Fire Truck Market Overview:
The primary function of a fire truck is to provide water to extinguish fire and transport firefighters to a rescue place. They are equipped with a first-aid kit, hydraulic rescue tools, ventilating equipment’s, ladders, and other such gear.
Fire Truck Market Size To Expand at a Notable CAGR Of 4.5% During 2019 - 2023.
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The prominent players 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).
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.
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.
The global fire trucks market is segmented by type, application, and region. By type, the market is segmented into rescue truck tanker, pumper, multi-tasking truck. By application, the market is segmented into residential, non-residential, industrial, commercial, airport, military, others. By regions, the market is segmented into North America, Asia-pacific, Europe, and the rest of the world
The residential & commercial sector of the application segment is accounted for the largest market share and is estimated to grow over the forecast period owing to the increasing global population, which has led to a rise in the demand for residential and commercial constructions. Increased application of Aircraft Rescue Fire Fighting (ARFF) vehicles for airport security and rescue procedures is likely to drive the demand for fire apparatus and safety equipment at airports.
North America region is going to witness substantial growth in the global fire truck market due to a significant rise in the demand from the residential and commercial sectors of the application segment. This growth in the market as a result of the growing requirement of advanced safety infrastructure in residential buildings, industrial facilities, is estimated to continue to grow over the forecast period. Subsequently, the demand for fire trucks in the region is predicted to increase significantly.
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.
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.
Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat of New Entrants
3.1.2. Bargaining Power of Buyers
3.1.3. Threat of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power of Buyers
3.2. Value Chain/Supply Chain Analysis
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