Bizizz Market Research has recently published a research report, “Fire Trucks Market by Product Type (Pumpers, Tankers, Rescue Fire Trucks, Aerial Platform, Other Specialty Trucks ), End User ( Enterprise & Airports, Residential & Commercial Buildings, Military, Others) and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027.”
As per the report, Global Fire Trucks Market was valued at US$ 5.5 Bn in 2018 and it is anticipated to reach at market value of US$ XX Bn by 2027, witnessing a CAGR of 3.8 % during the forecast period. Key drivers of the market are increase in demand for fire safety among developed countries and the need for advanced firefighting equipment is expected to increase the market growth. In addition, increasing safety requirements around the globe are expected to support demand.
They are also used by government departments for medical emergency services and rescue operations. In addition, due to constant technological advances in the industry, departments will continue to update their equipment and appliances to maintain the significant demand in the global Fire trucks market. Infrastructural changes in emerging countries have prompted regulators to enforce strict codes and standards to decrease infrastructure damage and losses that are expected to increase industry growth. However, high estimated costs and capital requirements for the manufacture of trucks may hinder the growth of the market during the forecast period.
The Fire Trucks market is anticipated to register a CAGR of over 3.8 % during the forecast period.
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By Product, Specialized Fire Trucks segment held a prominent share in Global Fire Trucks Market in 2018.
With growing market advancements, producers and suppliers present in the value chain of the fire truck industry are implementing new innovation practices in order to reap the maximum benefits in the competitive universe. These manufacturers are expanding their portfolio of fire trucks to address the growing challenges they face during firefighting and rescue events. Globally, the market for fire trucks is divided into different vehicle types, such as tankers, pumpers, fire rescue trucks, and aerial platforms, among others.
By Application, Residential & commercial applications Segment of Global Fire Trucks Market Is Anticipated To Witness the Fastest CAGR during the Forecast Period
Residential & commercial applications expected to grow at a CAGR of ~6.8% over the forecast period. It is expected to hold a substantial share of xx% during the forecast period. Market growth for the product is expected to increase due to the rising global population, which in turn will increase demand for residential and commercial buildings.
North America & Europe is Anticipated to Dominate the Global Fire Trucks Market during the Forecast Period
Stabilization of economic conditions and steady growth in the production and sales of fire trucks in North America and Europe are the main factors expected to drive the fire truck demand in the region. All areas are well equipped as operational hubs for large manufacturers of fire trucks. These manufacturers have their technologically advanced automated production units in the region. Cost-effective labor costs in Asian countries are one of the key enabling factors for this shift. China and other Asian countries are expected to produce more than one-third of the global volume of fire trucks by 2027. Brazil in ROW is becoming a major producer of fire trucks in the LA region.
Global Fire Trucks market was highly consolidated with key players accounting for significant share in 2018. Prominent players operating in the Global Fire Trucks Market are: Rosenbauer International AG, Oshkosh Corporation, Magirus GmbH, Weihai Guangtai, Danko Emergency Equipment, Co., E One Inc., Spartan Motors, Xuzhou Handler Special Vehicle Co. Limited, ZoomLion, Bronto Skylift Oy, Morita Group, KME, Albert Ziegler GmbH, and Gimaex International.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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