Fire Trucks Market Surpassed US$ 5 Billion in 2018; Tankers Segment Held Over One-Fourth Share in Revenue

Fire Trucks Market

FMI (Future Market Insights) digs deep into the global Fire Trucks market and finds vital information through structured market research. The report titled “Fire Trucks Market Global Industry Analysis 2013–2018 and Opportunity Assessment 2019–2027” estimates the market and forecasts the future demographic and changes. On the basis of findings specified in the report, the market is predicted to witness growing demand for fire trucks from municipal, military and enterprise & airport sectors over the coming years. Growing demand for fire trucks in emerging economies will drive the growth of the global fire trucks market during the forecast period.

The estimated value of the fire trucks market in 2018 was US$ 5,014.5 Mn and the market is expected to expand at a CAGR of 3.6% and reach US$ 6,860.3 Mn by the end of 2027. Furthermore, the Fire Trucks market is predicted to create incremental $ opportunity worth US$ 1,677.0 Mn during the forecast period.  

Global Fire Trucks Market Dynamics

Increasing expenditure on public safety by governments across the globe is leading to strengthening of firefighting and fire prevention departments of various countries. This is anticipated to act as a catalyst for the overall growth of the fire trucks market over the forecast period. Moreover, an increase in fire accidents across regions has surge the need for fire trucks. That apart, increasing infrastructural developments in emerging countries, such as China India, Brazil, etc., are also boosting the demand for fire trucks in these countries.

On the flip side, one of the key challenges faced by the manufacturers in the fire trucks market is the low rate of penetration of fire trucks. However, the fleets are aging, the fire trucks are not being substituted easily. This is expected to be the key factor restraining for the growth of the fire trucks market over the forecast period. Moreover, the high cost of fire trucks coupled with increasing technical complexity is also expected to act as a restraining factor for the growth of the fire trucks market in near future.

Global Fire Trucks Market Forecast

Market understanding suggests that the overall size of the global fire trucks market will grow at a substantial rate over the forecast period. Various optimistic changes are predicted to push the growth of the global fire trucks market during the forecast period.

By region, Europe is anticipated to hold the dominant share in the global fire trucks market during the forecast period. Europe and North America are expected to remain opportunistic economies. In value terms, Europe is predicted to create incremental dollar opportunity worth US$ 599.4 Mn in the global fire trucks market during the forecast period. Europe and China are expected to grow at high CAGRs during the forecast period.

By product type, the tankers segment dominated the fire trucks market with a value of US$ 1,339.2 Mn in 2018. However, the other speciality trucks segment is anticipated to account for a minimal share in the global fire trucks market during the forecast period. In terms of growth, rescue fire trucks segment, followed by the aerial platform segment, is expected to observe high growth during the forecast period.

By end use, the commercial & residential buildings segment is expected to dominate the global fire trucks market. In volume terms, the demand from commercial & residential buildings segment is expected to be pegged at 17,809 Units by the end of 2027. In value terms, the airports & enterprises segment is predicted to create incremental dollar opportunity worth US$ 364.2 Mn in the global fire trucks market over the forecast period.

Global Fire Trucks Market: Competitive Landscape

Some of the key players involved in the manufacturing of fire trucks and included in this study are Rosenbauer International AG, Oshkosh Corporation, Magirus GmbH, Spartan Motors, Morita Holdings Corporation, REV Group, Naffco, Ziegler Group, Danko Emergency Equipment, Co. and Zoomlion Heavy Industry Science & Technology Co., Ltd.

To Get Sample Copy of Report visit @https://www.futuremarketinsights.com/reports/sample/rep-gb-2732

About Nikhil Kaitwade 322 Articles
With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.