Bucket Trucks Market Size: Industry Analysis, Size, Share, Growth by 2026
Selbyville, Delaware, United States, September 10 2020 (Wiredrelease) Global Market Insights, Inc –:Based on these factors, Global Market Insights, Inc., forecasts that the bucket trucks market may cross USD 1.5 billion by the year 2026. The bucket trucks market is expected to register noteworthy strides on account of surging use of advanced aerial lifting equipment in the construction and utility sector. The need for safe and efficient worker lifting instruments to minimize workplace injuries have led to the demand for bucket trucks over conventional counterparts like scaffoldings and ladders.
Rapid technological advancements may enhance the functionality of these trucks, improving their capabilities. Additionally, integration of green technologies may support the shift towards clean fuel operability, allowing manufacturers to abide by stringent environmental norms. The global bucket trucks market size is expected to reach USD 1.5 billion by 2026, at a CAGR of 4.5% during the forecast period 2020 – 2026, according to a new report by Global Market Insights, Inc.
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However, rampant spread of COVID-19 has caused a stagnation in the global economy, severely impacting the sales & manufacturing of bucket trucks. Manufacturers are experiencing massive losses due to temporary shutdowns of production units and lowered sales. A decline in repair & maintenance as well as new construction activities could negatively impact industry growth by 2021. However, with steady removal of lockdowns, the telecommunication & construction sectors are may slowly recover from huge losses faced during the pandemic.
Mentioned below are some of the ongoing trends driving bucket trucks market size:
Construction sector gaining traction –
Rapid expansion activities in the construction sector could stimulate the demand for bucket trucks. Estimates suggest that the construction industry could touch $738.5 billion by 2022. While a report by Invest India, claims that India may spend at least $454.8 billion on infrastructure development over the next five years, out of which almost 70% of funds would be required for roads, urban infrastructure, and power sector.
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Promising opportunities across North America –
North America has become a prominent market for bucket trucks market owing to the rich presence of major manufacturers across the region. Higher consumer awareness about these trucks has driven its adoption in diverse industries like utility, telecommunications, and construction. Countries like the U.S. are heavily relying on these trucks owing to high dependency on machines and low labor availability.
Recently in July 2020, Pacific Gas and Electric Company revealed that it would be using bucket trucks and other equipment to relocate the overhead distribution and transmission electric lines in southeast Bakersfield, California.
Adoption of key business strategies –
Companies operating in the bucket trucks market are concentrating on new technical advancement and product development activities to gain a competitive edge over rivals. Manufacturers like Tadano Ltd., Palfinger AG, Aichi Corporation, and Manitex International are heavily investing in R&D activities to develop highly efficient equipment and forming strategic alliances to expand their product presence.
Table of contents for this research [email protected] https://www.gminsights.com/toc/detail/bucket-trucks-market
Chapter 1 Methodology & Scope
1.1 Definition and forecast parameters
184.108.40.206 Methodology and forecast parameters
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Bucket truck industry 3600 synopsis, 2015 – 2026
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Type trends
2.1.5 Application trends
Chapter 3 Bucket Truck Industry Insights
3.1 Industry segmentation
3.2 Impact analysis of COVID-19 pandemic
3.2.1 Global outlook
3.2.2 Impact by region
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Vendor matrix
3.4 Technological and innovation landscape
3.4.1 Plug-in hybrid electric vehicle
3.4.2 Battery electric vehicle
3.5 Regulatory landscape
3.5.1 North America
126.96.36.199.1 OSHA 29 CFR 1926.21
188.8.131.52.2 The Scaffold & Access Industry Association
184.108.40.206.3 ANSI/SAIA A92.2-2015
220.127.116.11.4 ANSI/SAIA A92.5-2006 (R2014)
18.104.22.168.1 Canadian Standards Association, CSA C225-00
22.214.171.124.2 Canadian Standards Association, CSA C225-00
126.96.36.199 European emission regulations
188.8.131.52 Provision and Use of Work Equipment Regulations (PUWER)
184.108.40.206.1 European Community Whole Vehicle Type Approval (EC WVTA)
220.127.116.11.1 Air Quality Certificate
18.104.22.168.1 EurAsian Conformity Mark (EAC)
22.214.171.124.2 European Union Standards
126.96.36.199.3 Emission Controls Standards
3.5.3 Asia Pacific
188.8.131.52.1 The International Council on Clean Transportation
184.108.40.206.1 Emission Standards
220.127.116.11.1 Air Quality Standards
3.5.4 Latin America
18.104.22.168 Occupational Health & Safety Act, 1993
22.214.171.124 Driven machinery regulations, 2011
126.96.36.199 The South African Bureau of Standards (SABS)
188.8.131.52 ZABS (ZS 385)
184.108.40.206 OSH Regulations
220.127.116.11 GCC Standardization Organization – GSO 42:2015
3.6 Industry impact forces
3.6.1 Growth drivers
18.104.22.168 Increasing investments in infrastructure development across the globe
22.214.171.124 Increasing installation of displays and banners across the globe
126.96.36.199 Increasing urbanization in the U.S.
188.8.131.52 Government investments in power grid upgradation projects in India
184.108.40.206 Increasing demand for efficient and safer lifting solutions from BRIC countries
220.127.116.11 Increasing adoption of bucket trucks in China and Japan
18.104.22.168 Rapid urbanization in Southern African countries
3.6.2 Industry pitfalls and challenges
22.214.171.124 High initial cost of bucket trucks
126.96.36.199 Costs associated with maintenance
188.8.131.52 Lack of trained operators
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Threat of new entrants
3.8.2 Buyer’s power
3.8.3 Supplier’s power
3.8.4 Industry Rivalry
3.8.5 Threat of substitutes
3.9 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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