Bucket Truck Market Overview
As per MRFR analysis, the Bucket Truck Market Size was estimated at 4.73 (USD Billion) in 2022. The Bucket Truck Market Industry is expected to grow from 4.88(USD Billion) in 2023 to 6.5 (USD Billion) by 2032. The Bucket Truck Market CAGR (growth rate) is expected to be around 3.23% during the forecast period (2024 - 2032).
Key Bucket Truck Market Trends Highlighted
The increasing opportunity for completing utility maintenance and construction projects in a fast and cheap manner is one of the factors that will support the growth of the Bucket Truck Market. Due to the development of infrastructure and urbanization globally, especially in developing regions, specialized utility equipment like bucket trucks is in demand. Moreover, technological improvements like the installation of better safety systems and higher glade-rance make them more effective.
Particularly in significant markets like America and some European Regions, the growing concern about safety rules and regulations is propelling the utilization of bucket trucks. Such laws require the necessary use of specific tools to protect those who do maintenance work on elevated areas. In addition to that, there is also increasing demand for solar and wind power, which require bucket trucks for installation and maintenance of such facilities, and therefore, this equipment market is expanding.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Bucket Truck Market Drivers
Increasing Demand for Bucket Trucks in Infrastructure Development
The growing need for infrastructure development, particularly in emerging economies, is a key driver of the Bucket Truck Market Industry. As governments invest heavily in infrastructure projects such as road construction, bridge repairs, and power line maintenance, the demand for specialized equipment like bucket trucks rises. Bucket trucks offer a safe and efficient way to access elevated work areas, making them essential for various construction and maintenance tasks.Additionally, the increasing adoption of smart city initiatives, which involve the integration of technology into urban infrastructure, is further driving the demand for bucket trucks equipped with advanced features such as remote diagnostics and GPS tracking.
Expansion of the Telecommunications Sector
The rapid expansion of the telecommunications sector is another major factor driving the growth of the Bucket Truck Market Industry. The increasing demand for high-speed internet and the rollout of 5G networks require the installation and maintenance of a vast network of telecommunication infrastructure, including cell towers, fiber optic cables, and other equipment. Bucket trucks play a crucial role in these operations, providing technicians and engineers with safe and efficient access to elevated work areas.The growing focus on improving network coverage and reliability is expected to continue to drive the demand for bucket trucks in the telecommunications sector.
Growing Emphasis on Safety and Productivity
The increasing emphasis on safety and productivity in various industries is also contributing to the growth of the Bucket Truck Market Industry. Bucket trucks offer a safer alternative to traditional methods of accessing elevated work areas, reducing the risk of accidents and injuries. Additionally, bucket trucks can improve productivity by enabling workers to complete tasks more efficiently and quickly. This is particularly important in sectors such as construction, telecommunications, and utilities, where time is often of the essence.As companies prioritize safety and efficiency, the demand for bucket trucks is expected to rise.
Bucket Truck Market Segment Insights
Bucket Truck Market Application Insights
The Bucket Truck Market is segmented by Application into Aerial Work Platforms, Line Construction and Maintenance, Tree Trimming and Removal, and Overhead Installation and Maintenance. Aerial Work Platforms held the largest market share in 2023 and are expected to continue to dominate the market through 2032. This growth is attributed to the increasing demand for aerial work platforms in various industries, including construction, telecommunications, and utilities. The growing need for safe and efficient access to elevated areas is driving the demand for aerial work platforms.Line Construction and Maintenance is another significant segment of the Bucket Truck Market, accounting for a substantial market share.
The growth of this segment is primarily driven by the increasing investment in power distribution and transmission networks. The demand for bucket trucks for line construction and maintenance activities is expected to remain strong in the coming years. Tree Trimming and Removal is a rapidly growing segment of the Bucket Truck Market. The increasing urbanization and the need for proper tree care and maintenance are contributing to the growth of this segment.Bucket trucks provide a safe and efficient way to access trees, making them an essential tool for arborists and tree care professionals. Overhead Installation and Maintenance is a niche segment of the Bucket Truck Market, but it holds significant growth potential.
The increasing demand for overhead installations and maintenance in industries such as telecommunications, cable television, and lighting is driving the growth of this segment. Bucket trucks provide a safe and efficient way to access overhead equipment, making them an essential tool for these industries.The Bucket Truck Market is expected to witness significant growth in the coming years, driven by the increasing demand for bucket trucks in various applications.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Bucket Truck Market Truck Type Insights
The Bucket Truck Market segmentation by Truck Type includes Straight Boom, Articulating Boom, Telescopic Boom, and Insulated Boom. In 2023, the Articulating Boom segment held the largest market share of around 45%. Articulating booms offer superior maneuverability and versatility, allowing operators to access hard-to-reach areas. The Straight Boom segment is expected to witness steady growth, driven by increasing demand for simple and cost-effective solutions. The Telescopic Boom segment is projected to gain traction due to its extended reach capabilities and ability to handle heavier loads.The insulated Boom segment is anticipated to grow, driven by rising demand for safe and reliable equipment for electrical maintenance and repair applications. The Bucket Truck Market revenue from the Truck Type segment is expected to reach USD 2.4 billion by 2024, exhibiting a CAGR of 3.8% during the forecast period from 2024 to 2032.
Bucket Truck Market Drive System Insights
The Bucket Truck Market segmentation by Drive System into Electric, Diesel, and Hybrid provides valuable insights into the market dynamics and growth opportunities. In 2023, the Diesel segment held the largest market share due to its affordability, wide availability of fuel, and suitability for heavy-duty applications. However, the Electric segment is projected to witness the fastest growth over the forecast period (2024-2032) owing to increasing environmental concerns, government incentives, and technological advancements. Electric bucket trucks offer lower operating costs, reduced emissions, and quieter operation, making them ideal for urban and indoor applications.The Hybrid segment is expected to gain traction as a cost-effective and environmentally friendly alternative to diesel-powered trucks. With a market share of around 15% in 2023, the Hybrid segment is anticipated to grow steadily in the coming years due to its ability to combine the advantages of both electric and diesel systems.
Bucket Truck Market Capacity Insights
The capacity segment plays a pivotal role in shaping the dynamics of the Bucket Truck Market. The segment is classified into four sub-categories 5,000-10,000 lbs, 10,000-15,000 lbs, 15,000-20,000 lbs, and 20,000 lbs and above. In 2023, the 10,000-15,000 lbs sub-segment held the dominant share of the market, accounting for around 35% of the Bucket Truck Market revenue. This dominance can be attributed to the versatility and wide applicability of bucket trucks within this capacity range, catering to a diverse range of industries such as construction, utility maintenance, and telecommunications.The 20,000 lbs and above sub-segment is projected to witness the highest growth rate during the forecast period, owing to the increasing demand for heavy-duty bucket trucks capable of handling demanding tasks in sectors such as mining and infrastructure development.
Bucket Truck Market End-User Industry Insights
The Bucket Truck Market segmentation by end-user industry offers insights into the diverse applications of bucket trucks across various sectors. The major end-user industries include utility, construction, telecommunications, transportation, and oil and gas. In 2023, the utility sector held the largest market share, accounting for over 35% of the Bucket Truck Market revenue. This dominance is attributed to the extensive use of bucket trucks for power line maintenance, electrical repairs, and other utility-related tasks. The construction industry is another significant end-user, utilizing bucket trucks for tasks such as building maintenance, facade cleaning, and window installation.The telecommunications sector presents a growing market for bucket trucks, driven by the demand for network maintenance and infrastructure upgrades.
Transportation companies also employ bucket trucks for vehicle servicing, maintenance, and roadside assistance. The oil and gas industry utilizes bucket trucks for offshore platform maintenance, pipeline inspection, and other operations. The growth of the Bucket Truck Market is influenced by factors such as increasing urbanization, rising demand for infrastructure development, and the expansion of the telecommunications sector.As these industries continue to expand, the demand for bucket trucks is expected to grow accordingly, contributing to the overall market expansion.
Bucket Truck Market Regional Insights
The Bucket Truck Market is segmented by region into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2024, with a market size of USD 1.5 billion. The region is home to a large number of construction and utility companies, which are the primary users of bucket trucks. Europe is expected to be the second-largest market, with a market size of USD 1.2 billion in 2024. The region has a strong manufacturing sector, which is driving the demand for bucket trucks. APAC is expected to be the fastest-growing market, with a CAGR of 4.5% during the forecast period.The region is experiencing rapid urbanization and industrialization, which is driving the demand for bucket trucks. South America and MEA are expected to have a smaller market share, but they are expected to grow at a healthy rate during the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Bucket Truck Market Key Players and Competitive Insights
Major players in the Bucket Truck Market industry are constantly striving to gain a competitive advantage by introducing innovative products and technologies. Leading Bucket Truck Market players are focused on expanding their global presence through strategic partnerships and acquisitions. The Bucket Truck Market development is driven by increasing demand from various end-use industries such as construction, utility, and telecommunications. The competitive landscape is expected to remain fragmented, with numerous regional and global players vying for market share.
Among the leading players in the Bucket Truck Market is Terex Corporation, a global manufacturer of lifting and material handling solutions. The company offers a wide range of bucket trucks under its Genie brand, catering to various applications. Terex Corporation has a strong distribution network and provides comprehensive after-sales support, which contributes to its competitive position.
A key competitor in the Bucket Truck Market is Altec Industries, a leading provider of aerial work platforms and equipment. The company's bucket trucks are known for their reliability and durability, meeting the demanding requirements of end-users in various industries. Altec Industries has a well-established brand reputation and a dedicated customer base, enabling it to maintain a strong foothold in the market.
Key Companies in the Bucket Truck Market Include
- Ruthmann GmbH Co. KG
- Palfinger AG
- Skyjack Inc.
- HIAB AB
- Haulotte Group
- Bronto Skylift Oy
- Altec Inc.
- Terex Corporation
- JLG Industries Inc.
- Socage S.r.l.
- Magni Telescopic Handlers S.p.A.
- Manitex International Inc.
- Versalift Inc.
- Genie Industries Inc.
- CTE SpA
Bucket Truck Market Industry Developments
The Bucket Truck Market is projected to reach USD 6.5 billion by 2032, exhibiting a CAGR of 3.23% during the forecast period (2024-2032). The increasing demand for bucket trucks in the construction, utility, and telecommunication sectors is driving market growth. Moreover, the rising adoption of electric and hybrid bucket trucks to reduce carbon emissions is expected to provide impetus to market expansion.
Recent news developments in the bucket truck market include the launch of new products by major manufacturers such as Altec and Terex. These companies are focusing on developing bucket trucks with advanced features such as improved safety and efficiency. Additionally, the growing adoption of telematics systems in bucket trucks is aiding fleet management and enhancing productivity.
Bucket Truck Market Segmentation Insights
Bucket Truck Market Application Outlook
- Aerial Work Platforms
- Line Construction and Maintenance
- Tree Trimming and Removal
- Overhead Installation and Maintenance
Bucket Truck Market Truck Type Outlook
- Straight Boom
- Articulating Boom
- Telescopic Boom
- Insulated Boom
Bucket Truck Market Drive System Outlook
Bucket Truck Market Capacity Outlook
- 5,000-10,000 lbs
- 10,000-15,000 lbs
- 15,000-20,000 lbs
- 20,000 lbs and above
Bucket Truck Market End-User Industry Outlook
- Utility
- Construction
- Telecommunications
- Transportation
- Oil and Gas
Bucket Truck Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
4.73(USD Billion) |
| Market Size 2023 |
4.88(USD Billion) |
| Market Size 2032 |
6.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.23% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Ruthmann GmbH Co. KG, Palfinger AG, Skyjack Inc., HIAB AB, Haulotte Group, Bronto Skylift Oy, Altec Inc., Terex Corporation, JLG Industries Inc., Socage S.r.l., Magni Telescopic Handlers S.p.A., Manitex International Inc., Versalift Inc., Genie Industries Inc., CTE SpA |
| Segments Covered |
Application, Truck Type, Drive System, Capacity, End-User Industry, Regional |
| Key Market Opportunities |
Electric bucket trucks Hybrid bucket trucks Aerial bucket trucks |
| Key Market Dynamics |
Growing demand for aerial access equipment Increasing infrastructure investment Technological advancements in bucket trucks Heightened safety regulations Rising urbanization |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
ï‚·The Bucket Truck Market size is estimated to be worth around USD 4.88 billion in 2023 and is projected to reach USD 6.5 billion by 2032, growing at a CAGR of 3.23% during the forecast period.
ï‚·North America is expected to dominate the Bucket Truck Market, owing to the presence of a large number of construction and utility companies, as well as stringent safety regulations.
ï‚·Bucket Trucks are primarily used in various applications such as construction, utility maintenance, telecommunications, and tree trimming.
ï‚·Key players in the Bucket Truck Market include Altec, Inc., Terex Corporation, Ruthmann GmbH Co. KG, Versalift, Inc., and CTE SpA.
ï‚·The growth of the Bucket Truck Market is attributed to factors such as increasing construction activities, rising demand for aerial work platforms, and growing emphasis on safety and efficiency.
ï‚·The Bucket Truck Market faces challenges such as fluctuations in raw material prices, stringent regulations, and intense competition from alternative technologies.
