Future Market Insights (FMI) predicts that the fire trucks market size will grow by 3.6% year over year in 2022 and surpass US$ 6,860.3 Million by 2027.
One of the primary drivers of growth in the fire trucks market is the increasing demand for advanced firefighting equipment. Firefighters and rescue personnel require modern and advanced equipment to tackle the ever-increasing complexity of fires and rescue operations. This demand is expected to drive the adoption of new technologies, such as thermal imaging cameras, firefighting robots, and drones, among others, in fire trucks.
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Additionally, rising awareness about fire safety and the need to upgrade aging fire trucks are expected to drive growth in the fire trucks market. Governments and private organizations are investing heavily in upgrading and replacing their aging fleets with modern and advanced fire trucks that offer better safety features, greater maneuverability, and improved efficiency.
Below 4% Y-o-Y Forecast for Fire Trucks Market Revenue in 2019
The fire trucks market has been witnessing emergence of specialized fire trucks in recent past, which is foreseen to be an important factor contributing to market growth. However, the approximately US$ 5 billion global landscape of fire trucks is projected for a sluggish below 4% yearly growth rate in 2019 and ahead. A new market intelligence on global fire trucks landscape forecasts a passive growth outlook for the market. High initial capital and relatively low penetration rate are prominently posing a challenge to the market growth, as indicated by the report.
A senior market research analyst adds further, “Even though the fleets of fire trucks are aging, they are not being replaced by the new ones at a considerable pace. While this is straightaway hampering the sales of new fire trucks, the entire scenario ultimately results in limiting the revenue growth of global fire trucks market. This is foreseen to be the situation in the long run, if the same continues over coming years”.
Improving Scope of Rescue Fire Trucks to Uplift Market in Developing Regions
Developing regional markets, experiencing dramatic advancements in construction and infrastructure industries, are compelling various governmental and non-governmental bodies to impose strict regulatory and administrative codes. This, according to the report, will remain the key factor propelling demand for fire trucks across emerging economies, in coming years.
More than 55% sale of fire trucks is accounted by adoption for residential and commercial end use applications, followed by that in enterprises and airports. While the rampant expansion of construction industry is cited responsible for catering to the demand for fire trucks in residential and commercial sectors, developed regional markets are presumably driven by consistently progressing interest in adoption of the cutting edge technologies enabled fire mechanical assemblies and equipment. The report thus highlights relatively high rate of fire trucks purchase across economies such as the US, UK, France, and others in North America and Europe.
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While Europe and North America remains the global manufacturing and operational hubs for key manufacturers of fire trucks, the report projects a strong possibility of developing regions serving significantly in reshaping the entire competitive scenario of fire trucks market. A large number of SMEs in the fire trucks space are rapidly shifting their manufacturing bases to progressing economies – including China, India, Russia, Brazil, and ASEAN countries, to capitalize on the inexpensive labor costs and lucrative opportunities arising in the residential and commercial segments. The report says that over the next few years, Latin American market for fire trucks is likely to witness emergence of Brazil and ROW as production hubs for fire truck manufacturers.
The demand for rescue fire trucks is slated to sustain in airports to cater to soaring terminal security demands. Research also points to sustained sales of ARFF (aircraft rescue firefighting) vehicles for rescue operations at airport terminals. With a significant upsurge in air traffic and a considerably increasing number of airlines as a global level, it is more likely that the fire trucks demand at airports would be sustained over coming years.
Over 50% Market Value Share Belongs to Seven Leading Players
The top seven players in fire trucks marketplace account for more than half of the total market value, as indicated by research. The prominent companies competing in this fairly consolidated landscape are investing in strategic acquisitions and collaborations in an effort to reaffirm their market positioning.
Long-term contractual deals for reliable supply of specialized fire trucks are likely to strengthen strategic relationship between market leaders and key distributers. Expanding existing fire trucks portfolio, with maintaining the focus on novel technological innovations, leading manufacturers and suppliers of fire trucks that are actively operating across the global value chain are projected to prioritize fire trucks and equipment upgrade.
Although pumpers and tankers contribute majorly to total sales of fire trucks at present, the report indicates growing demand for aerial platform fire trucks and rescue fire trucks – likely to shape competitive manufacturing strategies of key manufacturers in the market. In the backdrop of the rate of natural calamities occurred in recent past, it is more likely that rescue fire trucks would experience growing demand.
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Fire Trucks Market: Segmentation
On the basis of product type, the global fire trucks market has been segmented into:
- Rescue Fire Trucks
- Aerial Platform
- Other Speciality Trucks
On the basis of end users, the global fire trucks market has been segmented into:
- Enterprise & Airports
- Residential & Commercial Buildings
Key Questions Answered in the Report
- How has the Fire Truck market evolved in the past four years?
- What shape is the Fire Truck market expected to take, in terms of value and volume, during the forecast period?
- What are the dominant market dynamics in the Fire Truck market?
- How is the competition landscape at the moment and what are some of the trends in the Fire Truck market?
- What are some of the underlying macroeconomic and industry factors impacting the growth of the Fire Truck market?
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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