Feb 11, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Bucket Trucks Market.
It was estimated prior to this unanticipated outbreak that the Bucket Trucks Market is likely to witness a CAGR of 5.2% during the forecast period. The prime factor driving the bucket trucks market is rapid industrialization and urbanization leading to significant development in infrastructures.
Bucket trucks are basically a type of aerial work platforms that are mobile in nature, consisting of an aerial device mounted on a truck. They are used to lift men and materials, in the utilities, maintenance, tree, and sign fields. Bucket trucks can be classified by product type into class 4, class 5, class 6, class 7, and class 8. Based on type it can be categorized as insulated and non-insulated. Based on application type, the market is categorized into construction, utility, telecommunication, forestry, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
By Product Type
Based on the product type, the market is segmented as class 4, class 5, class 6, class 7, and class 8. The class 8 segment dominated the market in 2020 and is expected to maintain its position during the forecast period. Rapidly expanding usage of class 8 products for the installation of electric power grids and communication system is driving the growth and dominance of the segment.
By Application Type
Based on the application type, the bucket trucks market is segmented as construction, utility, telecommunication, forestry, and others. The telecommunication segment is expected to witness the highest growth owing to rapidly expanding 4G and 5G infrastructures across the globe.
In terms of regions, Asia-Pacific is estimated to be the largest market for bucket trucks during the forecast period. China, Japan, South Korea, Taiwan, Australia, and India are the largest consumers of bucket trucks in the region. Rapid urbanization, growing disposable income of consumers, expanding infrastructure industry, and economic growth in the region are the major factors driving the growth of the Asia-Pacific market. North America and Europe are also expected to witness a healthy demand for bucket truck products during the forecast period.
Key players operating in the global Bucket Trucks market are-
Equipment Technology, LLC
CTE Group SPA
Manitex International, Inc.
Elliott Equipment Company
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Bucket Trucks analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors