Feb 15, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Bucket Trucks Market. 

It was estimated prior to this unanticipated outbreak Bucket Trucks Market will reach CAGR of 10.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

Bucket Trucks Market Insights

Bucket Trucks market is likely to witness a CAGR of 5.2% during the forecast period. The prime factor driving the bucket trucks market is rapid industrialization and urbanization leading to significant development in infrastructures.

Market Share Analysis

Bucket Trucks Market Share: By Product Type

Based on the product type, the market is segmented as class 4, class 5, class 6, class 7, and class 8. The class 8 segment dominated the market in 2020 and is expected to maintain its position during the forecast period. Rapidly expanding usage of class 8 products for the installation of electric power grids and communication system is driving the growth and dominance of the segment.

Bucket Trucks Market Share: By Application Type

Based on the application type, the bucket trucks market is segmented as construction, utility, telecommunication, forestry, and others. The telecommunication segment is expected to witness the highest growth owing to rapidly expanding 4G and 5G infrastructures across the globe.

Bucket Trucks Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the largest market for bucket trucks during the forecast period. China, Japan, South Korea, Taiwan, Australia, and India are the largest consumers of bucket trucks in the region. Rapid urbanization, growing disposable income of consumers, expanding infrastructure industry, and economic growth in the region are the major factors driving the growth of the Asia-Pacific market. North America and Europe are also expected to witness a healthy demand for bucket truck products during the forecast period.