The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global fire truck market (henceforth referred to as the market studied) is anticipated to register a CAGR of about 6.7 % during the forecast period (2019 – 2024).
- Fire Trucks, also known as fire-engine and are specifically designed for firefighting operations.
- The growing demand for fire safety among developed economies and the need for advanced firefighting apparatus is likely to drive the market growth. Also, growing standards with respect to safety across the globe is expected to aid the demand.
- Increasing infrastructure in the emerging countries which includes India, China, South Korea coupled with increasing awareness regarding fire safety is expected to fuel the demand for fire trucks over the forecast period.
- The demand in airports and corporates for fire apparatus and rise in governmental regulations towards ensuring fire safety compliance is anticipated to be a contributing factor for market growth across the world.
Key Market Trends
Residential & Commercial Application and Technological Advancement Are Driving the Fire Truck Market
The residential & commercial application holds the largest market share and is anticipated to domain the market over the forecast period because the global population is growing which in turn will increase the demand for construction of residential and commercial buildings.
As the world population is growing exponentially resulting spike in building & construction activities worldwide led to governments enforcing stringent fire safety regulations across sectors, including residential, commercial, airports, and industries. Which in turn, increasing the fire trucks consumption in residential & commercial applications.
The demand of fire trucks is a growing owing to acceptance of updated and advanced technology, product innovation, and use of latest digital tools and modern electronics which will help to increase the efficiency, capability, and quality of the fire truck. For instance, Rosenbauer Deutschland, a company of the Rosenbauer Group, and the Berlin Fire Department, plan to jointly develop a hybrid electric fire engine in the next two years. The project is called “eLHF” (german equivalent for “eRFF”/ electric rescue and firefighting vehicle) and budget amount of the project is approximately 1.8 million Euro. Hybrid electric fire engine based on “Concept Fire Truck” CFT to enter year-long trial at the start of 2021. The CFT technology is estimated to reach around 3,200 vehicles by 2030 globally.
Asia-Pacific Is Leading the Fire Truck Market
The fire truck market is dominated by Asia-Pacific due to the emerging countries like China, India and South Korea have witnessed a stable growth in the infrastructure coupled with raising awareness about safety. The rise in awareness about safety is expected to boost the demand for fire trucks over the forecast period.
The stringent government regulations regarding the market is also a positive factor for the growth of global fire truck market. The high production capacity in China coupled with lower labor charge contribute to the expansion of fire trucks market in the country. Additionally, technological advancements and growing applications in the manufacturing sector fuel the fire trucks market growth.
The North American fire truck market is witnessing growth primarily driven by the increased demand from the residential & commercial application segment. Furthermore, the growing requirement of advanced safety infrastructure in residential buildings, commercial complexes and is expected to augment the market demand.
The global fire truck market is highly competitive due to the presence of many established manufacturers and suppliers. Major players such as Rosenbauer International AG, Magirus GmbH, Spartan Motors, Inc., Albert Ziegler GmbH, and Emergency One, Inc have adopted product innovations and numerous strategic alliances for strengthening their global positions, which are being followed by emerging industry players. For instance,
- May 2018: REV Group has launched new AXIS Smart Truck Technology, a secure revolutionary system that is engineered specifically for the fire service. This intelligent truck platform is for all E-ONE, Ferrara, and KME branded vehicles.
- March 2018: The City of Benton Harbor is getting USD 8 million from the state of Michigan’s Financially Distressed Cities, Villages and Townships Grant Program along with this money they are also getting new fire truck and a water meter replacement program.
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