Bucket Trucks Market Size, Share, Trends, Growth 2030

Bucket Trucks Industry Prospective:

The global bucket trucks market size was evaluated at $2000 million in 2022 and is slated to hit $4000 million by the end of 2030 with a CAGR of nearly 7.3% between 2023 and 2030.

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Bucket Trucks Market: Overview

A bucket truck is a kind of truck embedded with an extendable as well as hydraulic boom and carrying a big bucket for carrying the workers to high elevations. Furthermore, the product is utilized for transporting heavy products to highly elevated hilly regions, high-rise buildings, and telephone towers. The components of a bucket truck include storage bins, jacks, and bucket lifts for providing stability and space for carrying heavy loads. This truck is utilized for telephone line maintenance and utility vehicles for electric lines.

Key Insights

• As per the analysis shared by our research analyst, the global bucket trucks market is projected to expand annually at the annual growth rate of around 7.3% over the forecast timespan (2023-2030)
• In terms of revenue, the global bucket trucks market size was evaluated at nearly $2000 million in 2022 and is expected to reach $4000 million by 2030.
• The global bucket trucks market is anticipated to grow rapidly over the forecast timeline owing to an increase in investment in upgrading roads & buildings along with a need for refurbishing public utilities and bridges.
• In terms of product, the class 8 segment is slated to register the highest CAGR over the forecast period.
• Based on type, the non-insulated segment is expected to dominate the segmental growth in the coming seven years.
• Based on application, the utility segment is expected to lead the application space in the forecast timeline.
• Region-wise, the Asia-Pacific bucket trucks industry is projected to register the fastest CAGR during the forecast timespan.

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Bucket Trucks Market: Growth Factors

Rise in the allocation of funds for road & building renovation to boost global market trends 

Surging infrastructural growth across the globe is expected to boost the expansion of the global bucket trucks market. An increase in investment in upgrading roads & buildings along with a need for refurbishing public utilities and bridges will prompt the growth of the market across the globe. Moreover, bucket trucks find a spectrum of applications in fire rescue, street lights, telecommunications, vegetation management, electric utility, and highway signs. In addition to this, a surge in urbanization witnessed in countries such as the U.S. will proliferate the size of the global market. An increase in the allocation of funds for infrastructural development along with the deployment of banners & displays globally will expand the scope of growth for the global market. Huge government funding for power grid upgrade ventures will prompt the expansion of the market across the globe. Massive deployment of street lights on streets as well as highways requires bucket trucks for lifting equipment and workers to heights, thereby promulgating the growth of the global market. New product launches are likely to contribute majorly towards the growth of the market in the coming years.

For instance, in February 2020, Cooper Tire & Rubber Company also known as Cooper Tires, a manufacturer of truck and automotive tires based in the U.S., launched two New Work Tires for bucket trucks, thereby extending its WORK Series Tire product line. The two kinds of tires are referred to as Work Series ASA and Work Series ASD.    

Bucket Trucks Market: Restraints

An increase in the preliminary & maintenance charges to impede the global industry expansion by 2030

A rise in the initial costs and maintenance charges can put brakes on the expansion of the bucket trucks industry across the globe. A surge in raw material costs and disruptions in the supply chain can hinder the expansion of the industry globally.  

Bucket Trucks Market: Opportunities

Surging product use for painting high-rise building exterior walls to generate new opportunities for growth for the global market

The large-scale use of bucket trucks in fire rescue operations during fire outbreaks in tall buildings will open new avenues of growth for the global bucket trucks market. Moreover, the product helps in trimming branches of trees from lines supplying electricity to various households in a particular area, thereby steering the growth of the market globally. Apart from this, growing product demand for painting exterior walls of high-rise structures will prop up the growth of the global market.    

Bucket Trucks Market: Challenges

Easy access to alternate products at reasonable prices to prove a big challenge for the global industry over the forecast period

Easy availability of substitute products at cost-effective rates and an increase in export duties can prove to be a big challenge for the global bucket trucks industry. Additionally, the need for a skilled workforce can also impede the growth of the global industry.  

Bucket Trucks Market: Segmentation

The global bucket trucks market is sectored into product, type, application, and region.                                           

In product terms, the bucket trucks market across the globe is divided into class 8, class 7, class 6, class 5, and class 4 segments. Furthermore, the class 8 segment, which amassed about four-fifths of the global market earnings in 2022, is anticipated to register the fastest annual rate of growth over the forecast timeframe. The expansion of the segment during 2023-2030 can be a result of the rise in the use of class 8 products for electric grid deployment as well as the deployment of communication systems.   

Based on the type, the global bucket trucks industry is sectored into insulated and non-insulated segments. Additionally, the non-insulated segment, which garnered a key share of the global industry in 2022, is anticipated to lead the segmental expansion in the forecasting period. The segmental expansion over the next seven years can be due to a scaling of forestry management activities as the latter requires special vehicles such as bucket trucks for effectively handling tasks such as trimming of tree leaves and cutting overgrown tree branches & trunks.    

Based on the application, the bucket trucks market globally is segregated into construction, forestry, telecommunication, and utility segments. Moreover, the utility segment, which contributed a major share of the global market in 2022, is set to record exponential growth in the forecast timeline. The segmental surge over the period from 2023 to 2030 can be a result of a rise in the use of bucket trucks in performing repairs, deployments, and maintenance work effectively and with more ease. Apart from this, integrating smart systems with IoT capabilities is predicted to refine operational processes such as making bucket trucks embedded with features desired for utilities.  

Bucket Trucks Market: Report Scope

Bucket Trucks Market: Regional Insights

North America is predicted to retain its leadership status in the global bucket trucks market over the forecast timeline

North America, which contributed about half of the global bucket trucks market revenue in 2022, will be a leading region in the coming seven years. Moreover, the regional market elevation over the forecast period can be credited to the government formulating schemes for improving the infrastructure of the region along with the need for refurbishing the old utility systems in countries such as Canada and the U.S. Furthermore, the presence of giant players in the sub-continent will contribute majorly towards the growth of the market in the region.  

The Asia-Pacific bucket trucks industry is set to record the fastest CAGR in the next couple of years. The growth of the industry in the Asia-Pacific zone can be attributed to a rise in the allocation of funds for construction activities along with the rise in the demand for products in the utility sector in countries such as India and China. A prominent surge in the need for upgrading aging utility infrastructure along with the need for regular repair & maintenance work of electric grids in emerging economies will proliferate the industry size in the region.  

Key Developments

• In June 2022, Terex Utilities Inc., a key U.S.-based manufacturer of bucket trucks, launched an electric bucket truck in Williamsburg. The strategic move is likely to contribute remarkably towards the revenue of the market in North America.
• In July 2023, ZEVX™, a key producer of smart electric vehicle systems globally, entered into a strategic alliance with Breezeline, a cable operator, to launch the first completely lightweight aerial bucket truck with an aim towards fulfilling zero emission goals of ZEVX™.
• In September 2023, MidAmerican Energy Company, an energy firm based in the U.S., introduced three all-electric utility bucket trucks that can drive nearly up to 135 miles after fully charging them. The move will boost the demand for new products in the region.

 Bucket Trucks Market: Competitive Space

The global bucket trucks market profiles key players such as:

• Altec Inc.
• Dur-A-Lift Inc.
• Aiche Corporation
• Axion Lift
• CTE Group SPA
• Tadano Limited
• Palfinger AG
• Versalift
• Manitex International Inc.
• CTE Group SPA
• Equipment Technology LLC
• Bronto Skylift
• Elliott Equipment Company

The global bucket trucks market is segmented as follows:

By Product

• Class 8
• Class 7
• Class 6
• Class 5
• Class 4

By Type

• Insulated
•  Non-Insulated

By Application 

• Construction
• Forestry
• Telecommunication
• Utility

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa