helps the bucket truck rental industry to expand.

The bucket truck rental market in China is predicted to be valued at US$ 111.9 million by 2033 on the back of the aforementioned growth factors.

Category-wise Insights

Why Demand for Telescopic Articulate Bucket Truck Rental is Growing?

Under the type segment, the telescopic articulated sub-segment is anticipated to hold the dominating place in the market. The segment is expected to hold a market share of 39.1% in the year 2023.

Telescopic articulated bucket trucks offer versatility in accessing elevated work areas. These trucks have extendable booms that reach various heights and angles, allowing workers to perform tasks such as maintenance, repairs, construction, and tree trimming.

Bucket trucks provide increased efficiency in completing tasks at elevated heights. They offer a stable and secure platform for workers to operate from, reducing the need for scaffolding or manual climbing. This efficiency translates into time savings and improved productivity.

Renting a telescopic articulate bucket truck is cost-effective than purchasing one, especially for short-term or sporadic projects. Renting eliminates the need for upfront investment, ongoing maintenance costs, and storage requirements. It allows businesses to access the equipment they need when required, without long-term financial commitments creating immense growth opportunities for the bucket truck rental service providers to exploit and gain high-profit margins.

How the Growing Construction Industry Drives the Bucket Truck Rental Market?

As the construction industry experiences growth, the demand for bucket trucks is likely to increase. For instance:

• The volume of construction output is projected to grow by 85.1% to reach US$ 15.5 trillion worldwide by 2030. This indicates a substantial expansion in construction activities across various regions.
• China, the US, and India are identified as the key contributors to global construction growth, accounting for 57% of the overall increase.

Hence, with the growing construction industry, there is an increased demand for elevated work platforms, including bucket trucks. Construction projects often require tasks such as installation, maintenance, and repair work at heights. Bucket trucks provide a safe and efficient means to access elevated areas, making them essential equipment for construction companies.

Construction companies often face strict deadlines and need to complete projects within specific timeframes. Bucket trucks offer time and cost savings by providing a quick and efficient solution for working at heights. Renting bucket trucks allows construction companies to access the necessary equipment without long-term investments, reducing upfront costs and improving project cost management.

Competitive Landscape

Prominent bucket truck rental service providers are BlueLine Rental, H&E Equipment Services, Haulotte Group, Herc Rentals, NES Rentals, Riwal, Sunbelt Rentals, and United Rentals.

Market players are establishing partnerships with other businesses in the construction industry. This includes contractors, construction equipment dealers, or suppliers. These partnerships will help service providers to expand their customer base, generate referrals, and provide additional value-added services or discounts to customers, enhancing their market share. Mergers and acquisitions coupled with pricing remain to go-to strategy to cut down competition and improve market position. For instance:

• In June 2023, United Rentals acquired Franklin Equipment which has a remarkable presence across 20 locations creating growth opportunities and enhancing the market position for United Rentals.

Fact.MR has provided detailed information about the key rental service providers of bucket trucks, their total fleet, service portfolio, and revenue growth, in the recently published report.

Segmentation of Bucket Truck Rental Industry Research

• By Type :

  • Articulated Over Center
  • Articulated Non-Over Center
  • Telescopic Articulated
  • Insulated

• By Height :

  • Less than 50 Feet
  • 50-75 Feet
  • Above 75 Feet

• By Power Source :

  • Diesel
  • Gasoline
  • Hybrid

• By Platform Capacity :

  • less than 250 lbs.
  • 250-500 lbs.
  • 500-1,000 lbs.
  • Above 1,000 lbs.

• By End Use :

  • Construction and Infrastructure
  • Telecommunication and Utilities
  • Entertainment and Events
  • Industrial and Manufacturing
  • Facilities and Maintenance
  • Others

• By Region :

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