Bucket Trucks Market Size to Surpass USD 2.93 Billion by 2034

Prathamesh

8 months ago

The global bucket trucks market size was estimated at USD 1.32 billion in 2023 and is expected to surpass around USD 2.93 billion by 2034, at a CAGR of 7.53% from 2024 to 2034.

The bucket trucks market is witnessing steady growth driven by increasing demand across various industries such as telecommunications, utilities, and construction. These trucks, equipped with an extendable hydraulic arm and a bucket for aerial access, are crucial for tasks like maintenance, repair, and installation of infrastructure components at heights. The market is characterized by a range of truck types, including insulated and non-insulated variants, catering to different operational needs and safety requirements.

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Bucket Trucks Market Key Points

Asia Pacific held the largest share of the bucket trucks market in 2023.
North America is expected to witness the fastest growth in the market over the studied period.
By product, the class 8 segment held the largest share of the market in 2023.
By product, the class 6 segment is expected to show the fastest growth over the projected period.
By type, the non-insulated segment held the largest share of the market in 2023.
By type, the insulated segment is expected to show the fastest growth over the projected period.
By application, the utility segment has held the largest revenue share of 48% in 2023.
By application, the construction segment is expected to show the fastest growth over the projected period.

Trends in the Bucket Trucks Market

One prominent trend in the bucket trucks market is the integration of advanced technologies to enhance safety and operational efficiency. Manufacturers are increasingly incorporating features such as automated controls, real-time monitoring systems, and ergonomic designs to improve worker productivity and reduce downtime. Additionally, there is a growing preference for lightweight materials in bucket truck construction, aimed at optimizing fuel efficiency and payload capacity.

Regional Insights

Geographically, North America holds a significant share in the bucket trucks market, driven by robust investments in utility infrastructure upgrades and telecommunications networks. Europe and Asia-Pacific are also witnessing steady growth, fueled by expanding construction activities and infrastructure development initiatives in emerging economies.

Bucket Trucks Market Scope

Report Coverage	Details
Market Size by 2034	USD 2.93 Billion
Market Size in 2023	USD 1.32 Billion
Market Size in 2024	USD 1.42 Billion
Market Growth Rate from 2024 to 2034	CAGR of 7.53%
Largest Market	Asia Pacific
Base Year	2023
Forecast Period	2024 to 2034
Segments Covered	Type, Application, Product, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Types Insights

Bucket trucks are available in several types, each tailored to specific operational needs. Telescopic boom trucks feature straight, extendable arms that provide significant reach, making them ideal for tasks requiring height without obstacles. Articulated boom trucks offer flexibility with multiple hinged sections, allowing for maneuverability around obstacles like buildings or trees. Bucket vans, or van-mounted bucket trucks, are compact and suited for urban environments where space is limited, offering a smaller footprint while still providing essential aerial access capabilities.

Applications Insights

Bucket trucks find extensive use across various industries and applications due to their versatility and utility. In utility services, they are crucial for maintaining and repairing electrical and telecommunication infrastructure, as well as street lighting. In construction, these trucks enable tasks at elevated heights such as building maintenance, painting, and window cleaning. Forestry and tree care industries utilize bucket trucks for tree trimming, pruning, and removal, often equipped with specialized attachments for handling wood and debris. Municipalities also deploy bucket trucks for public works, including signage installation, traffic light maintenance, and general building inspection tasks.

Bucket Insights

Key components and products associated with bucket trucks include aerial work platforms (AWPs), which lift and position the bucket or platform for work at heights. Hydraulic systems are integral for controlling the boom’s movements and stabilizing the platform during operation. Safety is paramount, with safety equipment such as harnesses, lanyards, and guardrails ensuring worker protection. Controls and instrumentation panels provide operators with the necessary interfaces and monitoring systems to operate the boom and platform safely and efficiently. These products and configurations cater to diverse operational requirements across industries, emphasizing safety, efficiency, and reliability in elevated work environments.Bucket Trucks Market Dynamics

Drivers of Growth

Key drivers propelling the bucket trucks market include the increasing focus on urbanization and the subsequent need for reliable utility services and communication networks. Moreover, stringent safety regulations mandating the use of specialized equipment for working at heights are boosting market demand. The rise in renewable energy projects and ongoing investments in smart city initiatives further contribute to market expansion.

Opportunities in the Market

Opportunities in the bucket trucks market lie in the burgeoning demand for electric-powered variants, driven by environmental regulations and the shift towards sustainable practices. Innovations in hybrid and electric bucket trucks are expected to open new avenues, particularly in urban settings where noise and emissions reduction are critical considerations.

Challenges Facing the Market

Despite growth prospects, the bucket trucks market faces challenges such as high initial costs associated with advanced models and regulatory complexities related to equipment standards across different regions. Economic uncertainties and fluctuating raw material prices also pose challenges for manufacturers, impacting production costs and pricing strategies.

Bucket Trucks Market Recent Developments

In December 2023, the MineSense Data Portal, a platform that uses real-time data from ShovelSense® and BeltSense® to provide mining operators with data-driven insights for mine-to-mill optimization, has officially launched, according to a statement from MineSense Technologies. Access to real-time data produced by ShovelSense and BeltSense at crucial junctures in the ore processing value chain is made possible by the robust digital infrastructure known as the MineSense Data Portal.
In September 2023, with the introduction of its electric bucket truck, Alectra moved closer to electrifying its whole fleet. An International eMV all-electric double bucket truck has been added to Alectra Utilities’ collection. Powerline technicians will utilize the EV for routine overhead line maintenance tasks. Alectra received one of the first trucks delivered in Ontario.

Segment Covered in the Report

By Type