|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The fire truck market was valued at USD 4 billion in 2020, and it is expected to reach USD 7 billion by 2026, registering a CAGR of about 7 % during the forecast period (2021 - 2026).
The outbreak of the COVID-19 pandemic impacted the growth of the fire truck market due to continuous lockdowns and shutdown of manufacturing units globally. The demand for trucks declined in early 2020, as the government was busy taking measures to restrict the spread of the virus. However, as economies are recovering from the pandemic, the market is expected to experience steady growth during the forecast period.
Infrastructural development in emerging countries led the regulatory bodies to enforce stringent codes and standards to decrease infrastructural damage and loss, which is expected to augment the industry growth. Moreover, owing to the acceptance of new and advanced technology, product innovation, and the use of advanced digital tools, modern electronics are likely to enhance the efficiency, quality, and capability of the fire truck, providing new opportunities for market players.
The increase in the number of fire accidents and the wildlife fire in the forests in different places of the world are boosting the growth of the fire truck market. The improvement in living standards worldwide and the rise in safety purposes are predicted to aid the demand for fire trucks during the forecast period.
North America is predicted to account for the maximum shares in the market during the forecast period due to the rise in the advancement of the new technologies and the presence of major manufacturers in the country. Asia-Pacific is anticipated to witness significant growth due to the rise in the population of the region and the growing awareness among the people about the importance of firefighter gadgets.
Scope of the Report
A fire truck is a vehicle designed for firefighting operations. The main purpose of a fire truck includes transporting firefighters to an incident scene, providing water and other tools to extinguish the fire. The fire truck market report covers the latest trends, the COVID-19 impact, and the technological developments in the market.
The scope of the report covers segmentation based on type ((rescue trucks, tanker, pumper, and multi-tasking trucks), by application (residential & commercial, enterprises & airports, and military), and by geography (North America, Europe, Asia-Pacific, and Rest of the World).
By type, the market is segmented into type rescue trucks, tanker, pumper, and multi-tasking trucks. By application type, the market is segmented into residential and commercial, enterprises and airports, and military. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. For each segment, the market sizing and forecast are based on value (USD billion).
|Residential and Commercial|
|Enterprises and Airports|
Key Market Trends
Rising Demand for Fire Trucks in the Residential and Commercial Sector
The growing population and the resultant spike in building and construction activities worldwide led governments to enforce stringent fire safety regulations across various sectors, including residential, commercial, airports, and industries. The aforementioned factors resulted in a significant increase in fire trucks consumption in residential and commercial applications.
Infrastructural development in emerging countries led the regulatory bodies to enforce stringent codes and standards to decrease infrastructural damage and loss, which is expected to augment the industry growth. Furthermore, the increasing building and construction activities in emerging economies, like India, China, and South Korea, are expected to provide new opportunities to the major players in the market during the forecast period.
Governments are investing in modern firefighter trucks with multifunctional equipment to increase their efficiency. For instance, in February 2020, the Los Angeles Fire Department (LAFD) purchased a new hybrid-electric fire truck from Rosenbauer Group. The truck is integrated with features, such as remote vehicle diagnostics and Wi-Fi-connected aerial drones that assist in monitoring the accident site. The shifting focus of local fire departments toward improving their operating efficiency is driving market revenues.
The growing requirement of advanced safety infrastructure in residential buildings and commercial complexes is expected to augment the market demand. The growing number of fatal fire accidents in the region encourages government authorities and fire departments to regularly upgrade their fire truck fleet with the latest models, significantly influencing the market statistics.
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Asia-Pacific Region is Expected to Witness Significant Growth
The fire truck market is expected to be dominated by Asia-Pacific, followed by North America and Europe, during the forecast period. The presence of key low-cost manufacturers of China, coupled with the rising demand from residential and commercial applications in emerging economies, such as China, South Korea, and India, is expected to drive the market growth during the forecast period.
China is one of the largest markets in terms of production and consumption. The high production capacity and supply are driven by the considerably low costs of production. The country is an industrial hub for several manufacturers globally. The increased consumption of fire trucks is anticipated in applications, such as commercial, enterprises, and airports, owing to the aforementioned factors.
The high production capacity in China, coupled with lower labor charges, contribute to the expansion of the fire trucks market in the country. Additionally, technological advancements and the growing applications in the manufacturing sector fuel the fire trucks market growth. North America's growth is primarily driven by the growing requirement of advanced safety infrastructure in residential buildings and commercial complexes, which is expected to augment the market demand.
The fire truck market in Europe and Middle-East, and Africa is characterized primarily by the consumption in applications, such as enterprises, industries, airports, and the military, providing new opportunities for key players to expand in the market.
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The global market is very competitive due to the presence of a large number of established manufacturers and suppliers. Market leaders are emphasizing forming strategic partnerships with other industry players to increase their competencies and revenues. Companies are also focusing on expanding their presence to meet their production demands. For instance:
- Volvo Penta partnered with Rosenbauer to provide an electric drive train for its fire trucks. The companies aim to leverage this partnership to develop new models of electric trucks.
- REV Group launched new AXIS Smart Truck Technology, a secure revolutionary system engineered specifically for the fire service. This intelligent truck platform is for all E-ONE, Ferrara, and KME branded vehicles.
Major players, such as Rosenbauer International AG, Oshkosh Corporation, Magirus GmbH, and Weihai Guangtai, adopted product innovations and numerous strategic alliances to strengthen their global positions, and industry players are following the trend.
- In July 2020, Volvo Penta, a division of AB Volvo, developed an electric driveline for a leading fire service vehicle manufacturer, Rosenbauer’s pioneering fire truck, enabling an innovative new solution with zero exhaust emissions and significantly reduced noise levels.
- In March 2020, REV Group Inc. acquired Spartan ER for approximately USD 55 million to improve its specialty vehicle services for the emergency response market.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness-Porter's Five Force Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Rescue Trucks
5.1.4 Multi-Tasking Trucks
5.2.1 Residential and Commercial
5.2.2 Enterprises and Airports
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Rest of the World
220.127.116.11 South America
18.104.22.168 Middle-East and Africa
6. COMPETITIVE LANDSCAPE **
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 W.S. Darley & Co.
6.2.2 Oshkosh Corporation
6.2.4 Albert Ziegler GmbH
6.2.5 Magirus GmbH (CNH Industrial Group)
6.2.6 Rosenbauer International AG
6.2.7 Gimaex GmbH
6.2.8 Morita Holdings Corporation
6.2.10 Spartan Motors Inc.
6.2.11 HME Incorporated
7. MARKET OPPORTUNITIES AND FUTURE TRENDS **
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Frequently Asked Questions
What is the study period of this market?
The Fire Truck Market market is studied from 2018 - 2026.
What is the growth rate of Fire Truck Market?
The Fire Truck Market is growing at a CAGR of 5% over the next 5 years.
What is Fire Truck Market size in 2018?
The Fire Truck Market is valued at 4 Billion USD in 2018.
What is Fire Truck Market size in 2026?
The Fire Truck Market is valued at 7 Billion USD in 2026.
Which region has highest growth rate in Fire Truck Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Fire Truck Market?
North America holds highest share in 2020.
Who are the key players in Fire Truck Market?
Oshkosh Corporation, Albert Ziegler GmbH, Rosenbauer International AG, Magirus GmbH., Gimaex S.A.S. are the major companies operating in Fire Truck Market.