What’s Driving the Bucket Trucks Market Share? Altec, Manitex, Palfinger, Tadano, Terex Corporation

The medium duty truck segment is expected to witness high growth owing to its increasing applications in construction and telecommunication industries. The class 5 and class 6 trucks are referred to as medium duty trucks, which are primarily used for carrying lightweight equipment and materials in several industry verticals. Additionally, the demand for medium duty trucks is expected to rise in the utility industry due to their tight turning radius and high mileage. The equipment manufacturers are developing these trucks with customizable features, such as bodies, cab configuration, chassis-mounted equipment, etc., to offer better performance depending on the requirements.

Based on the research, the size of the overall Bucket Trucks Market was recorded at USD 1 billion in the year 2017 and is now projected to surpass around USD 1.5 billion by 2024.

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The increasing consumer preference for luxurious & aesthetic constructions coupled with the shifting government focus on infrastructure development will drive the bucket trucks market growth. This equipment is designed to lift workers safely into the air to perform several operations such as electrical & telephone line maintenance, fruit harvesting, window washing & painting, etc.

The construction companies as well as private & government contractors are increasingly utilizing this equipment to improve the operational productivity & efficiency at construction sites. The proliferation of the construction industry in the Middle East countries including Saudi and the UAE is supporting the consumption of these trucks, contributing to industry growth. The increasing number of high-rise constructions in the U.S., China, and the UK is compelling the demand for technically advanced trucks with maximum reaching capabilities.

Growth Drivers –

1. Increasing infrastructure investments globally
2. Rising installation of displays and banners globally
3. Increasing rate of urbanization in the U.S.
4. Upgradation of power grids in India
5. Increasing infrastructure and industrial projects in Russia
6. Rising demand for lifting equipment from BRIC countries
7. Growing demand for bucket trucks in China and Japan
8. Rapid urbanization in Southern African countries

Report based on Application Segment: -

1. Construction
2. Utility
3. Telecommunication
4. Forestry

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As per the data shared by the International Trade Administration, in May 2019, the Brazilian Ministry of Infrastructure has 59 newly qualified projects under the program to develop 22 airports, six port terminals, and 14,500 kilometers of highways, which is to be granted to the private sector. The estimated investment is around USD 10 billion for the project development, accelerating industry growth.

The bucket trucks market in Latin America is anticipated to grow at a high rate owing to the rapid recovery of the construction sector in the region. Government and private sectors are making large investments in the development of infrastructure projects such as airports, railway stations, residential structures, and malls. In 2016, the government introduced Investment Partnerships Program (Programa de Parcerias de Investimentos [PPI]) to promote the participation of the private sector in infrastructure development.

The rising installation of displays and banners across the globe is providing impetus to bucket trucks market development. The truck is used to install and remove street banners in an easier, cheaper, and safer way. The increasing installation and upgrading of power grids in Asia Pacific and the MEA countries are expected to support the demand for advanced bucket trucks over the forecast timeline. However, the high initial cost as well as high maintenance cost of the equipment will hamper industry growth.

Know about bucket trucks market growth in New Research and its Top growing factors by Key Companies like: -
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

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