According to the latest research study by Global Market Insights, Inc, the global bucket trucks market is expected to record 5% CAGR during the forecast period 2018-2024
Selbyville, DE -- (SBWIRE) -- 05/22/2020 -- Palpable consumer preference for luxurious and aesthetic products is expected to impel bucket trucks market size growth. The equipment is innately designed to lift workers safely to undertake operations, including fruit harvesting, electrical & telephone line maintenance, window washing & painting and fruit harvesting. Further, upsurge in installation of banners and displays has instilled confidence among stakeholders.
Notable use of bucket trucks is likely to be observed in construction industry as the sector vies to boost the operational productivity and efficiency at construction sites. Growth of construction industry is expected to exhibit robust business outlook across the globe. Besides, upsurge in the construction of skyscrapers and high-rise buildings in North America, Europe and APAC is expected to translate into robust bucket trucks market share. According to the latest research, the global bucket trucks market size is anticipated to touch the $ 1.5 billion mark by 2024.
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Latin America bucket trucks market revenue may witness a noticeable rise as countries such as Brazil witness an uptick in investments from stakeholders, including private sectors and government in construction of railway stations, airports, malls and residential structures. For instance, the government in 2016 came up with an investment partnerships program (Program de Parcerias de Investimentos (PPI) to encourage private sector participation in infrastructure development.
Citing the data from the International Trade Administration, the Brazilian Ministry of Infrastructure is reported to have 59 newly qualified projects up their sleeves to develop six port terminals, 22 airports and 14,500 km of highways.
Allegedly, the project will be granted to the private sector and the projected investment translates into approximately US$10 bn. Stakeholders are poised to take a giant leap in terms of investment in Latin America.
Industry Growth Drivers -
Increasing infrastructure investments globally
Rising installation of displays and banners globally
Increasing rate of urbanization in the U.S.
Upgradation of power grids in India
Increasing infrastructure and industrial projects in Russia
Rising demand for lifting equipment from BRIC countries
Growing demand for bucket trucks in China and Japan
Rapid urbanization in Southern African countries
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Emerging economies such as India and China are exhibiting proliferation in the installation and upgradation of power grids. As such, stakeholders envisage robust APAC bucket trucks industry outlook in the next five years.
Popularity of medium duty trucks has bolstered the confidence of manufacturers of bucket trucks as these trucks are profoundly being used in telecommunication and construction industries.
It is apt to mention that the class 5 and class 6 trucks are alluded as medium duty trucks that are mainly used for carrying materials and lightweight equipment in a slew of industries.
Assessing the industry dynamics, application of medium duty trucks may soar in the utility sector on the heels of high mileage and tight turning radius. The manufacturers are eyeing to exploit potential opportunities by developing trucks with customizable features, including cab configuration, bodies and chasis-mounted equipment. The strategic move is likely to help them optimize performance based on the needs.
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Forward-looking companies are eyeing to unravel the trends in bucket trucks market and are expected to involve in product roll outs, development of new accessories, systems for specific application and capacity needs, mergers and acquisitions and partnerships.
Some of the forward-looking companies profiled in the report are Aichi Corporation, Versalift, Bronto Skylift, Altec, Inc., and Manitex International, Inc. among others. In September 2019, Dur-A-Lift, Inc., announced the roll out of their new urban forestry truck—a class 5 truck—designed for the tree care industry with the lifting capacity of 50 feet and equipment weight of 15,500 pounds.
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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.