Fire truck market 2020 is set to expand at a rate of 4.5% between 2018 and 2023 (review period), says Market Research Future (MRFR). We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
COVID-19 Analysis
The novel coronavirus has disrupted almost every industry across the globe, including the automotive sector. The short term impact has led to shutting down of various manufacturing units due to the lockdown imposed by governments across countries. Production units are observing lack of labor owing to social distancing practice induced by the pandemic. SARS-CoV-2 has also resulted in showrooms being shut down, besides a drop in vehicle sales. The automotive industry is grappling with the aftereffects of the COVID-19 outbreak, issues such financial crisis combined with the weakening of the supply chain networks around the world.
With that said, the fire truck market can expect some relief on account of the mitigation measures that are being taken by various government bodies across regions. For instance, the European Union is lending support to the automotive sector with the Pandemic Emergency Purchase Program, which helps companies buy commercial papers as well as sovereign bonds from commercial vendors along with member states while keeping their liquidity intact within the financial system. Moving ahead, EU has also relaxed its stringent regulations pertaining to the automotive sector and is willing to expand the size of any asset purchase for extended period. With the introduction of contingency schemes and financial institutions increasingly coming up with relief plans, the fire truck market can make a solid comeback despite the COVID-19 impact. Growing awareness level about fire safety and related services is also working in favor of the fire truck market, despite the pandemic surge.
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Leading Companies
The leading companies in the fire truck industry are ALBERT ZIEGLER GmbH (Germany), Rosenbauer International AG (Austria), Spartan Motors (USA), KME Corp. (USA), MORITA Holdings Corporation (Japan), W. S. Darley & Co. (USA), Zoomlion Heavy Industry Science & Technology Co., Ltd., (China), Alexis Fire Equipment Company (USA), Magirus GmbH (Germany), Oshkosh Corporation (Japan), and more.
Key Boosters and Main Barriers
The increasing need for fire safety in developed economies along with the mounting demand for superior quality firefighting apparatus can benefit the fire truck market in the long run. The increasing strictness of standards related to safety can also boost the worldwide demand for fire trucks. Governments are progressively deploying fire trucks for rescue operations and medical emergency services. Further, product advancements and technological innovations in the fire apparatus field and the consequent reduction in the fatality rate during fires also induce significant business growth across the globe.
Infrastructural upgradation across developing countries has resulted in the implementation of strict standards and codes to preserve buildings and prevent damages, which can mean better growth for the industry in the coming years.
Market Segmentation
Fire Truck Industry has been considered for type as well as application.
The types of fire trucks are pumper, tanker, multi-tasking truck and rescue truck.
The primary application areas of fire trucks are non-residential and residential.
Regional Insight
The Fire Truck Market Analysis by MRFR covers the key regions of Europe, APAC/Asia Pacific, North America, and RoW/Rest of the World.
It is quite likely that the North American market can gain the leading position in the global market during the evaluation timeline, as a result of the high deployment of advanced technologies, strong financial conditions, and the existence of a massive number of renowned manufacturers across the U.S as well as Canada. The soaring need for better safety features within vehicles and the growing expenditure by private and public players on the development of the firefighting industry also contributes significantly to the market growth in North America.
The population boom along with the mounting awareness regarding the significance of the fire-fighting apparatus can be major growth boosters in the APAC market. China is among the top ranking markets in the region, both in terms of consumption and production. The high production level as well as supply is the result of cheaper priced labor and materials. The country is also a crucial hub for a number of manufacturers that are known globally. The increasing uptake of fire trucks in enterprises, airports and commercial applications is anticipated to result in a highly lucrative industry outlook.
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Latest News
June 2020
California City Fire Department now boasts of a new fire truck, Arrow XT PUC Paramedic Engine. The new fire truck seems to be the best solution for safe and efficient operations of the fire department, as it can function in an extremely harsh environment and consists of all the equipment a fire truck is supposed to be equipped with in the department.
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