Fire truck market size is predicted to grow at a 4.5% CAGR between 2020 to 2023
The chief purpose of fire trucks are to transport firefighter and water to extremity incidents and these trucks are also equipped with other necessary tools such as a ground ladder, hoses, pumps, basic life support equipment, self-contained breathing apparatuses, water tanks. All these firefighting apparatus are specially designed for firefighting operations.
The global fire truck market share will expand due to the rise in the demand for tankers. Along with that, the rise in the number of fire incidents and accidents around the globe is boosting the demand of the market. In the year 2019, according to the U.S Fire Administration (USFA), there were over 1.3 Million fire accidents, in the year 2018. Fire truck has advanced rescue equipment for such accidents. Fire trucks are also known as fire engines in some territories. The mobile computer technologies are used as communication equipment in fire trucks along with that it is also equipped with two ways radios and visual and audible warnings. All these features help to magnify the performance, safety, and capabilities of the fire trucks. The wide variety of customized pumper trucks, due to their high demand, is likely to boost the market demand for the global fire truck market till 2023.
This report contains all the information on the global fire truck market growth and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed global fire truck market analysis and forecast to 2023 is also included in the report.
The outbreak of the covid 19 pandemics is the biggest reason why the global fire truck market is observing slow growth in 2020. The rise in the decline for the demands of the trucks as the government jurisdiction is busy in managing additional funds for the treatments of the coronavirus affected patients and also to restrict the spread of the diseases. The manufacturers are bound to limit the production of the fire trucks due to COVID-19, which is likely to hinder the growth of the market.
Furthermost, due to the limitation on the international trades, the manufacturer is also facing a shortage of raw materials for the fire trucks which is directly affecting the production capacity of the manufacturers which is why the global fire truck industry is predicted to witness slow growth.
Major Key Players
The rise in the demand for multi-tasking trucks is the major global fire truck market trend. The increase in the number of fire accidents along with the wildlife fire in the forests in different places of the world is adding fuel to the growth of the fire truck market. The improvement in the standards of living across the globe and rise in safety purposes is predicted to aid the demand for fire trucks during the forecast period.
Moreover, the rise in the number of commercial spaces due to the fast-growing industrialization in developing countries like China, Japan, Germany, and the US is the major factor that is driving the growth of the market. Along with that the rise in congestion, the improvising in the government norms, overcrowding, and the awareness among the population regarding safety are some other factors.
The rise in the budgets for the safety departments and developments are also contributing to the growth of the fire truck market. Along with that, the major opportunities of the fire trucks lies in the advanced technologies tools that support the performance-based design and field surveys are improvising the teamwork and quality in building the environment are the major factors contributing to the growth of the market. The acceptance of the new advanced technologies is the key driver for the global fire truck market growth.
Moreover, the rise in the demand for fire trucks in emergency situations is likely to boost the fire truck market further. The rural areas of the developing countries are willing to purchase fire trucks which are likely to expand the global fire truck market.
The major factor that is creating the hurdle in the global fire truck market is the low rate of replacements. The replacement of the fire trucks is hard due to the aging in fleets which may hamper the growth of the fire truck market. The lack of required equipment for the development of the fire trucks, low replacement rates, and the rise in the initial cost of the fire truck are likely to retrain the market growth.
The major challenge that is hampering the growth of the fire truck market revenue is the costs of the trucks which are relatively high. The manufacturing of fire trucks required high-quality equipment and other raw materials so that the trucks can handle the harsh operating conditions.
The fire trucks are not only about a vehicle that can transport the firefighters and a tank of water, but it is also equipped with other tools as well including the ladders, self-contained breathing tools, hoses, hydraulic rescue first aid kits, and the ventilating equipment. All these additional equipment increases the cost of the trucks, though the demand of the market also gets hampered due to the restricted numbers of private companies in the fire truck rescue industry.
Cumulative Growth Analysis
The global fire truck market is expected to grow over 4.5% between 2020 and 2023. The rise in the fire truck market trend is due to the development of new advanced technologies such as Artificial Intelligence (AI) and telematics which is likely to boost the growth of the fire truck market industry.
Value Chain Analysis
According to the reports, the global fire truck market is segmented on the basis of type, application, and region. Based on the type, the market has been segmented into rescue trucks, pumper trucks, tankers, and multi-tasking trucks. Based n the application, the global fire truck market is segmented on the basis of residential and non-residential.
The rise in the demand for fire trucks in the airports for safety and rescue operations is likely to drive the market growth. The application segment is predicted to hold the second-largest share in the market due to the increase in the numbers of traffic generation in the airports.
The residential and commercial market segments accounted for the largest shares in the global fire truck market share. The rise in the global population which is the major cause for the rise in the demand for the construction of the commercial and residential building is ultimately adding fuel to the growth of the fire truck markets.
The market is segmented on the basis of type, application, and region. The global fire truck market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into residential and commercial
Based on the propulsion types, the market is segmented into four types, rescue truck, pumper truck, tanker, and multi-tasking trucks.
The global fire truck market has been segmented on the basis of four major regions such as North America, Europe, Asia Pacific, and the rest of the world. The North American region is predicted to account for the maximum shares in the market during the forecast period due to the rise in the advancement of the new technologies, steady economy, the availability of the major key manufacturer in the country are likely to boost the market growth further.
Furthermost, the increasing demand for the safety features in the vehicles and the rise in the investment of developing firefighting sectors by the private players and public are also boosting the growth of the market in this region. Asia Pacific region is also witnessing a tremendous growth of the market due to the rise in the population of this region and growing awareness among the people about the importance of firefighter gadgets.
The global fire market outlook is competitive due to the rise in the supply chain and the established manufacturers in the market. The major key players of the market have adopted several strategies including the adoption of innovative products and many other strategies to strengthen the global position in the market, these are some of the major strategies followed by the emerging key players of the global fire truck market.
The following report comprises of –
Market, By Product
Market, By Application:
Market, By Regions
|Market Size||2027: Significant Value|
|CAGR||4.5% CAGR (2020 to 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Rosenbauer International AG (Austria), Zoomlion Heavy Industry Science & Technology Co., Ltd., (China), Oshkosh Corporation (Japan), MORITA Holdings Corporation (Japan), W. S. Darley & Co. (USA), Alexis Fire Equipment Company (USA), ALBERT ZIEGLER GmbH (Germany), KME Corp. (USA), Spartan Motors (USA), and Magirus GmbH (Germany)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global fire truck market is predicted to grow at a 4.5% CAGR between 2018- 2023.
Asia Pacific will lead the global fire truck market.
Growing industrialization and improving automotive sector are the key factors driving the global fire truck market.
A fire truck has been designed for firefighting tasks.
Key players profiled in the global fire truck market include Rosenbauer International AG (Austria), Zoomlion Heavy Industry Science & Technology Co., Ltd., (China), Oshkosh Corporation (Japan), MORITA Holdings Corporation (Japan), W. S. Darley & Co. (USA), Alexis Fire Equipment Company (USA), ALBERT ZIEGLER GmbH (Germany), KME Corp. (USA), Spartan Motors (USA), and Magirus GmbH (Germany).