According to the Market Statsville Group (MSG), the Global bucket truck rental Market was valued at USD 1,333.6 million in 2023 and is expected to grow from USD 1,380.2 million in 2024 to USD 1,872.4 million by 2033, by exhibiting a CAGR of 3.5% during the forecast period (2024-2033)
A branch of the market in the large construction equipment rental industry is the bucket truck rental market. Bucket trucks are commonly known as boom trucks, and they are vehicles well equipped with a hydraulic boom and a bucket with which workers can be elevated to work sites. Bucket trucks are very versatile in many areas of industries such as utilities, telecommunications, construction, and tree maintenance. Increasing investment in infrastructure projects, including roads, bridges, and buildings, boosts the demand for bucket trucks. Rapid urbanization in developing countries requires extensive electrical, telecommunications, and construction work at heights. Regular maintenance and repair work for power lines, streetlights, and other urban infrastructure requires bucket trucks. Also, most firms find it to be relatively economical to rent bucket trucks than buying them. Usually, the project period is short, and thus the rental options allow the firm to select the type and size of bucket trucks required.
Furthermore, some other factors that necessitate the need for bucket trucks are mainly that new bucket trucks are incorporated with advanced functions; they have better safety systems, easier handling, and the hydraulic system is more efficient. Development and rental of electric and hybrid bucket trucks as part of sustainable practices. Use of digital platforms for easy rental bookings, fleet management, and real-time monitoring. Continuous improvements in safety features to comply with stringent regulations and enhance worker protection. Ensuring compliance with safety and environmental regulations. Intense competition among rental companies can pressure pricing and profit margins. Economic downturns can impact construction and infrastructure spending, affecting the rental market.
Bucket truck rental refers to the right to use bucket trucks, also known as boom trucks or cherry pickers, for some time. Bucket trucks are lifting vehicles that are designed with a hydraulic lifting system and provided with an extendable boom supporting a bucket or platform at the end, to lift workers and their tools to elevated work sites. The various types of bucket trucks can be hired for specific jobs, like utility maintenance, construction, and forestry operations.
Infrastructure development is perhaps the main driving force in bucket truck rental demands. This means any type of construction, maintenance, or improvement of public and private properties, including roads, bridges, buildings, power lines, and telecommunication networks. Highway, bridge, and public transportation constructions and maintenance purposes often take bucket trucks to light poles to install, signage, and structural inspections. Governments, while investing in upgrading and expansion of these networks, need bucket trucks.
However, maintenance and expansion of electrical grids, water supply systems, and sewer networks frequently require bucket trucks. These projects are essential for modernizing infrastructure and ensuring reliable service delivery to communities. Urban renewal projects, including the development of parks, public spaces, and municipal buildings, necessitate the use of bucket trucks for tasks at heights, such as lighting, surveillance camera installations, and more. The U.S. government’s Infrastructure Investment and Jobs Act, passed in 2021, allocates approximately $1.2 trillion over eight years, with $550 billion in new federal spending on transportation, broadband, and utilities.
The nature of competition, therefore is between the rental companies in the bucket truck rental market and, the intense need to provide reliable, cost-effective, and versatile equipment to meet the diverse needs of various industries. Several enormous large-scale, well-established rental companies compete with smaller regional players in the market. Major players dominate the market through extensive fleets, wide distribution networks, and good brand recognition. The major players in this space are United Rentals, Inc., Ashtead Group (Sunbelt Rentals), Herc Rentals, Inc., Terex Corporation, Altec Inc., and Ahern Rentals. They keep modern, well-kept fleets of different bucket truck types and sizes for the diverse requirements of the customers. Exceptional customer service is also included in the easy booking process, prompt service, and flexible conditions of renting.
Moreover, online booking through digital platforms, in real-time fleet management, as well as GPS for improving customer experience and operational productivity. The company provides its customers with further services including operator training, maintenance packages, and on-site support. One more market competition factor is the geographic reach. Companies that have a wide network of rental locations can simply serve a broader customer base and can respond very quickly to regional demands. Larger companies, such as United Rentals and Sunbelt Rentals, have extensive networks covering the nation. Coverage can usually be found in most major urban and industrial areas. Smaller businesses might specialize in local regions and provide a much more personalized service and a closer relationship with customers.
The study categorizes the bucket truck rental market based on truck type, application, rental duration, and end-user area at the regional and global levels.
Based on the application, It has been gathered from the application that utilities form a main-demand sector for renting bucket trucks. Bucket trucks are inevitable in these services because there is a need to perform several functions ranging from periodic maintenance, repair, and installing power lines, streetlights, and telecommunication. To execute these respective interventions with electrical grids, bucket trucks are essential since they position workers undertaking the repairing and upgrading of power lines, transformers, and other electricity infrastructure.
Additionally, based on estimates by the International Energy Agency, investment in electricity grids worldwide will total $14 trillion by 2050, indicating continued and sustained maintenance and improvements. Transmission of many renewable energy sources will involve much infrastructure work on the electrical grid. Installation and maintenance of the wind turbine as well as installation of solar panels must be performed using bucket trucks. Global investment in renewable energy stood at $303.5 billion in 2020 and should continue to grow, thus continuing to boost demand for bucket truck rentals.
Based on the region, the North American bucket truck rental market is one of the largest markets in the global construction and utility equipment rental industry. The basis of the market has been established through widespread infrastructure projects, periodic maintenance of utility and telecommunications networks, and an active construction industry. The area has an enormous rental fleet-about 25,000 to 30,000 bucket trucks with rentals available primarily in the United States and Canada. U.S. Infrastructure Investment and Jobs Act: This federal program passed in 2021 earmarked $1.2 trillion for road, bridge, and public transportation improvements. The additional investments will grow infrastructure, leading to an increased need for bucket trucks. Canada’s Investing in Canada Plan commits $180 billion over 12 years to public infrastructure, focusing on projects that require significant use of bucket trucks for elevated work reported by the OECD Infrastructure Toolkit.
The bucket truck rental market is a significant competitor and extremely cutthroat in the sector is using strategies including partnerships, product launches, acquisitions, agreements, and growth to enhance its position in the market. Most sectors of the businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Water Bus Market 2024: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Oct 2024Automotive HVAC System Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024Dock Fender Market 2024: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Oct 2024Electric Motors for Electric Vehicles Market 2024: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Oct 2024Railway Traction Motor Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024