Global Bucket Trucks Market Expected to Represent US$ 1.8 Bn by the End of 2020 to 2030: Fact.MR

CITY, Country, 2021-Jan-07 — /EPR Network/ —

The bucket trucks market is expected to rise at a moderate 3.5% CAGR through the end of 2030. The high costs to the global economy from the coronavirus pandemic have significantly hurt market prospects in the short term. Also, disruptions in the supplies of raw material and restrictions on international trade are limiting growth opportunities. Long-term prospects of the industry are positive owing to the scope of applications in a wide range of end use industries.

“Bucket trucks are a height-adjustable, flexible platform solution that allows workers in the utility and construction sectors to perform tasks with higher standards of safety and efficiency. These vehicles are also considered a better alternative to conventional ladders and scaffoldings for the construction or maintenance applications in elevated settings, cementing the requirement of these products,” says the FACT.MR analyst.

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Bucket Truck Market- Key Takeaways

• Telecom applications for bucket trucks will contribute substantially to revenues, driven by major investments being made into infrastructure expansions and upgrades.
• Insulated bucket trucks will reflect a relatively higher rate of growth, for higher safety standards involved in protection from electricity.
• Europe is a dominant regional market for bucket trucks owing to the major government investments being made towards energy infrastructure projects.

Bucket Truck Market- Driving Factors

• Massive investments being made in urban areas for infrastructure development, especially in emerging economies is a key driver behind the demand for bucket trucks.
• Strict safety standards being implemented in a number of industrial applications are bolstering adoption rates.

Bucket Truck Market- Major Restraints

• Prohibitive costs associated with the purchase and maintenance of bucket trucks remains a major concern for market players.
• Lack of adequately skilled professionals to operate bucket trucks holds back sales and revenue in the industry.

COVID-19 Impact on Bucket Trucks Market

The growth of the bucket trucks market is projected to slow down for the duration of the coronavirus crisis. In addition, manufacturers in the bucket trucks sector are also facing financial troubles in terms of cash flow restraints.

The global impact of the pandemic on the economy has hurt operations in numerous end user industries, limiting short term demand. Also, disruptions in supply chains for raw materials and components is hurting the market. Recovery is likely to be steady towards 2021 as restrictions on industrial applications are gradually lifted.

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Competitive Landscape

Bucket truck manufacturers are operating in a competitive sector are focused largely on product research and development efforts, to expand their product portfolios. Also, market players are pushing for strategic acquisitions and collaborations in the industry.

For instance, in December 2020, Nesco Holdings Inc. announced the acquisition of Custom Truck One Source for a valuation of over US$ 1.4 billion. The joint entity is expected to focus on the sales and rentals of utility vehicles including but not limited to bucket trucks.

In November 2020, Time Manufacturing announced the acquisition of the ariel bucket fabrication segment from CPI, under the BrandFX label, for essential components and products for bucket trucks.

T&J Electrical Associates has unveiled its new headquarter and warehouse facilities, to meet the needs of customers in North East United States including retailers such as CVS, Walmart, and Aldi.

Some of the leading players in the bucket truck market include Tadano Ltd., Time Manufacturing Company Inc., Terex Corp., AICHI Corp., Manitex International Inc., Palfinger AG, Altec Industries, The Manitowoc Company, Socage S.R.L., CTE Group, and Duralift Inc.

About the Report

This study offers readers a comprehensive market forecast of the bucket truck market. Global, regional and country-level analysis of the top industry trends impacting the bucket truck market is covered in this FACT.MR study. The report offers insights on the bucket truck market on the basis of lifting capacity (below 500 kg, 500 to 1000 kg, and above 1000 kg), type (articulated and telescopic), model (standard and hybrid), and insulation type (insulated and non-insulated), across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).

Press Release: https://www.factmr.com/media-release/1735/bucket-trucks-market-trends