Breakthroughs in the utilities sector, particularly in developing nations, are expected to open up several opportunities for bucket truck manufacturers. During the projected period, the global market for bucket trucks is expected to grow at a moderate CAGR of 3.5 percent (2020-2030). This sluggish increase is viewed as a result of the market’s cyclical nature.
The global bucket truck market is expected to reach a value of US$ 1.5 billion by 2027, according to Fact.MR. Because of their mobility and versatility, bucket trucks have gained a lot of traction as prospective solutions to ladders and scaffolding on a variety of job sites.
Bucket Trucks Market: Segmentation
Fact.MR has studied the bucket trucks market with detailed segmentation on the basis of lifting capacity, type, model, insulation type, and region.
The Market Study on Bucket Trucks’ Key Takeaways
Hybrid bucket trucks are gaining popularity, with demand expected to double over the projection period.
The demand for insulated bucket trucks is expected to expand at a positive CAGR of 5% over the projected period, owing to the proliferation of grid development projects in developing countries.
During the projected period, the bucket truck market in Europe will be highly profitable, with an absolute dollar opportunity of about US$ 90 million. The market’s expansion is being aided by the region’s thriving building and construction industries. With the growing number of rental companies, the sector is gaining even more traction.