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Bucket Trucks Market Trends

Report ID: GMI4285
Published Date: Oct 2023
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of bucket trucks reached USD 1.3 billion in 2022 and is set to grow at over 7% CAGR between 2023 and 2032, due to the rising sales of commercial vehicles, especially in the construction, utilities, and maintenance sectors.

The non-insulated type segment held more than 80% of the market share in 2022, owing to the escalating forestry management activities and the growing need for specialized vehicles to handle tasks, such as tree trimming and maintenance efficiently.

The utility application segment garnered over 47% of the bucket trucks market share in 2022, propelled by innovations, such as enhanced hydraulic systems, intuitive control interfaces, and automation features to significantly improve the efficiency, safety & precision of utility-related tasks.

North America accounted for 40% of the market share in 2022, led by robust infrastructure development initiatives and aging utility systems in the region.