The report presents the company profile, product specifications, capacity, production value, and market shares for each company for the forecast period.

NEWARK, UNITED STATES, October 11, 2022 /EINPresswire.com/ -- As per the report published by Fior Markets, the global bucket truck market is expected to grow from USD 2.2 billion in 2020 and to reach USD 3.250 billion by 2028, growing at a CAGR of 5% during the forecast period 2021-2028.

The bucket truck market is witnessing significant growth form the past years. Over the forecast period, the market will be driven by increased usage of modern aerial lifting equipment in utility and construction applications. Bucket truck technological developments, such as powerful engines, high capabilities, and green fuel operability, have increased global demand. In addition, the demand for effective and safe worker lifting devices in application industries, such as ladders and scaffoldings, is driving the use of bucket trucks over traditional alternatives such as ladders and scaffoldings.  The availability of standard-compliant and electric-engine-based trucks further encourages their use in government applications. These trucks are increasingly being used by electricity companies to ensure maximum worker safety at heights and to reduce fatalities.

A "bucket truck" is a vehicle with an extendable hydraulic boom and a large bucket that is used to lift workers to high-rise structures or high elevations. The bucket has a larger interior volume than other machine attachments like blades or shovels. A crane's lifting hook, the end of an excavating machine's arm, the wires of a dragline excavator, the arms of a power shovel or a tractor equipped with a backhoe loader or a loader, or a dredge could all be used to attach the bucket. It's used to transport heavy products to high elevated regions like high buildings, hilly areas, and telephone towers, among other things. Bucket lift, storage bin, and jacks are among the components that give space and stability for lifting heavy goods.

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COVID-19 has had a substantial impact in recent years, affecting a wide range of industries. Due of trade limitations and global market closures, bucket trucks and other heavy vehicle products that are strongly reliant on international trade have been hit hard by the pandemic early on. Due to fewer sales and the temporary shutdown of production facilities, manufacturers are incurring significant losses. The lifting of lockdowns and the recovery of the construction and telecommunications sectors, on the other hand, is likely to contribute to the industry's growth during the forecast period.

Key players operating in global bucket truck market include are Manitowoc Inc., Inc., Dur-A-Lift, Inc., Demag GmbH Mobile Cranes, Aichi Corporation, Equipment Technology, Tadano Ltd., Terex Corporation, Altec, Inc., Bronto Skylift, CTE Group SPA,  Axion Lift,  Elliott Equipment Company,  Palfinger AG, and Versalift.

Tadona Limited acquired Demag GmbH Mobile Cranes Business, a firm established in Germany, in 2019. With the addition of additional crawler cranes to its product catalogue, the company hopes to address the needs of a broader spectrum of clients.
In November 2018, one of the global leader in bucket truck Versalift came into partnership with Xuji Electric to establish an aerial lift factory in China.
Manitowoc Inc. launched the NBT 60L bucket truck in September 2019. The NBT 60L bucket truck has a 151- to 196-foot boom with an optional jib, as well as a premium operator tilt cab with a graphical display and diagnostics tools. It's suitable for the oil and gas industries, as well as for erecting high poles.
Class 8 segment dominated the market and held the largest market share of 25% in the year 2020

On the basis of type, the global bucket truck market is segmented into class 4, class 5, class 6, class 7, and class 8. The class 8 segment dominated the market and held the largest market share of 25% in the year 2020. This growth is attributed to increasing installation of electric power grids and communication system.  The class 8 type provides enhanced safety to workers during building electric power grids. These trucks are also becoming more frequent in electrical system maintenance and repair.

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Telecommunication segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of application, the global bucket truck market is segmented into telecommunication, forestry, construction, and utility. The telecommunication segment dominated the market and held the largest market share of 29.15% in 2020. This growth is attributed to the improved worker safety and operational efficiency at elevated heights provided by bucket trucks. Several organizations in the telecommunications industry are following the market trend of using bucket trucks to install communication networks.

Regional Segment of Bucket Truck Market

North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global bucket truck market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe region holds the largest market share of 32.26% in the year 2020. Due to rising usage across numerous industries, the bucket truck market has seen a surge in demand in recent years. Because of the scarcity of workers and the extensive use of machines in Europe, these vehicles are used in construction, utility, and telecommunications. Furthermore, the presence of multiple large manufacturers in the region raises consumer awareness and makes bucket truck options more readily available.

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About the report:
The global bucket truck market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.

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