Market Analysis
Market Research Future (MRFR) predicts the global emergency ambulance vehicle market to witness a 1.5% CAGR from (forecast period).
An emergency ambulance vehicle, also recognized as an ambulance around the world, is used to provide care to patients who have suffered an accident or are suffering from an acute illness. Vehicles such as vans, cars, motorcycles, golf carts, and special vehicles can be used. Furthermore, these vehicles are used for emergency care and patient transfer services.
The key driver of the global emergency ambulance vehicle market is an increase in government spending and initiatives for the use of emergency ambulances in developing countries. Furthermore, strict government regulations requiring the adoption of fully-equipped ambulances and their availability for 24-hour use in end-use industries around the world are expected to boost the global market for emergency ambulance vehicles.
There are two types of manufacturers for emergency ambulance vehicles: pre-manufacturers and post-manufacturers. Post-manufacturers typically customize normal light or medium trucks or full-size vans by adding necessary bodywork, emergency vehicle equipment, and interior fittings. During the forecast period, this customization improves its efficiency capability and increases demand for emergency ambulance vehicles in the global market. The rising demand for customization in emergency ambulance vehicles in order to incorporate advanced functionalities is expected to fuel growth in the global emergency ambulance vehicle market.
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The increased use of motorcycles as emergency ambulance vehicles in the global market is expected to generate new investment opportunities. Furthermore, Honda Motor Company, BMW AG, and Yamaha Motorcycles are the leading manufacturers of motorcycle emergency ambulance vehicles. However, the global market's growth is expected to be hampered by a lack of knowledge about purchasing power and a low acceptance rate for ambulance services during the forecast period.
Key Players
Notable players in the global emergency ambulance vehicle market are REV Group, W.A.S. Ambulance, Ford Motor Company, MAN, Daimler AG, Groupe Renault, LifeLine Emergency Vehicles, Toyota Motor Corporation, Leader Ambulance, and BAUS AT.
COVID-19 Impact on the Global Emergency Ambulance Vehicle Market
The global emergency ambulance vehicle market has proven to have a positive impact due to the outbreak of coronavirus. The increasing demand for ambulance services to provide emergency care to COVID-19 patients during the epidemic is driving the market growth. Also, after the crisis has subsided, the demand is expected to continue growing.
Market Segmentation
The global emergency ambulance vehicle industry has been segmented based on vehicle type and application.
Based on vehicle type, the global emergency ambulance vehicle market has been segmented into vans, cars, motorcycles, and others. The vans type segment is anticipated to dominate the global market in terms of value and volume during the forecast period.
Based on application, the global emergency ambulance vehicle market has been segmented into hospitals, emergency centers, and others. The hospital segment is projected to lead the global market in terms of value and volume during the forecast period.
Regional Analysis
By region, the global emergency ambulance vehicle market has been segmented into four regions, namely, North America, Europe, Asia Pacific, and the rest of the world.
Because of the direct involvement of the locals and the statement for the use of emergency ambulances throughout the region, North America is expected to maintain a significant market share throughout the forecast period. This is supposed to boost the region's market share even more. Europe, on the other hand, is expected to see significant growth as a result of strict government requirements for emergency ambulance vehicles per hospital.
Industry News
In August 2020, Reddy Customs, a Pune-based automotive company, declared that it is planning to launch 200-300 ambulances in the financial year of 2020-21. The company is providing an opportunity of customizing the design as per the need and is expected to gain huge traction. This came to light when the Maharashtra Government declared about a plan to develop an app-based ambulance service. This initiative from the government could spur the demand for the intake of ambulances and assist the company in developing better plans for customized ambulances.
The recent onslaught of coronavirus revealed the problems of the healthcare system and one of them is the shortage of ambulances in several countries. To boost the healthcare system, emergency ambulance vehicles play a crucial role. However, the lack of it has badly hurt several countries. In fact, in some countries, these ambulances are not properly equipped to counter the crisis. This realization will open up new possibilities for the manufacturers using which the emergency ambulance vehicle market can register growth.
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