(MENAFN- Ameliorate Digital Consultancy) The Bucket Truck Rentals Market is anticipated to be worth US$ 293.0 million in 2023 and grow at a CAGR of 4.8% to US$ 468.3 million by the end of 2033.

Bucket trucks, also known as cherry pickers, are versatile aerial work platforms that have revolutionized the way we perform various tasks in the construction, industrial, and utility sectors. These trucks are equipped with an extendable arm that allows workers to reach heights of up to 100 feet.

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Market Development:

With the increasing demand for these trucks, the bucket truck rental market has been steadily developing. In this blog, we will explore the key drivers, recent trends and applications of the bucket truck rental market.

The bucket truck rental market has witnessed significant growth over the past decade, with construction and utility sectors being the major driving forces. In North America alone, the bucket truck rental market is expected to grow at a CAGR of 27.7% during the forecast period of 2023-2033. The market is also expected to grow in regions such as Europe, Asia-Pacific, and the Middle East.

Key Drivers:

The primary drivers of the bucket truck rental market are the increasing demand for aerial work platforms in various industries, such as construction, maintenance, and repair. The versatility of bucket trucks and their ability to access hard-to-reach areas make them an ideal choice for a range of applications.

Additionally, the growing focus on worker safety is also driving the bucket truck rental market. Rental companies are investing in newer and safer bucket trucks that offer enhanced safety features.

Competitive Landscape

Prominent bucket truck rental service providers are BlueLine Rental, H&E Equipment Services, Haulotte Group, Herc Rentals, NES Rentals, Riwal, Sunbelt Rentals, and United Rentals.

Market players are establishing partnerships with other businesses in the construction industry. This includes contractors, construction equipment dealers, or suppliers. These partnerships will help service providers to expand their customer base, generate referrals, and provide additional value-added services or discounts to customers, enhancing their market share. Mergers and acquisitions coupled with pricing remain to go-to strategy to cut down competition and improve market position. For instance:

• • In June 2023, United Rentals acquired Franklin Equipment which has a remarkable presence across 20 locations creating growth opportunities and enhancing the market position for United Rentals.

Recent Trends:

One of the recent trends in the bucket truck rental market is the increasing demand for electric and hybrid bucket trucks. These trucks offer several benefits such as reduced noise pollution, zero-emission, and lower operating costs, making them an attractive option for rental companies.

Another trend is the introduction of telematics systems in bucket trucks. These systems provide real-time data on the performance and usage of the truck, making it easier for rental companies to manage their fleet effectively.

Why Demand for Telescopic Articulate Bucket Truck Rental is Growing?

The telescopic articulated sub-segment of the type segment is likely to dominate the market. In 2023, the segment is anticipated to have a 39.1% market share.

Accessing high work areas is made flexible by telescoping articulated bucket trucks. These trucks have extensible booms that can be raised to different heights and angles, enabling personnel to complete jobs like construction, maintenance, and tree pruning.

Bucket trucks boost productivity when carrying out duties at high elevations. They eliminate the need for scaffolding or manual climbing by providing a solid and secure working platform. This effectiveness results in increased production and time savings.

For temporary or irregular jobs, renting a telescopic articulate bucket truck is more cost-effective than buying one. The need for an initial investment, continuous maintenance expenses, and storage requirements are all removed by renting. Without making long-term financial commitments, it enables businesses to obtain the equipment they need when they need it, opening up huge growth potential for bucket truck rental service providers to seize and boost their profit margins.

Applications:

Bucket trucks are used in a wide range of applications, from construction and maintenance to industrial and utility work. They can be used for tasks such as tree trimming, power line maintenance, window cleaning, and more. Bucket truck rental companies cater to a range of customers such as contractors, municipalities, utility companies, and more.

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The bucket truck rental market is witnessing steady growth, driven by the increasing demand for aerial work platforms in various industries. The market is expected to continue growing, with rental companies investing in newer and safer bucket trucks that offer enhanced features. The recent trends, such as the introduction of electric and hybrid bucket trucks and telematics systems, are expected to shape the future of the bucket truck rental market.

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