Global market for bucket trucks is estimated to witness a moderate CAGR of over 4% during the forecast period (2019-2027), poised to surpass a valuation of US$ 1.5 Bn by 2027.
Some of the major bucket truck manufacturers include names such as Terex, Altec, Versalift, and Duralift, all of whom are increasingly pushing towards the development of advanced vehicles aimed for aerial lift operations. Further such companies are also seeking to provide specialized training for operators with the aim of accident prevention. Safety is expected to remain a key area of focus for bucket truck manufacturers in the years ahead.
The global bucket truck market is projected to grow at a moderate CAGR of ~ 4 per cent through the end of the forecast period in 2027. This growth will account for a value of USD 1.5 billion in this period. This growth can be largely attributed to the wide range of end use sectors, including utilities, manufacturing, and construction.
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Collaborations and Promotional Events Key to Strategy
The global market for bucket trucks is largely consolidated in nature, with major players displaying intense levels of competitiveness in a bid to increase their market shares. On the other hand, newer players are pushing for organizing promotional events with the aim of increasing their penetration into high-potential markets. Such companies are also entering into collaborations with leasing companies to reduce operational costs, while maintaining profitability.
Further, major businesses are increasing their focus towards providing end users with service support through the entire life cycle of their offerings with the intention of bolstering returns on investments and increasing standards of performance.
Europe is turning out to be a lucrative market for bucket truck manufacturers in recent times, which can be attributed to the growth of the regional building and construction sector. This growth is further supported by the presence of major leasing companies in the region.
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In addition, the market for bucket trucks is very price sensitive, which has pushed manufacturers towards competitive pricing strategies. For the European market, France has managed to maintain a stable growth rate, which is projected to continue in the years ahead.
Hybrid Trucks Gain Popularity
With recent concerns over environment conservation, the rising costs of fuel and the transition of major customers towards electric alternatives, bucket truck manufacturers have been pushing towards the development of efficient hybrid bucket trucks. Companies adopting this business strategy are expected to witness a substantial growth rate and edge over competitors.
Other new technologies that companies are leveraging in the industry include high performance aerial lifting devices and eco-friendly fuel technology, which helps in terms of fuel efficiency. In terms of adoption, hybrid trucks have started to gain a more mainstream role in utility fleets, which is expected to continue growing incrementally through the foreseeable future.
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