Bucket Trucks Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The bucket truck market is anticipated to reach USD 1,950.9 million by 2030 from USD 1,371.9 million in 2022, at a CAGR of 4.5% during the forecast period. The bucket truck market is expected to experience significant growth on a global scale, driven by the increasing demand from various end-users, including forestry, telecommunications, utilities, and construction & earthmoving industries. These sectors require safe and reliable equipment for elevated work areas, and bucket trucks offer an ideal solution. The growth of the market is further fueled by the advantages offered by bucket trucks, such as increased efficiency and convenience compared to traditional scaffolding and ladders. As a result, the bucket truck market is poised for growth as demand from end-users continues to rise.

Bucket trucks provide a highly reliable & safe alternatives to scaffoldings and ladders used for construction or repair and maintenance jobs at elevated heights, which is further boosting the demand for bucket trucks on a global level. Increasing government and private sector investment in the development of modern infrastructure and smart cities will positively impact the growth of bucket truck market.

KEY MARKET DYNAMICS:

Demand from Key End-users: The demand for bucket trucks is closely tied to the construction, maintenance, and utility industries, which are the primary end-users of these vehicles. As these industries continue to grow, the demand for bucket trucks is expected to increase.

Technological Advancements: Bucket truck manufacturers are constantly innovating and improving their designs to enhance performance, safety, and reliability. This has led to the development of new models with features such as increased reach, capacity, and maneuverability. As a result, customers are increasingly willing to invest in newer models, driving market growth.

Stringent Safety Regulations: The safety of workers using bucket trucks is a top priority for governments and organizations. As a result, safety regulations and guidelines have become increasingly stringent, leading to a growing demand for bucket trucks that comply with these standards.

Environmental Concerns: Environmental regulations are becoming increasingly stringent, and there is a growing demand for eco-friendly equipment. This has led to the development of electric-powered bucket trucks, which are gaining popularity in the market.

Increasing Demand for Rental Equipment: Many companies prefer to rent equipment, including bucket trucks, rather than purchase them outright. This has led to a growing demand for rental equipment, which is expected to drive market growth.

Bucket Trucks Segmentation:

Bucket Truck Market, By Class: Opportunity Analysis 2022 & 2030

·        Class 4

·        Class 5

·        Class 6

·        Class 7

·        Class 8

Bucket Truck Market By Height: Opportunity Analysis 2022 & 2030

·        Below 45FT

·        45FT – 65FT

·        65FT & ABOVE

Bucket Truck Market By Type: Opportunity Analysis 2022 & 2030

·        Telescopic

·        Telescopic articulated

·        Cable placers

·        Digger derricks

·        Material handlers

·        Non-overcenter

·        Overcenter

By Region:

·        North America

·        Europe

·        Asia Pacific

·        Latin America

·        Middle East and Africa

Bucket Trucks Market by Class Review:

The bucket truck market is segmented into five classes: class 4, class 5, class 6, class 7, and class 8. Based on market share, class 8 is expected to dominate the market. This growth can be attributed to the high demand for heavy-duty bucket trucks in applications such as power transmission and forestry, where larger trucks are necessary to handle the weight of equipment and materials. Class 8 bucket trucks segment is expected to see strong growth in the coming years as demand for their specialized capabilities continues to increase.

Telescopic bucket trucks are a type of aerial work platform that feature a telescopic boom that can extend and retract, allowing the platform to reach greater heights. These trucks are primarily used in the construction, maintenance, and utility industries, where they are used for a wide range of tasks, such as repairing electrical lines, trimming trees, and cleaning windows on tall buildings.

Telescopic bucket trucks are ideal for tasks that require a high reach, such as painting, construction work, and maintenance of tall structures like towers or bridges. They are also used in the telecommunications industry to install and maintain cell towers, as well as in the mining industry for maintaining and repairing large mining equipment. The telescopic boom allows the operator to reach difficult or inaccessible areas, providing greater flexibility and efficiency in performing these tasks.

The focus on worker safety is a significant growth driver for the telescopic bucket truck market. Companies are increasingly looking for safe and reliable equipment that can help to protect workers from hazards associated with working at height.

Bucket Trucks Market by Height Review:

On the basis of height, the market for bucket truck is segmented into below 45FT, 45FT – 65FT, 65FT & above. Among these, the 65FT & above segment is expected to be the largest in terms of market share.

Bucket Trucks Market by Type Review:

The bucket truck market is further segmented by type, which includes telescopic, telescopic articulated, cable placers, digger derricks, material handlers, non-overcenter, overcenter, and others. Among these, the telescopic articulated segment is expected to hold the largest market share, while also growing at the fastest CAGR during the forecast period. This growth is driven by the flexibility and versatility offered by telescopic articulated bucket trucks, which allow for increased maneuverability and access to hard-to-reach areas.

Regional Outlook:

The bucket trucks market research report offers detailed analysis and forecasts for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

In 2021, North America emerged as the largest market for bucket trucks and is projected to maintain this position during the forecast period of 2022-2030. This can be attributed to the region's strong economic growth, well-established end-user industries, and the presence of major market players. The increasing investments in modern infrastructure and smart cities by the government and private sectors is further expected to positively impact the growth of the bucket truck market.

United States bucket truck market size stood at USD XXXX.X million in 2022. Further, it is predicted to expand at a CAGR of X.X% during the forecast period and reach USD XXXX.X million by 2030. The United States had one of the world’s largest industrial and commercial sectors, these sectors are positively impacting the growth of bucket truck market in the country. Balanced increment in the construction productivity has led to the utilization of various technological equipment including the hybrid and all terrain bucket trucks which will further boost the growth of bucket truck market in the United States.

Moreover, the United States has a well-established infrastructure sector and utility industry, which fuels the demand for bucket trucks in the country. Apart from this bucket trucks are widely used in various industries such as electricity maintenance, transportation, logistics, and others, which will further increase the demand for bucket truck in the country.

During the forecast period, the Asia Pacific region is expected to experience the highest growth rate in terms of CAGR in the bucket truck market. This growth can be attributed to the expansion of the construction industry and the improving financial conditions in the region. Emerging economies such as China and India are also expected to drive the demand for bucket trucks, particularly in the construction, telecommunications, and utility sectors.

The growing need for efficient and safe access to elevated work areas, coupled with the increasing investments in infrastructure development and smart cities, is expected to fuel the demand for bucket trucks in the Asia Pacific region. Additionally, advancements in technology and the adoption of environmentally friendly equipment are expected to contribute to the growth of the market in the region.

Key Companies in Bucket Trucks Market:

The research report offers a competitive analysis of prominent companies operating in the bucket trucks market. Some of the leading players profiled in the market research report include:

·        Texrex Corporation

·        Time Manufacturing Company Inc.

·        The Manitowoc Company, Inc.

·        Manitex International Inc.

·        Altec Inc.,

·        Versalift

·        AICHI Corporation

·        Palfinger AG

·        CTE Group

·        Dur-A-Lift Inc.

·        Other Players