The fire truck market was valued at USD 5501. 8 Million in 2021, and it is expected to reach USD 8211. 74 billion by 2027, registering a CAGR of about 6. 83 % during the forecast period (2022 - 2027).
New York, June 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fire Truck Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" - https://www.reportlinker.com/p06288110/?utm_source=GNW The COVID-19 pandemic affected the fire truck industry worldwide, with the closure of production facilities and transportation businesses causing market instability. Firefighting vehicle manufacturers had to face certain supply chain issues due to a halt in international trade and transportation activities. However, the market started picking up pace, and the demand for fire fighting vehicles is expected to have notable growth during the forecast period. Evolving government fire safety regulations across all sectors and continuous emphasis of government on the upgradation of fire trucks and associated equipment are expected to drive the demand for fire trucks during the forecast period. High investments and upfront expenses associated with manufacturing fire vehicles are likely to limit the market expansion. Due to a shortage of cash, fire agencies are only able to distribute a limited amount of money. The evolution of electric trucks and growing interest in firefighting apparatuses and local assemblies across the world are expected to create a positive outlook for the market studied. Key Market Trends Rising Demand for Fire Trucks in the Residential and Commercial Sector The residential and commercial segment includes fire trucks used by municipal bodies and forest fire fighting applications. According to the National Fire Protection Association, there have been more than 400,000 house fire cases reported in the United States every year. These fire incidents bring dreadful culture to the people. The scenarios remain the same not just in the United States but across the world. In 2020, a fire department responded to a fire on average every 23 seconds in the United States, according to the National Fire Protection Association. A home fire was reported every 89 seconds, a home fire death occurred every three hours and 24 minutes, and a home fire injury occurred every 46 minutes. Moreover, several residential/commercial fire incidents are being reported across the World where fire incidents have destroyed the lives and property of the people. For instance: In May 2021, the Indian government investigated several fire cases taking place in Delhi and saw that most of them had arrived due to illegal housing factories in the city, lack of safety equipment in commercial establishments remained vital factors, which derived fire cases in Delhi. Furthermore, the government said that the tragic death of 27 people in the Mundka fire incident has again exposed the city’s fire and safety standards. This came after a noncompliance action pulled by hundreds of commercial and institutional buildings, including, hospitals, factories, and even schools, which are operating without a fire and safety certificate in Delhi. These things further make thousands of people vulnerable and help raise the fire incidents in the capital. In May 2022, London reported large high-rise fires from its Grenfell Tower, which is considered a large high-rise building. Soon after the fire took place, London’s fire brigades were sent to the site immediately. An increasing number of high-rise buildings are also leading local municipalities to upgrade their existing fleet of fire fighting equipment, including trucks. In April 2021, the Kerala Fire and Rescue Services Department included the purchase of a Turn Table Ladder (TTL) in their new modernization process. The department announced to procure TTL with a height of 65 m that can be used for rescue and fire fighting missions on high-rise buildings. In May 2019, UAE-based fire protection services and equipment company, Bristol unveiled a locally-built firetruck at the Intersec expo. The major applications of the truck will include the residential and oil and gas sectors. 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 the largest Asian market for fire trucks. The country has introduced trade barriers in the wake of economic conflict with the United States, which tends to increase the overall cost and the imports of the vehicle and has been subjected to the approval by the ministry of finance. Rigorous business constraints and growing economic and political conflicts have resulted in the restraint of the development of international manufacturers while insulating the revenue bars of China-based companies. However, India has witnessed a key increase in the demand for fire trucks over the past years, owing to the high industrialization the country is undergoing. Industries from segments like oil refineries, steel plants, industrial corporations, and thermal power generation plants have been demanding industrial grade fire trucks with special emphasis on foam trucks. The demand is primarily noticeable from tier 1 and tier 2 cities of the country, which has been scrutinized by the fire truck manufacturers and further collaborated and partnered to capitalize on this pain point; moreover, with increasing urbanization, further demand is expected to drive the market. In March 2021, Ashok Leyland, India, unveiled the new 2021 Fire Truck, manufactured in collaboration with Laxmi Steel Industries. This truck was equipped with a fire pump capacity of 2250 LPM at 7 KG-Cm2 with a water tank capacity of approximately 5000 Liters and an additional 500 Liters of Foam Tank, working together for effective fire extinguishing. Japan registered a decreasing trend in the number of fire-related fatalities. The number of fire-related fatalities in 2019 accounted for 1,486 and was reduced to 1,326 fire-related fatalities as of 2020. This decreasing trend is mostly attributed to the advanced technological developments of fire trucks and decreased response time to a fire alert. 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. Competitive Landscape Some of the prominent players in the market include Rosenbauer, E-one, Magirus, Oshkosh Corporation, and others. Major players are investing in R&D activities to develop improved products and equipment. For instance, In July 2021, Rosenbauer introduced the world’s first electric fire truck, with a completely new vehicle architecture in partnership with Volvo Penta, which supplied the powertrain. In January 2021, Defense Logistics Agency (DLA) awarded Darley Defense a contract on the 5th iteration of the Special Operational Equipment (SOE) Tailored Logistics Support (TLS) Program. The award made to Darley and five other contractors is valued at USD 33 Billion over a 10-year period. The award has a two-year base contract with four two-year option periods. The scope of work under the SOE TLS program includes the total logistics support for the special operational equipment requirements of DLA customers, including military installations, federal agencies, and other authorized DLA customers located worldwide. 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. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06288110/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. 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