Fire Trucks Market: High Value Growth at 3.6% CAGR During 2019 – 2027

  • Tankers segment dominated the market with over 26% revenue share of the market.
  • Increasing expenditure on public safety by governments across the globe is leading to strengthening of firefighting and fire prevention departments of various countries.
  • 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.

The global Fire Trucks 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, according to FMI (Future Market Insights) research report titled “Fire Trucks Market Global Industry Analysis 2013–2018 and Opportunity Assessment 2019–2027.”

The estimated value of the fire trucks market in 2018 was $5 billion and the market is expected to expand at a CAGR of 3.6% and reach $6.86 billion by the end of 2027. Furthermore, the Fire Trucks market is predicted to create incremental $ opportunity worth $1.677 billion during the forecast period.

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.

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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.

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 $599.4 million 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 $1.34 billion 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 $364.2 million in the global fire trucks market over the forecast period.

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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.

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