The Global Fire Truck Market size is expected to reach $6.9 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period.
The need for fire trucks in the residential & commercial sector is surging as the construction sites are more prone to fire accidents, consequently, this sector would acquire approximately 56% share of the market by 2030. The construction business is expanding as a result of the rising demand for residential and commercial space. For example, by 2050, 68% of the world's population, or more than half of total population will reside in urban areas. According to projections, 2.5 billion more people could live in urban areas by 2050 as a result of urbanization, which is the gradual movement of people from rural to urban areas. Nearly 90% of this increase would occur in Asia and Africa, according to a United Nations data set released in 2018. With this growing urbanization, there will be a considerable increase in construction activities all over the world. Some of the factors impacting the market are the increasing number of fire disaster cases worldwide, the government’s strict regulations, and more fire protection equipment is being installed.
Fire safety suppliers are continuously improving the current arrangement and bringing the newest technology and products as a result of the rising demand due to the growing incidence of fire accidents. The most significant fire incident in 2020, according to NFPA, occurred in a California wildfire known as the "2020 Fire Siege." A partial loss of at least $4.2 billion has been confirmed, while the total financial loss has not yet been disclosed. Over time, this loss estimate may increase by a few billion dollars. Governments are concerned about the safety of both people and property due to an ongoing increase in fire outbreaks. As a result, governments all over the world are putting strict regulations into place addressing fire security, which will boost the market. Additionally, the National Fire Protection Association's (NFPA) norms and standards specify that deploying fire trucks will be advantageous in an emergency. All the strict regulations of regulatory bodies along with the financial support for fire protection are predicted to support the growth of market.
However, in many countries, fire protection equipment is mandatory to be installed in all newly built hotels, nursing homes, hospitals, and houses. Sprinkler systems are also required in properties with more than two stories. As a result, the demand may decline, which would slow down the market's expansion.
On the basis of application, the market is segmented into residential & commercial, enterprises & airports, military, and others. In 2022, the residential & commercial segment held the highest revenue share in the market. This segment's growth is expected to rise rapidly due to the growing population, which will also likely raise demand for different types of buildings. The growing awareness of fire safety and prevention is the primary factor driving the expansion of the market. Fire departments are prioritizing modernizing fire engines and mechanical assemblies to keep up with the technologies and developments that occurred in the market.
Based on type, the market is classified into tankers, pumpers, aerial platform, rescue, and others. In 2022, the aerial platform segment covered a considerable revenue share in the market. Aerial fire trucks could be efficient when significant hight and reach capabilities are needed to access tall buildings and structures. These type of fire trucks are essential, especially in big cities as the high-rise buildings are increasing in such areas. Most fire departments are seeing an increase in demand for aerial fire engines due to the safety of the firefighters and the ease of access to the high installations.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.5 Billion |
| Market size forecast in 2030 | USD 6.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.5% from 2023 to 2030 |
| Number of Pages | 176 |
| Number of Table | 290 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region witnessed the largest revenue share in the market. The region's market is expected to encounter significant growth due to the region's rising safety consciousness and the rapid construction of infrastructure in emerging nations like China and India. Additionally, governments are expanding their firefighting budgets, which is anticipated to support the region's market during forecast period. The growth in China has been encouraged by the large production capacity and low labor costs. Additionally, the growing need for fire trucks from airports and other businesses has benefited the region's development.
Free Valuable Insights: Global Fire Truck Market size to reach USD 6.9 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Rosenbauer International AG, Oshkosh Corporation, Magirus GmbH (Iveco Group NV), Weihai Guangtai Airport Equipment Co., Ltd., Danko Emergency Equipment, E-ONE (REV Group, Inc.), The Shyft Group, Inc., Xuzhou Handler Special Vehicle Co Ltd, Morita Holdings Corporation and Zoomlion Heavy Industry Science & Technology Co., Ltd.
By Type
By Application
By Geography
The Market size is projected to reach USD 6.9 billion by 2030.
Expansion of construction sector are driving the Market in coming years, however, More fire protection equipment is being installed restraints the growth of the Market.
Rosenbauer International AG, Oshkosh Corporation, Magirus GmbH (Iveco Group NV), Weihai Guangtai Airport Equipment Co., Ltd., Danko Emergency Equipment, E-ONE (REV Group, Inc.), The Shyft Group, Inc., Xuzhou Handler Special Vehicle Co Ltd, Morita Holdings Corporation and Zoomlion Heavy Industry Science & Technology Co., Ltd.
The expected CAGR of this Market is 5.5% from 2023 to 2030.
The Pumpers segment is leading the Global Fire Truck Market by Type in 2022 thereby, achieving a market value of $2.2 billion by 2030.
The Asia Pacific market dominated the Global Fire Truck Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.6 billion by 2030.
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