Market Analysis
The Fire Truck Market is predicted to grow at a 4.5% CAGR between 2018- 2023 states the recent Market Research Future (MRFR) analysis. Fire trucks or fire engines or fire apparatus are vehicles that have been specially designed for use in fire fighting operations across the world. These are also used by fire departments in various rescue operations & medical emergency services. There are various tools that fire trucks carry resting on the purpose, size of the authorities supervising fire fighting, nature of the operating terrain, and rescue operations. Multi-tasking truck, pumper, tanker, and rescue truck are the different types of fire trucks that have wide applications in non-residential and residential sectors.
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Various factors are propelling the global Fire Truck Market share. As per the current MRFR report, such factors include growing industrialization, increase in commercial spaces in Japan, the US, Germany, and China, rising congestion & overcrowding, increasing awareness about fire safety, and the growing government norms for fire safety compliances. Additional factors boosting market growth comprise increasing demand for safety, infrastructural advancements, stringent regulations, increasing budgets to develop fire and safety departments, growing product innovations, technological advances, improving economy, and growing demand for electric fire fighting truck.
On the contrary, lack of standard protocols to develop fire trucks, high initial cost, low replacement rate, and the ongoing COVID-19 impact are factors that may limit the global Fire Truck Market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global Fire Truck Industry based on application and type.
By type, the global fire truck market is segmented into multi-tasking truck, pumper, tanker, and rescue truck.
By application, the global fire truck market is segmented into non-residential and residential.
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Regional Analysis
Based on the region, the global Fire Truck Industry report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Burgeoning demand from China & India, infrastructure development, growing industrialization, and increasing adoption in the commercial sector is adding to the global fire truck market growth in the region.
The global fire truck market in North America is predicted to have healthy growth over the forecast period. The presence of stable economies such as Canada and the US, the use of advanced technologies, and the presence of key industry players are adding to the global fire truck market growth in the region.
The global fire truck market in Europe is predicted to have sound growth over the forecast period. Increasing consumption in the military, airports, industries, and enterprises is adding to the global Fire Truck Market growth in the region. The fire trucks in Europe have a tight and narrow design as that of in the US for the presence of narrow lanes in the region.
The global fire truck market in the RoW is predicted to have steady growth over the forecast period.
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Key Players
Leading contenders profiled in the Global Fire Truck Market report include Magirus GmbH (Germany), Spartan Motors (USA), KME Corp. (USA), ALBERT ZIEGLER GmbH (Germany), Alexis Fire Equipment Company (USA), W. S. Darley & Co. (USA), MORITA Holdings Corporation (Japan), Oshkosh Corporation (Japan), Zoomlion Heavy Industry Science & Technology Co., Ltd., (China), and Rosenbauer International AG (Austria). Industry players have encompassed several strategies to stay ahead in the competition and also cater to customers growing needs such as acquisitions and mergers, collaborations and joint ventures, partnerships, new product launches, and new product developments, geographic expansions, contracts, extensive research and development activities, to name a few.
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