A new report, published by the firm Global Market Insights, forecasts that the market for bucket trucks used in the construction industry is slated to reach around $500 million in the next five years.
That’s up from just over $300 million in 2017.
A press release issued by GMI, which is based in Selbyville, Delaware, says that the market share for such vehicles is expected to see “robust growth, owing to increasing utilization across the utility segment.”
Bucket trucks are manufactured by every company from General Motors to Ford and Mercedes-Benz and entail an aerial platform that can rise anywhere from 15 feet to 160 feet.
Depending upon the model, such vehicles can cost as little as $60,000 or as much as $480,000.
Spurring bucket truck utilization, according to the Bucket Trucks Market 2018-2024 Trends & Forecast report, is not only the increased demand for more electricity service everywhere, but additional environmental concerns “accelerating the deployment of advanced grid technologies.”
This also means an increased use of utility vehicles and equipment, “rendering positive impact on [the] bucket trucks industry outlook.”
Although the construction industry remains one of the top segments for bucket truck growth, the utility industry is forecast for the most growth, hitting the $700 million mark between now and 2024.
Smaller growth for such vehicles is also forecast for the telecommunications and forestry industries.
By Garry Boulard
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