Bucket Trucks Market to gain rapid growth from construction and telecom sectors during 2019 – 2024
Date: 2019-05-14   Author: Rahul Varpe  Category: #news

Bucket Trucks Market to gain rapid growth from construction and telecom sectors during 2019 – 2024

The ever-growing demand for specialized equipment to be used at myriad work sites will augment global bucket trucks market. The rapid growth of the construction and telecom sectors coupled with the changing requirements of the end-use consumers will stimulate the demand for these customized trucks, thereby boosting market size. Companies are constantly striving to enhance the features of these trucks, in a quest to expand their business space and increase the application scope of the product.

Boom trucks are being increasingly adopted for myriad industrial, construction, and utility applications, subject to their ability to lift workers, versatility to move around the job sites with exceptional ease and efficiency, safety, minimal maintenance, easy installation, and convenience. High spending on infrastructural development coupled with the rapid industrialization, especially across the emerging economies will also drive boom trucks market.

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Speaking of the application of boom trucks in the construction sector, it is inevitable to mention the key regions of APAC that are observing a rapid growth in the construction industry. Increased funding provided by the government coupled with the advanced methodologies used for residential and commercial construction projects will fuel India bucket trucks market share, which is slated to grow at a CAGR of more than 4% over 2016-2024. In addition, the rapid development of elite townships and the rise in infrastructure development will also drive the regional boom trucks industry.

Owing to the fact that most of the industry players have a strong presence in the United States, U.S. bucket trucks market growth is slated to exhibit considerable growth potential over the next few years. The U.S. Department of Labor has enforced a norm, pertaining to which employers are liable to provide a safe working environment to the workers. This norm is applicable for any electric-operated equipment, such as crawler cranes, floating cranes, and boom trucks. The implementation of such strict regulations regarding the usage of these vehicles and the safety of workers will drive U.S. boom trucks industry.

The rising demand for boom trucks across the utility, telecom, and construction sectors will heavily influence boom trucks industry across the regions of UK, China, France, and India. Bucket trucks market share from construction applications is expected to grow at a CAGR of 4% over 2016 to 2024, driven by the concerns regarding worker safety, taxation, environmental pollution and energy efficiency.

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Global utility sector is being influenced by concerns subject to disaster management and government regulations, which have brought about a paradigm shift in the oil & gas, electricity, and water application sectors. Powered by the capability of these trucks to access remote locations, their reliability, and the convenience of carrying heavy things to a risky height, bucket trucks market from utility applications will observe lucrative gains over 2016-2024.

Companies operating in the bucket trucks market include:

  • Palfinger
  • Aspen Equipment
  • Manitex International
  • Elliott Equipment
  • Interlake Crane
  • Runnion Equipment
  • Altec
  • Ruthmann GmbH
  • American Construction Company
  • Manitowoc

This industry is moderately fragmented and includes the participation of numerous manufacturers, subject to which market giants have been striving to manufacture high quality trucks at reasonable prices.

The penetration of technology across every sector is also a factor that will positively influence the growth of boom trucks industry. Many companies have also been working in this regard, and are developing trucks equipped with technologically advanced features. In 2017, for instance, Manitowoc announced that the company will launch vehicles incorporated with a boom length of 70 feet. As more and more industry players incorporate their products with specialized features, bucket trucks market will witness a stupendous growth in the years to come.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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