Bucket Trucks Market Size - By Product (Class 4, Class 5, Class 6, Class 7, Class 8), Type (Insulated, Non-Insulated), Application (Construction, Utility [Electric, Water], Telecommunication, Forestry), Regional Outlook & Global Forecast, 2023 - 2032

Bucket Trucks Market Size

Bucket Trucks Market size was valued at USD 1.3 billion in 2022 and is estimated to register a CAGR of over 7% between 2023 and 2032. Rising sales of commercial vehicles, especially in the construction, utilities, and maintenance sectors, are driving the demand for bucket trucks. As businesses expand fleets, there is a corresponding need for specialized vehicles such as bucket trucks to support various tasks at elevated heights. According to the Society of Indian Automobile Manufacturers’ domestic sales statistics in 2022, around 962,468 commercial vehicles were sold in the Indian market. Increasing construction projects and infrastructure developments further amplify this demand, propelling the market demand.

Growing infrastructure development projects worldwide are a key factor driving the bucket trucks market. As countries invest in building & upgrading their roads, bridges, and public utilities, the demand for bucket trucks rises significantly. These vehicles are essential for tasks such as installing streetlights, maintaining utility lines, and repairing infrastructure elements at elevated heights. As urban areas expand and new infrastructure projects emerge, the market for bucket trucks continues to enlarge to meet the demands of construction & maintenance activities.

The high initial cost of bucket trucks can pose a significant obstacle to market growth. Many businesses, especially small enterprises and startups may find it financially challenging to invest in these specialized vehicles. This cost barrier can deter potential buyers, limiting market expansion. To mitigate this challenge, manufacturers and financial institutions often offer leasing & financing options, making bucket trucks more accessible to a broader range of businesses. Such initiatives can help overcome the hurdle of high upfront expenses, stimulating market demand.

COVID-19 Impact

Despite the challenges posed by COVID-19, the bucket trucks market experienced positive trends. The pandemic highlighted the importance of essential services, leading to an increased demand for utility maintenance and emergency repair works. Many governments also accelerated infrastructure projects to stimulate economic recovery, boosting the need for bucket trucks. Additionally, safety concerns led to the adoption of contactless and automated features in these vehicles, driving innovation.

Bucket Trucks Market Trends

The increasing inauguration of grid projects is driving the demand for bucket trucks. These specialized vehicles play a vital role in the construction, maintenance, and repair of electrical infrastructure. As more grid projects are initiated to meet the growing energy needs, the demand for bucket trucks rises.

For instance, in June 2023, The Gulf Cooperation Council Interconnection Authority (GCCIA) launched a groundbreaking project, known as the super grid, connecting the GCC with southern Iraq. This initiative aims to fulfill a substantial portion of southern Iraq's electricity demand by delivering 500 megawatts (MW) of power. These vehicles enable efficient installation of power lines, repairs, and routine maintenance, making them essential assets for grid expansion initiatives.

Rapid urbanization is a significant factor driving the bucket trucks market. As cities expand, the demand for essential services such as utility maintenance, streetlight installation, and tree trimming surges. Bucket trucks are indispensable for these tasks, enabling efficient and safe operations at elevated heights. Urban areas constantly require maintenance and upgrades, fostering a continuous demand for these specialized vehicles. Consequently, the rapid growth of cities worldwide directly fuels the market expansion, making them essential assets in urban development and maintenance efforts.

Bucket Trucks Market Analysis

Based on type, the non-insulated segment held over 80% of the market share in 2022. Escalating forestry management activities are driving the non-insulated segment demand. As efforts to manage forests intensify, there is a growing need for specialized vehicles that can handle tasks such as tree trimming and maintenance efficiently.

For instance, in August 2023, the Georgia Forestry Commission revealed several funding opportunities for community forestry management and tree planting initiatives. They are currently accepting applications for three grants aimed at supporting programs related to tree plantings, distribution, and maintenance. These grants are designed to protect and enhance the numerous benefits offered by thriving urban forests. Non-insulated bucket trucks, tailored for these activities, are in high demand due to their versatility and cost-effectiveness. These rising forestry management initiatives are further fueling the non-insulated segment growth over the forecast period.

Based on application, the utility segment accounted for 47% of the bucket trucks market share in 2022. Technological advancements are pivotal in propelling utility applications in the market. Innovations such as enhanced hydraulic systems, intuitive control interfaces, and automation features significantly improve the efficiency, safety & precision of utility-related tasks. These advancements enable utility companies to perform maintenance, repairs, and installations more effectively, reducing downtime & enhancing overall productivity. The integration of smart technologies and IoT capabilities further refines operational processes, making bucket trucks equipped with these features highly desirable for utility applications, thus driving market growth.

North America bucket trucks market size recorded more than 40% of the revenue share in 2022, propelled by robust infrastructure development initiatives and aging utility systems. Ongoing investments in construction projects and utility maintenance create a consistent demand for bucket trucks, utilized for tasks such as electrical line installations and upgrades. Simultaneously, the need to upgrade aging utility infrastructure drives market growth with utilities relying on bucket trucks for routine maintenance and repairs. Stringent safety regulations and the necessity to adhere to modern standards further fuel market expansion in this region.

Bucket Trucks Market Share

Major companies operating in the bucket trucks industry are:

• 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
• Terex Corporation
• Palfinger AG

are the major market players operating in the market. Major market companies operating in bucket truck market are focusing on various inorganic growth strategies to stay competitive in the market. Companies form strategic partnerships and alliances with other organizations to leverage complementary strengths and resources. These collaborations can lead to joint product development, expanded distribution networks, and shared research and development efforts.

Bucket Trucks Industry News

• In September 2023, Alectra Utilities integrated an all-electric double bucket truck from International eMV into its fleet. This electric vehicle will be utilized by powerline technicians for routine overhead line maintenance tasks. The truck received by Alectra is among the initial deliveries of its kind in Ontario (Canada), marking a significant step toward sustainable and eco-friendly utility operations.
   

The bucket trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Product

• Class 4
  • Insulated
  • Non-Insulated
• Class 5
  • Insulated
  • Non-Insulated
• Class 6
  • Insulated
  • Non-Insulated
• Class 7
  • Insulated
  • Non-Insulated
• Class 8
  • Insulated
  • Non-Insulated

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
  • UAE
  • South Africa
  • Saudi Arabia