Based on application, the bucket trucks market is divided into telecommunication, utility (water and electric), forestry and construction. Of these, the popularity of bucket trucks in the utility sector is growing exponentially owing to the increasing vehicle use in maintenance and installation activities. Availability of electric and standard compliant engine-based trucks may propel their use in the government sector. Bucket trucks are also used by electricity companies in order to reduce fatalities and ensure maximum safety for workers.
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Recovery of the telecommunication and construction sectors following gradual removal of lockdown restrictions may improvement the growth dynamics of bucket trucks market during the forecast timeframe. According to report, the bucket trucks market size is anticipated to exceed USD 1.5 billion by 2026.
The adoption of bucket trucks in North America and Europe is rapidly growing due to the increasing demand for repair and maintenance operations from public and private industries. In North America, bucket trucks are widely used across the telecommunications, construction and utility sectors owing to a high usage of machines and availability of low labor.
The bucket trucks market is anticipated to grow over the coming years in the U.S. owing to the presence of many major manufacturers in the region which has increased consumer awareness and the easy availability of bucket trucks. In 2018, Manitex International, Inc., announced the expansion of its existing boom truck and articulating crane supply network to encompass Southwest Products along with its manufacturing facilities in Arizona.
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Growing adoption of modern aerial lifting equipment in the utility and construction sectors is anticipated to drive bucket trucks market size over the forecast period. Factors like high capability, powerful engines and operability with green fuel are driving vehicle demand worldwide. Moreover, the need for safe and efficient lifting machines that lower changes of potential fatalities at work sites are furthering the preference of bucket trucks, driving overall market growth.
However, the ongoing coronavirus pandemic has negatively impacted sales and manufacturing of the bucket trucks. Reduced sales figures and temporary shutdown of production sites has led to huge business losses. Stagnant repair and maintenance activities across infrastructural projects has majorly impacted industry growth, with conditions likely to remain the same in 2021.
Technical improvements and the adoption of more sustainable, low polluting fuel options across all the product types is expected to boost market size. Truck manufacturers are focusing on making advanced vehicle segments in order to support research and development activities across various operating regions.
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Manufacturers are investing in research and development activities focused on highly efficient equipment and are adding new software for handling equipment. In 2019, Manitowoc launched its new NBT60L bucket truck designed specifically for the utility and oil & gas sectors.
On a global scale, the competitive landscape of the bucket trucks market consists of companies such as Manitex International, Aichi Corporation, Tadano Ltd., and Palfinger AG. These companies are focusing on technical advancements and new product development to enhance their position in the market.
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