Bucket Trucks Market Size By Product (Class 4, Class 5, Class 6, Class 7, Class 8), By Type (Insulated, Non-Insulated), By Application (Construction, Utility [Electric, Water], Telecommunication, Forestry), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI4285  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 258   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Bucket Trucks Market size exceeded USD 1.3 billion in 2019 and is estimated to grow at 4.5% CAGR between 2020 and 2026. Growing urbanization & industrialization is creating an escalating demand for development of new infrastructure, augmenting the market revenue.
 

The ability of bucket trucks to serve as a flexible & height-adjustable platform enables workers in construction and utility sectors to perform their tasks with enhanced efficiency and safety. These trucks provide a highly reliable & safe alternative to scaffoldings and ladders used for construction or repair & maintenance jobs at elevated heights, further boosting their demand. Moreover, increasing government & private sector investments in the development of modern infrastructure and smart cities will provide a positive outlook for the market growth.
 

Bucket Trucks Market

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One of the major factors impacting market growth is the high cost of purchasing these trucks. Bucket trucks are manufactured using high-quality parts and pneumatic components, contributing to high initial investment costs. Construction industry players tend to use rental or used equipment due to the high cost of purchasing new trucks, challenging the market growth. However, the growing industry trend of continuous process improvement and economies of scale in production is expected to reduce the impact of this restraint over the coming years.
 

The bucket trucks industry will witness sluggish growth on account of the rapid spread of COVID-19 pandemic in 2020. The pandemic is inflicting high & rising losses to the global economy owing to disruption in the ecosystem of several industry sectors. Restrictions on international trade have led to a shortage of raw materials, hampering the production capability of bucket trucks. Furthermore, growing financial insecurities among manufacturers will impact the market size in 2020.
 

Bucket Trucks Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 1.3 Billion (2019)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.5% 2026 Value Projection: USD 1.5 Billion (2026)
Pages: 258 Tables, Charts & Figures: 449
Geographies covered (16): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Segments covered: Product, Type, Application
Companies covered (13): Aichi Corporation, Altec Inc., Axion Lift, Bronto Skylift, CTE Group SPA, Dur-A-Lift, Inc., Elliott Equipment Company, Equipment Technology, LLC, Manitex International, Inc, Palfinger AG, Tadano Ltd., Terex Corporation, Versalift
Growth Drivers:
  • Increasing investments in infrastructure development across the globe
  • Increasing installation of displays and banners across the globe
  • Growing urbanization in the U.S.
  • Government investments in power grid upgradation projects in India
  • Increasing demand for efficient and safer lifting solutions from BRIC countries
  • Increasing adoption of bucket trucks in China and Japan
  • Rapid urbanization in Southern African countries
Pitfalls & Challenges:
  • High initial cost of bucket trucks
  • Costs associated with maintenance
  • Lack of trained operators

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Increasing demand for efficient and high-power bucket trucks

The class 8 product segment held a market share of over 40% in 2019 and is predicted to witness over 5% growth until 2026. The growing trend of adopting bucket trucks for the installation of electric power grids and communication systems in rough terrains is driving the segment growth. Heavy-duty class 8 bucket trucks with a GVWR of over 14,969 kg or 33,001 pounds provide enhanced load carrying capacity and high stability in all terrains.
 

Growing demand for enhanced safety in utility applications

Bucket Trucks Market By Type

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The market valuation for insulated bucket trucks was over USD 240 million in 2019 and is anticipated to expand at more than 3% CAGR during 2020-2026. The growing demand for these trucks in the utility sector is expected to boost the segment growth.
 

The boom lifts in these trucks are lined with insulated fiberglass coating. This coating acts as a bad conductor and does not allow the flow of electricity through the boom.
 

This provides enhanced safety to workers while installing electric power grids. These trucks are also witnessing an increasing representation in the maintenance & repair of power grids.
 

Telecommunication applications to augment the market revenue

The telecommunications segment held a market revenue share of over 15% in 2019. The rapidly increasing global population is creating an unprecedented demand for efficient telecommunication systems. This has led to a large-scale requirement of robust telecommunication infrastructure, fueling the bucket trucks market growth. Benefits offered by bucket trucks such as improved worker safety and operational efficiency at elevated heights, will support the adoption of these trucks in the telecommunication industry.
 

Several companies operating in the telecommunication sector are following the market trend of deploying bucket trucks for the installation of communication systems. For instance, in May 2019, Verizon Communications, Inc. purchased five hybrid trucks manufactured by Odyne Systems, LLC. These trucks with a bucket height of 29 feet will assist the company for new installations of communication systems and maintenance & repair of existing cable networks. This new fleet of hybrid trucks also assists the company in reducing carbon footprint through low vehicle emissions.
 

Increasing infrastructural investments in Europe

Europe Bucket Trucks industry

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The Europe bucket trucks market revenue crossed USD 380 million in 2019 and is projected to reach USD 465 million by 2026. The market forecast predicts an increasing deployment of bucket trucks for the development of power stations and alternative sources of power in European countries. For instance, in March 2020, the French Government allotted new energy infrastructure development projects to private sector companies, driving the market growth in the region.
 

Partnerships and new product launches are key strategies adopted by market players

Companies operating in the industry are focusing on partnerships and new product launches to increase their market shares. For instance, in April 2019, Elliott Equipment Company launched its new 19.2-meter V60 bucket truck with a lift height of 11.6 meters and a platform capacity of 227 kg.
 

Key players operating in the global bucket trucks market include Aichi Corporation, Equipment Technology, LLC, Altec, Inc., Bronto Skylift, CTE Group SPA, Manitex International, Inc., Dur-A-Lift, Inc., Axion Lift,  Elliott Equipment Company, Tadano Ltd., Terex Corporation, Palfinger AG, and Versalift.
 

This market research report for bucket trucks includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:
 

Market, By Product:

  • Class 4
  • Class 5
  • Class 6
  • Class 7
  • Class 8

Market, By Type:

  • Insulated
  • Non-insulated

Market, By Application:

  • Construction
  • Utility (Electric & Water)
  • Telecommunication
  • Forestry

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
       

Frequently Asked Questions (FAQ) :

The market size of bucket trucks was valued over USD 1.3 billion in 2019.
The industry share of bucket trucks is projected to witness 4.5% CAGR during 2020-2026.
According to the analysts at GMI, the European market revenue for bucket trucks will reach USD 465 million by 2026.
The telecommunications application of bucket trucks held over 15% market share in 2019.
Key players operating in the global market include Aichi Corporation, Equipment Technology, LLC, Altec, Inc., Bronto Skylift, CTE Group SPA, Manitex International, Inc., Dur-A-Lift, Inc., Axion Lift, Elliott Equipment Company, Tadano Ltd., Terex Corporation, Palfinger AG, and Versalift.
The class 8 segment held a market share of over 40% in 2019 and is forecast to witness over 5% growth until 2026 owing to growing trend of adopting bucket trucks for the installation of electric power grids and communication systems in rough terrains.

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Premium Report Details

  • Published Date: Jul 2020
  • Pages: 258
  • Tables: 426
  • Charts / Figures: 23
  • Companies covered: 13
  • Countries covered: 16

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