As per GMI report, the fire truck market is poised to grow at more than 5% CAGR through 2026. Rising demand for a more rapid response to fire-related accidents across residential, commercial, military, and airport locations. The tremendous loss of property and life caused by fire accidents annually is further expected to augment the overall industry size.
Given the growing instances and scale of wildfires across the globe, a sophisticated and robust firefighting infrastructure is quickly becoming the need of the hour. In January of 2020, AccuWeather Inc. estimated, that the total economic loss and damage caused by the 2019-2020 Australia wildfires would reach the $110 billion mark. Over the coming years, wildfires are projected to become more damaging and frequent, which would greatly contribute towards the industry growth.
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In terms of product, the tanker fire truck segment is projected to observe significant growth over the coming years. This is attributed to the ability of these tankers to store and transport large volumes of water. Growing use of such tanker fire trucks to transport water in large quantities to regions that have a scarcity of fire hydrants and external water resources is positively impelling their demand in the market.
On the regional front, the increasing adoption of fire trucks across commercial spaces and airports is projected to drive Asia Pacific fire truck market trends. Airport authorities across economies like China, Japan, and India are investing heavily towards the adoption of new fire trucks to decrease response time required during fire accidents. Taking April 2018 for instance, the Airport Authority of India made a new investment in Rosenbauer Panther 6x6 truck with an aim to increase Bangalore airport’s fire safety.
Apart from the Asia Pacific, the Latin America fire truck industry is also projected to observe significant expansion over the coming years. The growth projection is ascribed to the emergence of new players and increasing competition in the regional market. These new industry players are increasingly launching new product modules in order to gain a competitive edge over other enterprises and consolidate their foothold in the industry.
Speaking of market players, recently, the fire truck market has been witnessing increasing instances of partnerships and collaborations wherein companies are teaming up with other firms to offer enhanced services. Under such collaborations companies are also focusing on launching new fire truck models that incorporate additional features. This emerging trend is expected to be a notable factor that would influence product adoption decisions in the market, thereby shaping the overall industry outlook.
The competitive landscape of the fire truck market is inclusive of players such as W. S. Darley & Co., Rosenbauer International AG, Spartan, Inc., Rev Group, Inc., Morita Holdings Corporation, Pierce Manufacturing, Inc. (Oshkosh), Gimaex GmbH, and BAI Brescia Antincendi International SRL among others.
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Partial Chapter of the Table of Content
Chapter 4. Competitive Landscape, 2019
4.2. Company market share analysis, 2019
4.3. Key player analysis
Chapter 5. Fire Truck Market, By Product (Revenue & Shipment)
5.1. Key trends by product
5.2. Aerial truck
5.2.1. Fire truck market estimates and forecast, 2016 – 2026
5.3.1. Market estimates and forecast, 2016 – 2026
5.4.1. Market estimates and forecast, 2016 – 2026
5.5.1. Market estimates and forecast, 2016 – 2026
Chapter 6. Fire Truck Market, By Application (Revenue & Shipment)
6.1. Key trends by application
6.2. Residential & commercial
6.2.1. Market estimates and forecast, 2016 - 2026
6.3.1. Market estimates and forecast, 2016 – 2026
6.4.1. Fire truck market estimates and forecast, 2016 - 2026
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