Fire Truck Market Size To Expand at a Notable CAGR Of 4.5% During 2019 – 2023.
With technological advancements, fire trucks now have communication apparatus like audio transmitters, two-way radio, and visual warnings. Infrastructural improvement in developing countries has led the regulatory bodies to enforce strict codes and standards to reduce infrastructural damage and loss which is likely to aid market growth.
Global fire truck market is expected to expand at a CAGR of 4.5% during the evaluation period (2019 to 2023). Expansion of commercial spaces is increasing the need for deploying protective measures. This is a major factor that is anticipated to promote the global fire truck market growth, asserts Market Research Future (MRFR)
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Key Players:
- 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)
- Magirus GmbH (Germany)
Fire Truck Market Insights:
The hike in sales number of fire trucks is likely to bolster the fast-paced expansion of the global fire truck market. The increase in urban migration and rapid industrialization are factors that are expected to bolster the growth of the global fire truck market growth. Tending technologies are empowering fire trucks with advanced feature, which, in turn, is likely to encourage the global fire truck market growth. The stringent fire safety norms passed by governments, across the world, is also expected to fuel the growth of the global fire truck market.
The lack of proper protocols and the high preliminary cost for manufacturing a fire truck, and a low rate of substitutes of fire trucks are considered as the vital restrictive factors of this market. Nevertheless, improvement in product innovations, coupled with technological advancements in fire truck across the globe, increasing demand for electric firefighting truck, and improving the economy are providing considerable new opportunities to the growth of this market.
Segmental Overview
The global fire truck market has been segmented based on type, and application. The segmental analysis of the market offers clear understanding of the fire truck market.
Based on the type, the fire truck market has been segmented into rescue truck, multi-tasking truck, pumper, and tanker. The sales of the multi-tasking trucks is high, which is likely to surge the global fire truck market.
Based on the application, the fire truck market has been segmented into residential and non-residential. The non-residential segment has been classified into commercial, airport, military, industrial, and others. Diversified utility of fire truck is likely to promote the growth of both the residential and non-residential segments over the review period.
Driving Factors:
The major driving factors of this market are growing industrialization, rise in the number of commercial spaces in countries such as China, Germany, US, and Japan, increasing congestion and overcrowding, growing awareness regarding fire safety, and the rising government norms towards fire safety compliances. In addition, rising budgets for the development of fire and safety departments is also contributing to the growth of this market.
Regional Outlook
North America is expected to secure the largest share in the global fire truck market. The residence of major manufacturers in North America is likely to surge the regional fire truck market. Furthermore, different industries taking up robust safety assessment is likely to intensify the North American fire truck growth. Additionally, investment by both private companies and government to increase the productivity of the firefighting sector is anticipated to favor the regional fire truck market growth. The US market is likely to exhibit the highest growth rate over the evaluation period. In Europe, strong economic condition and the growing need for industrial safety are factors that are anticipated to boost the growth of regional fire truck market growth. Fast-paced industrialization and increasing awareness about better fire-fighting equipment is likely to spur the Asia Pacific fire truck market growth.
Asia Pacific region has also witnessed a hike in the residential & commercial sectors of the application segment in emerging economies such as China, South Korea, and India. China has one of the largest fire truck markets globally, both in terms of manufacturers as well as consumers. Low-cost production due to low material costs and low labor costs creates high production capacity and supply, subsequently driving the fire truck market in this region. Furthermore, the country is an industrial center for numerous manufacturers from across the globe, leading to the increased utilization of such trucks in applications such as commercial, enterprises, and airports.
Europe, Middle East & Africa (EMEA) market is driven primarily by the increasing application scope in industrial sectors. Middle Eastern countries are a significant resource of oil, and countries like Saudi Arabia, Iraq, Kuwait, and Iran are oil hubs. Oil producers are highly focused on the safety of the employees and their manufacturing plant. So, to cope up with the safety measures, the demand for a fire truck is growing on a large scale in this region. Furthermore, increasing demand from the healthcare sector across developed regions is also contributing to the growth of this market. High per capita income, regulatory support, and technological advancements are set to drive the growth of this market.
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List Of Tables:
Table 1 Global Fire Truck Market: By Region, 2018-2023
Table 2 North America: Fire Truck Market: By Country, 2018-2023
Table 3 Europe: Fire Truck Market: By Country, 2018-2023
Table 4 Asia-Pacific: Fire Truck Market: By Country, 2018-2023
Table 5 RoW: Fire Truck Market: By Region, 2018-2023
Continued…
List Of Figures:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued…
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