Press release
Bucket Trucks Market Trends 2024 By Top Players Terex Corporation, Altec Inc., Tadano Ltd., Axion Lift, Manitex International, Palfinger AG, Versalift
Bucket Trucks Market
Moreover, the rising installation of displays and banners across the globe is providing impetus to industry development. The truck is used to install and remove street banners in an easier, cheaper, and safer way. The increasing installation and upgrading of power grids in Asia Pacific and the MEA countries are expected to support the demand for advanced bucket trucks over the forecast timeline. However, the high initial cost as well as high maintenance cost of the equipment will hamper industry growth.
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The medium duty truck segment is expected to witness high growth owing to its increasing applications in construction and telecommunication industries. The class 5 and class 6 trucks are referred to as medium duty trucks, which are primarily used for carrying lightweight equipment and materials in several industry verticals. Additionally, the demand for medium duty trucks is expected to rise in the utility industry due to their tight turning radius and high mileage. The equipment manufacturers are developing these trucks with customizable features, such as bodies, cab configuration, chassis-mounted equipment, etc., to offer better performance depending on the requirements.
The construction companies as well as private & government contractors are increasingly utilizing this equipment to improve the operational productivity & efficiency at construction sites. The proliferation of the construction industry in the Middle East countries including Saudi and the UAE is supporting the consumption of these trucks, contributing to industry growth. The increasing number of high-rise constructions in the U.S., China, and the UK is compelling the demand for technically advanced trucks with maximum reaching capabilities.
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The bucket trucks market in Latin America is anticipated to grow at a high rate owing to the rapid recovery of the construction sector in the region. Government and private sectors are making large investments in the development of infrastructure projects such as airports, railway stations, residential structures, and malls. In 2016, the government introduced Investment Partnerships Program (Programa de Parcerias de Investimentos [PPI]) to promote the participation of the private sector in infrastructure development. As per the data shared by the International Trade Administration, in May 2019, the Brazilian Ministry of Infrastructure has 59 newly qualified projects under the program to develop 22 airports, six port terminals, and 14,500 kilometers of highways, which is to be granted to the private sector. The estimated investment is around USD 10 billion for the project development, accelerating industry growth.
Major players active in the bucket trucks market include Versalift, Aichi Corporation, Altec, Inc., Bronto Skylift, Manitex International, Inc., and Axion Lift. These companies are involved in the development of new systems and accessories for specific capacity and application requirements. For instance, in September 2019, Dur-A-Lift, Inc. announced the launch of its new urban forestry truck. This class 5 truck is specifically designed for the tree care industry with the overall equipment weight of 15,500 pounds and a lifting capacity of 50 feet.
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