Bucket truck refers to the truck equipped with an extendable hydraulic boom carrying a large bucket for raising up the workers to the high rise buildings or high elevation. It is used for transferring heavy items to the high elevated areas such as high buildings, hilly areas, telephone towers and others. Its components include bucket lift, storage bin and jacks to provide space and stability for raising of heavy loads.
COVID-19 scenario analysis:
- The demand for the bucket truck is expected to decrease in 2020 due to lockdown imposed by the government and low demand form construction and electrical industries.
- COVID-19 pandemic has shut-down the production of various products in the bucket truck, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the bucket truck market significantly form last few months, as is likely to continue in 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed form giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis
The increase in demand for heavy utility vehicles drives the market growth. The rise in construction activities in the hilly areas and high altitude buildings has also created a positive impact in the growth of the bucket truck market. Surge in government initiatives to upgrade the existing power grids across various countries is expected to boost the growth of the bucket truck market. Increase in demand for the bucket trucks in the telecom industry for setting up, and lifting workers to the high towers and maintenance of large towers also boosts the market growth.
The global bucket truck market trends are:
New product launches to flourish the market
The design of bucket trucks is transformed due to new discoveries and technological advancements. In the past few years, the new green fuel technology and powerful aerial lift technology in bucket trucks is gaining popularity. In November 2018, one of the global leader in bucket truck Versalift collaborated with Xuji Electric to establish an aerial lift factory in China. Further, in September 2019, one of the global leader in bucket truck named Manitowoc Inc. from Wisconsin, U.S. had launched a new bucket truck NBT 60L. The NBT 60L bucket truck features include the largest boom of 151ft to a 196 ft with an optional jib, a deluxe operator tilt cab for the graphical display and the diagnostics tools. It is ideal for the oil & gas industry and setting up the high poles.
High demand from applications:
The bucket trucks are employed for the various applications such as telecommunications, electric utility, fire rescue, exterior painting, vegetation management, street lights and highway signs. The bucket truck is used as a utility vehicle for the electrical and telephone line maintenance. These trucks protect the workers from high voltage wires by lifting them to high rise tower in an insulated bucket frame. Further, these trucks are used in fire rescue of people during a fire outbreak in tall buildings. The bucket trucks help in trimming the tree branches from the power lines for the maintenance purposes by lifting the workers to high elevated power poles. It also serves for the painting exterior walls by lifting the workers to high rise apartments, residential, and commercial buildings. It is also used for transferring building materials and heavy loads from floor to the top of the high-rise buildings. Moreover, in the installation of street lights in streets and highways bucket trucks is used by lifting the workers and equipment to an elevated height.
Key benefits of the report:
- This study presents the analytical depiction of the bucket truck market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the bucket truck market share.
- The current market is quantitatively analyzed to highlight the bucket truck market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Market analysis based on competitive intensity and how the competition will take shape in coming years.
Bucket Truck Market Report Highlights
By Industry Vertical
Key Market Players
Palfinger AG, Tadano Ltd., Elliott Equipment Company, Altec Inc., Aichi Corporation, Link Belt, Versalift, Manitowoc Cranes, Manitex International Inc., CTE group SPA