MarketAnalysis
The global firetruck industry is predicted to grow at a 4.5% CAGR between 2018- 2023 statesthe recent Market Research Future (MRFR) analysis. Fire trucks or fire enginesor fire apparatus are vehicles that have been specially designed for use infire fighting operations across the world. These are also used by firedepartments in various rescue operations & medical emergency services.There are various tools that fire trucks carry resting on the purpose, size ofthe authorities supervising fire fighting, nature of the operating terrain, andrescue operations. Multi-tasking truck, pumper, tanker, and rescue truck arethe different types of fire trucks that have wide applications innon-residential and residential sectors.
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Various factorsare propelling the globalfire truck market share. As per the current MRFR report, such factors includegrowing industrialization, increase in commercial spaces in Japan, the US,Germany, and China, rising congestion & overcrowding, increasing awarenessabout fire safety, and the growing government norms for fire safetycompliances. Additional factors boosting market growth comprise increasingdemand for safety, infrastructural advancements, stringent regulations,increasing budgets to develop fire and safety departments, growing productinnovations, technological advances, improving economy, and growing demand forelectric fire fighting truck.
On the contrary,lack of standard protocols to develop fire trucks, high initial cost, lowreplacement rate, and the ongoing COVID-19 impact are factors that may limitthe global fire truck market growth over the forecast period.
MarketSegmentation
The MRFR reportprovides an inclusive segmental analysis of the global fire truck market basedon application and type.
By type, theglobal 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 andresidential.
RegionalAnalysis
Based on theregion, the global fire truck market report covers the growth opportunities andrecent trends across the Asia Pacific (APAC), North America, Europe, & theRest of the World (RoW). Of these, the APAC region will lead the market overthe forecast period. Burgeoning demand from China & India, infrastructuredevelopment, growing industrialization, and increasing adoption in thecommercial sector is adding to the global fire truck market growth in theregion.
The global firetruck market in North America is predicted to have healthy growth over theforecast period. The presence of stable economies such as Canada and the US,the use of advanced technologies, and the presence of key industry players areadding to the global fire truck market growth in the region.
The global firetruck market in Europe is predicted to have sound growth over the forecastperiod. Increasing consumption in the military, airports, industries, andenterprises is adding to the globalfire truck market growth in the region. The fire trucks in Europe havea tight and narrow design as that of in the US for the presence of narrow lanesin the region.
The global firetruck market in the RoW is predicted to have steady growth over the forecastperiod.
KeyPlayers
Leadingcontenders 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 HeavyIndustry Science & Technology Co., Ltd., (China), and RosenbauerInternational AG (Austria). Industry players have encompassed severalstrategies to stay ahead in the competition and also cater to customers growingneeds such as acquisitions and mergers, collaborations and joint ventures,partnerships, new product launches, and new product developments, geographicexpansions, contracts, extensive research and development activities, to name afew.
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