Fire Truck Market Growth & Trends
The global fire truck market size is expected to reach USD 7,163.7 million by 2030, according to a new study by Grand View Research Inc. Furthermore, the industry is expected to expand at a CAGR of 5.6% from 2023 to 2030. The growing vehicle manufacturing sector in North America and Asia Pacific, which has led to a sharp rise in demand for fire trucks, is a factor in the growth of the market. Additionally, expanding infrastructure operations will encourage the use of contemporary fire truck technology over conventional fire trucks, driving up demand for these vehicles globally.
Field research is enhancing the built environment’s quality and teamwork, and the global fire truck industry sees a market opportunity for these vehicles equipped with cutting-edge digital technology tools to assist in performance-based design. The widespread adoption of cutting-edge technologies is a key factor in the growth of the fire truck industry.
The increasing need for multi-tasking units is a recent development in the fire truck sector. The market is advancing because of the rising number of fire risks and the rising frequency of wildfires in forests globally. The increase in safety regulations around the world is anticipated to support market demand over the forecast period. However, a low replacement rate hinders the market’s growth. Fire trucks are not being replaced in a timely manner in the present day, even though they are getting older. The need for fire trucks could be hampered by this scenario.
Apart from North America and Europe, Asia Pacific is anticipated to have a significant market share increase in the coming years. In addition to rising demand from residential and commercial applications in developing nations like China, South Korea, and India, there are several well-known Chinese low-cost makers present in the industry, which is projected to drive the market during the projection period.
The market for fire trucks is expanding because of technological advancements and increasing uses in the industrial sector. The regional fire trucks market expansion was hampered in 2020 due to the COVID-19 pandemic. However, with industrial activities returning to their pre-COVID-19 levels in 2022, aided by businesses putting preventive measures in place to safeguard on-site workers, the industry is expected to rebound.
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Fire Truck Market Report
Fire Truck Market Report Highlights
- The increasing need for multi-tasking units is a recent development in the fire truck sector. The market is expanding steadily because of the rising number of fire risks and the growing frequency of wildfires in forests around the world
- In addition to rising demand from residential and commercial applications in developing nations like China, South Korea, and India, there are several well-known Chinese low-cost makers present in the industry, which is projected to drive market growth in the coming years
- An increasing number of high-rise buildings are also compelling local municipalities to upgrade their existing fleet of firefighting equipment, including fire 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 development of multinational manufacturers has been constrained by strict business regulations and escalating economic and political tensions, while the revenue bars of China-based firms have been protected
