Rockville, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global bucket trucks market is estimated at US$ 1,333.6 million in 2022 and is expected to expand at an impressive CAGR of 3.5% during the forecast years of 2022-2032.
With the bourgeoning number of manufacturers come into the market, the level of competition is likely to grow. This will directly affect the performance of bucket truck considerably, which, in turn change the market share of different companies.
The global upswing in economic activity is projected to rise substantially in the forthcoming years. Growth of manufacturing sector across the world reflecting increased global growth momentum and expects considerable impact on other bucket trucks market.
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With rapid urbanization primarily taking place in developing countries, an economic development and the growth of nations are inextricably connected. Uncontrolled rapid urbanization presents growth opportunities as well as various challenges for the bucket trucks market.
Key Takeaways from Market Study
- The global bucket trucks market is projected to expand at an impressive CAGR of 3.5% and be valued at US$ 1,872.4 million by 2032.
- The market witnessed 2.8% CAGR for the period of 2017-2021.
- Under type, articulated bucket trucks dominate the market and are valued at US$ 868 million in 2021.
- North America and Europe dominated the market with combine 68.4% market share in 2021.
- Under lifting capacity, above 1000 Kg is likely to represent 42.4% market share in 2022.
- Based on insulation type, demand for non-insulated bucket trucks is expected to reach the market value of US$ 925.2 million in 2021.
“In the foreseeable future, hybrid bucket trucks are likely to become dominant with gain in 414 BPS by 2032” says a Fact.MR analyst.
Segmentation of Bucket Trucks Industry Research
- By Lifting Capacity:
- < 500 Kg
- 500 - 1000 Kg
- > 1000 Kg
- By Type:
- Articulated
- Telescopic
- By Model:
- Standard
- Hybrid
- By Insulation Type:
- Insulated
- Non-insulated
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Market Development
Prominent manufacturer, suppliers are poised to enhance product efficiency and focus on incorporation of new environmentally-conscious technologies. Along with this, the companies are fine-tuning their expansion strategy, product portfolio strategy, and mergers with regional rental companies and distributors to expand their business footprint.
In the developed countries, players are specifically are adopting long lasting and increased durability approach with strong focus on quality. The companies have been significantly growing their fleet over the last few years against the backdrop of growing demand. Hefty investments enable them to reach out to new countries thereby, enhancing geographic footprint.
Key Companies Profiled
- Tadano Limited
- TIME Manufacturing Company, Inc.
- Terex Corporation
- AICHI Corporation
- Manitex International, Inc.
- Palfinger AG
- The Manitowoc Company
- Altec Industries
- Socage S.R.L
- CTE Group
Will the U.S.'s massive commercial and industrial sectors fuel a high need for bucket trucks?
The United States bucket trucks market is currently estimated at US$ 439.4 million in 2022.
The United States had one of the world's largest industrial and commercial sectors. The country has a large share of bucket trucks market is roughly 89.9% in North America region in 2021.
The construction industry accounts for a key share in the United States GDP. Balanced increment in the construction productivity has led to the utilization of various technological equipment. At the macro level, projects and sites are becoming more complex which demands efficient work platforms. Therefore, dynamics of construction industry play a pivotal part in bucket trucks market in U.S.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global bucket trucks market, presenting historical market data 2017-2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (articulated, telescopic), model (standard, hybrid), insulation type (insulated, non-insulated), lifting capacity (<500 Kg, 500-1000Kg, More than 1000 Kg) and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
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