February 06, 2020
As per the report titled ‘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 (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Landscape & Forecast, 2018 - 2024’, available at MarketStudyReport.com, the global bucket trucks market is anticipated to cross USD 1.5 billion by the year 2024.
Rising consumer preference for luxurious lifestyle and aesthetic structures, coupled with increasing number of infrastructure development projects is fueling the growth of bucket trucks market. Bucket trucks are designed to elevate workers to a certain height for performing operations such as electrical & telephone line maintenance, windows washing & painting, fruit harvesting, and for banner installation. This factor, along with surging number of power grid upgradation projects across Asia Pacific will boost the demand for bucket trucks over the projected timeline. On the other hand, high initial price and lofty maintenance cost of bucket trucks will negatively impact the market growth in the forthcoming years.
Based on the product type, class 5 and class 6 trucks, also referred as medium duty truck segment is anticipated to register a high growth rate over the forecast period, owing to increasing demand from the construction and telecommunication sector. Medium duty trucks offer a tighter turning radius along with superior mileage. These benefits coupled with their wide use for transportation of lightweight equipment and materials across various industries is augmenting the segmental growth.
In terms of the application scope, bucket trucks market from construction segment is projected to see a sizeable growth in the coming years, on account of rising demand from private & government construction companies to enhance construction efficiency. The rapid expansion of construction industry in Middle East countries such as Saudi and the UAE has led to an increased demand for bucket trucks. In addition, surge in high-rise construction projects in the China, U.S., and the UK is propelling the demand for technologically advanced trucks with the ability to reach maximum heights.
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Considering the geographical outlook, bucket trucks market in Latin America is predicted to register a high growth rate over the projected timeline. The regional growth can be attributed to the rapidly recovering construction sector along with the inflowing investments by government and private companies for development of infrastructure such as railway stations, airports, residential buildings, and malls.
Major players of bucket trucks market include Aichi Corporation, Versalift, Altec, Inc., Manitex International, Inc., Bronto Skylift, and Axion Lift.
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