Global Fire Truck Market to witness ~4.5% CAGR during the forecast period of 2020 to 2023

The primary function of a largest fire truck manufacturers market 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.

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.

Segmental Analysis

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.

Regional Analysis

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.

Key Players

The leading players in the global fire truck market are W. S. Darley & Co. (USA), KME Corp. (USA), Alexis Fire Equipment Company (USA), Spartan Motors (USA), Zoomlion Heavy Industry Science & Technology Co., Ltd., (China), MORITA Holdings Corporation (Japan), Oshkosh Corporation (Japan), Rosenbauer International AG (Austria), ALBERT ZIEGLER GmbH (Germany), and Magirus GmbH (Germany).

I am Miller Peet, I am working in market research future as a automotive research analyst