ID: MRFR/AM/6665-CR | 100 Pages | Published By Sejal Akre on October 2022
Emergency Ambulance Vehicle Market Size is expected to cross USD 19423.1 million USD by 2030 at a CAGR of 3.86% during the forecast period 2022-2030
The Global Emergency Ambulance Vehicle Market size is projected to be worth USD 19423.1 million by 2030, registering a CAGR of 3.86% during the forecast period (2022–2030).
Emergency ambulance vehicles, also known simply as ambulances, are used to provide care to patients with an injury or acute illness. These vehicles can be vans, cars, motorcycles, golf carts, and special vehicles. Moreover, these vehicles help paramedics or trained medical staff provide emergency care and patient transfer services.
With the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. The growing spread of coronavirus leads to disruption in the markets. Restrictions to shipping and industrial production are affecting multiple supply chains. Distribution of components is the key process in manufacturing industries, which is facing challenges such as staffing of warehouses, a need for direct distribution, and more intelligent and responsive allocation across channels due to the pandemic which led to pressure on supply chains. The impact on the US and Europe from the disruptions will be significant, which will have a huge effect on the world economy and badly disrupt global supply chains severely impacting the global demand for emergency ambulance vehicles market globally.
The growing aging population across the globe and a high inclination of such people toward the use of emergency ambulance vehicles will accentuate the industry expansion. For instance, as per the United Nations Department of Economic and Social Affairs, the population aged over 60 years and above is projected to grow by 56%, from 901 million to around 1.4 billion between 2015 and 2030. Moreover, by 2050, the global population of old persons is estimated to be more than double its size compared to 2015, reaching nearly 2.1 billion. The global aging population is substantially driving the recent surge in healthcare services. The technological progression and advancements in the healthcare sector have significantly improved the life expectancy among individuals worldwide. The increasing population of aging individuals propels the use of emergency ambulance vehicles, which leads to market growth. Thus, the impact of the growing aging population is expected to shift from moderate to high during the forecast period.
The manufacturing and monitoring of emergency ambulance vehicle are expensive and has complex operations as it features a larger number of accessories such as ECG monitor and a defibrillator, transport ventilators, infusion syringe pumps, oxygen supply units, and other accessories that are used for a patient needing emergency medical attention. The operational cost of emergency ambulance vehicle system depends on various factors such as advanced technology and vehicle type. The working operations of emergency ambulance vehicle are expensive owing to the high investment and repair & maintenance costs involved in the generation of advanced technology. For instance, vehicles equipped with advanced driver assistance systems (ADAS) can add an extra cost ranging from USD 3,000 to USD 5,000 to the repair bill after a crash due to pricey sensors and their calibration requirements. Moreover, the production and safety concerns regarding technology development also hinder the growth of the emergency ambulance vehicle systems. Additionally, the sensors used for steering, automatic emergency braking, and adaptive cruise control systems cost around USD 500 to USD 1,500. Furthermore, the components and materials used in the driver assistance technology systems must be selected as per international standards such as the American Society of Mechanical Engineers (ASME) and Society of Automotive Engineers (SAE). This leads to an increase in the cost of high-quality raw materials and components used in the manufacturing of emergency ambulance vehicle. All these factors are expected to add to the cost of the emergency ambulance vehicle. Therefore, the high cost associated with the vehicle forms a restraint to the growth of the global emergency ambulance vehicle market during the forecast period.
An emergency ambulance vehicle is highly utilized by the healthcare industry and, thus, the growth of the healthcare industry results in an increased demand for emergency ambulance vehicles. Such vehicles are primarily used in the healthcare industry to save lives on the go when an emergency strikes, and the hospital is too far. The growing demand for emergency ambulance vehicles from the healthcare industry has been influential in fuelling the overall growth of emergency ambulance vehicle. The rising demand from the healthcare industry and the active utilization of healthcare emergency services are expected to boost the global emergency ambulance vehicle market. The growth in medical tourism across the world is another major reason for healthcare industry growth. The growth of the healthcare industry is also attributed to the rising import and export of ambulance equipment, across the world. This is likely to drive the demand for emergency ambulance vehicles in the healthcare industry in the coming years. Thus, the growth in the healthcare industry is expected to create growth opportunities for the global emergency ambulance vehicle market during the study period.
In the design and development stage, the dimensions, technology, working conditions, driving range, vehicle type, and applications of the emergency ambulance vehicles are analyzed to design and develop an emergency ambulance vehicle that fulfills the requirements of the customers. In the design stage, the overall layout, components, material type, size, and shape of the vehicle are determined according to their application and the specific requirements of the end users. After finalizing the design, the various raw materials, such as plastics, rubber, iron, special fibers, steel, aluminum, and glass, are selected. Some of the components required for manufacturing an emergency ambulance vehicle are seats, windshield, dashboard, tires, motor, headlights, interiors, and wiring harness. An uninterrupted supply of high-quality raw materials and components in the required quantity not only warrants the longevity of the final products but also affects their efficiency.
After procuring the necessary raw material and components, the OEM assemble the emergency ambulance vehicle according to the design, which was finalized by keeping in mind the customer’s requirements. After the assembly stage is completed, the finished emergency ambulance vehicles undergo certain quality checks to ensure that they comply with the required performance standards and work with precision and efficiency in actual working conditions. After the assembly stage is completed, the finished products are sent to various distributors and suppliers, such as independent dealers and company dealers who work as channels to provide the final emergency ambulance vehicles to the end users. Such supply channels provide finished products to hospitals, emergency centers, distributors, and individual buyers. The primary end users in the global emergency ambulance vehicle market are individual buyers, hospitals, and emergency centers. The end user purchases emergency ambulance vehicles from the dealers. The selection of the emergency ambulance vehicle is primarily dependent on their working conditions, specifications, vehicle type, vehicle range, aftersales service, and cost.
Vans, motorcycles, cars, and others are the segments based on the vehicle type of the Global Emergency Ambulance Vehicle Market. The AC station segment is expected to have the highest CAGR and dominate the market share during the forecast period. The vans are converted into advanced ambulances that are equipped with lifesaving equipment that enable hospitals and other healthcare institutions to provide the best medical care. The trend of clinics on wheels for providing special care and serving patients in urban and rural areas in hard-to-reach locations is growing rapidly.
Hospitals, emergency centers, and others are the segments based on the application of the Global Emergency Ambulance Vehicle Market. The hospital segment is expected to have the highest CAGR and dominate the market share during the forecast period. The hospitals segment accounted for the largest market share in 2020 on account of most of the emergency cases being sent to the hospitals. This is because the hospital staff is medically trained and equipped to treat the patient better. Hospitals that provide treatment and diagnosis for various disorders, including general hospitals, specialist institutions, and mental & rehab institutions, drive the demand for emergency ambulance vehicles market.
The regions are classified as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. North America holds a significant share of the market. Due to the increased need for emergency care prior to hospitalization, the rising number of emergency cases, and the presence of key market players in this region, North America dominates the emergency ambulance vehicle market. The market in this region is predicted to rise due to factors such as more direct government involvement for 24/7 ambulance service and technical advancements in emergency ambulance vehicles. For instance, the National Emergency Medical Services (EMS) Assessment 2020 stated that there was a total of 23,272 agencies offering EMS in the US. Ambulance, first response, and air medical agencies that are typical EMS 911 responders comprise 18,981 (82%) of the overall agencies documented. Agencies that provide interfacility/specialty ground transport are 1,988 (9%) of the total.
Due to the rising demand for high-quality healthcare facilities, an increasing number of road accidents, developing healthcare infrastructure, and increasing favorable reimbursement policies and regulatory reforms in the healthcare policies of China, India, and South Korea in this region, Asia-Pacific is expected to be the fastest-growing region in terms of emergency ambulance vehicle market growth. Increased traffic accident rates, healthcare sector expansion, and an increase in emergency cases are likely to propel the market forward. Road accidents are a leading cause of death, disabilities, and hospitalization in India, with the country ranking first in the number of road accident deaths across 199 countries and accounts for almost 11% of the accident-related deaths in the world. According to the Road Accident Report for 2019, a total of 449,002 accidents took place in the country in 2019, leading to 151,113 deaths and 451,361 injuries.
The global emergency ambulance vehicle market consists of various international, regional, and local service providers who are continuously evolving to enhance their market positions. The increasing demand for ambulance vehicles is the key factor that aids market growth. The ambulance vehicle manufacturers need to provide products as per industry and customer needs while offering advanced technologies to maintain their market positions and gain a competitive advantage. Vendors in the global ambulance vehicle market are focused on improving their technologies, upgrading products, and expanding into underdeveloped and developing countries.
The Global Emergency Ambulance Vehicle Market is segmented based on vehicle type and application in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global Emergency Ambulance Vehicle Market.
|Market Size||2030: USD 19423.1 million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East and Africa and South America|
|Key Vendors||Toyota Motor Corporation (Japan), REV Group, Inc. (US), Volvo Group (Sweden), Daimler AG (Germany), MAN SE (Germany), Renault Trucks (France), Ford Motor Company (France), Leader Emergency Vehicles (US), Lifeline Emergency Vehicles (US), W.A.S Ambulance (UK), BAUS AT (Poland)|
|Key Market Opportunities||Growth in the healthcare industry|
|Key Market Drivers||Road Accident Deaths Growing aging population|
The Global Emergency Ambulance Vehicle Market would register a growth of ~3.86% during the forecast period.
The high cost associated with the vehicles is a key restraining factor for the Global Emergency Ambulance Vehicle Market
North America would enjoy the upper hand in the Global Emergency Ambulance Vehicle Market
Mounting demand for customization in emergency ambulance vehicles to incorporate the latest functionalities can give rise to a growth opportunity in the market for emergency ambulance vehicle.