Fire Trucks Market worth over $6.5 billion by 2026
Published Date: October 5, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Fire Trucks Market size is likely to surpass USD 6.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rapidly increasing demand for fire safety in industrial & commercial areas is driving the fire truck industry growth. The presence of highly inflammable materials in factories and warehouses increases the risk of fire accidents. The ability of fire trucks to quickly extinguish fire and minimize loss to life & property is contributing to the market demand.
Stringent regulations on fire trucks and rescue equipment established by government authorities will propel the fire trucks market size through 2026. The Occupational Safety and Health Act (OSHA) and regulations established by the U.S. Department of Labor specify guidelines related to the regular upgrading of firefighting trucks with technologically advanced equipment. Similarly, the Federation of the European Union Fire Officers Association mandates frequent upgrades of fire equipment fleets.
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The market is restricted by the steep operating and maintenance costs associated with these trucks. Fire trucks are subjected to high temperatures and heat during their operations leading to frequent wear & tear of critical parts. Recurring cost of servicing and replacement of these parts will add to the operating costs. Additional factors such as high cost of fuel and insurance also impact market growth. Limited funds allocated to fire departments in developing economies restrict them from purchasing new trucks, further hampering demand.
Analyst view: “The fire trucks market is anticipated to witness high growth supported by the introduction of stringent regulations on fire safety across the globe.”
The ongoing COVID-19 pandemic has severely impacted the global economy. Several countries are facing a steep decline in economic indicators such as GDP and employment rate. Governments are focusing on containing the spread of the virus and allocating funds to treat the most affected areas. The shift in government focus has led to a shortage in the supply of funds to government-owned fire departments, hampering the fire trucks market. The industry is expected to witness an upward trend with a reduction in the large-scale impact of the pandemic.
Browse key industry insights spread across 160 pages with 199 market data tables & 19 figures & charts from the report, “Fire Truck Market Size By Product (Aerial Truck, Pumper, Tanker), By Application (Residential and Commercial, Airport, Military), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026” in detail along with the table of contents:
Growing adoption of aerial fire trucks in urban areas
The China aerial fire truck segment valued at around USD 200 million in 2019 and is anticipated to witness a steady growth during 2020 to 2026. Aerial trucks are integrated with extendable booms that enable firemen to reach higher locations during rescue operations. Enhanced flexibility and ease-of-operation offered by aerial trucks are improving their market representation. The increasing adoption of these trucks in urban areas to rescue people stuck in high rise buildings is further propelling the market demand.
The growing demand for aerial fire trucks from local fire departments to improve rescue operations is driving the market. Market players are launching additional equipment, such as multifunctional ladders and hoses, to further increase their revenues.
Growing adoption of fire trucks in aircraft rescue and firefighting
According to this report, the Canada airport application is expected to grow at 5.5% CAGR through 2026. The increasing adoption of firefighting equipment for emergency rescues and evacuation of passengers in case of aircraft accidents is providing robust market growth opportunities. Passenger and defense air bases are always obligated to have upgraded & advanced fire trucks ready for duty.
Emission regulations encouraging the introduction of electric firefighting trucks in the Europe market
The Europe fire trucks market revenue is estimated to reach around USD 2 billion by 2026. The growing trend of adopting zero-emission vehicles is driving the industry. Rising concerns on toxic emissions from heavy vehicles, such as fire trucks, have encouraged the establishment of laws such as the Clean Air Law in Europe. Companies are introducing new models of electric firefighting trucks to cater to the growing demand from local fire departments. For instance, in September 2020, Rosenbauer launched its new Electric Fire RT Truck in partnership with Volvo Penta in Austria.
OEMs are focusing on new product development and strategic product launches to enhance their market share. Companies operating in the market are also focusing on partnerships with national fire departments to gain a competitive edge.
Key players in the fire trucks market include Rosenbauer, Spartan, Inc., Albert Ziegler GmbH, Gimaex GmbH, Morita Holdings Corporation, Magirus GmbH, Pierce Manufacturing, Inc., Rev Group, Inc., Sichuan Chuanxiao Fire-Fighting Vehicle Co., Ltd., and W. S. Darley & Co.
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