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Fire Truck Market Size

Report ID: GMI4834
Published Date: Oct 2020
Report Format: PDF

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Fire Truck Market Size

Fire Truck Market size exceeded USD 4.5 billion in 2019 and is projected to grow at a CAGR of over 5% between 2020 and 2026. The emerging market trend of integrating advanced technologies such as telematics and Artificial Intelligence (AI) in fire trucks is anticipated to drive the industry growth.

The increasing number of fire incidents and mishaps across the globe are fueling the market demand. According to the U.S. Fire Administration (USFA), in 2019, the country witnessed over 1.3 million fire accidents in 2018. Fire trucks can quickly respond to such accidents with advanced rescue equipment.

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Stringent regulations coupled with increasing awareness related to the harmful effects of vehicular emissions have led to the introduction of electric fire trucks. Increasing R&D investments by manufacturers to commercialize electric versions of these trucks are providing market opportunities. Several market players are conducting prototype tests of electric fire trucks for their potential commercialization.

One of the major industry challenges impacting the fire truck market revenue is the high cost of these trucks. Fire trucks are manufactured with high-quality components and raw materials to offer high durability in harsh operating conditions. These trucks are also equipped with more tools such as ladders, hoses, self-contained breathing apparatus, hydraulic rescue equipment first aid kits, and ventilating equipment. These tools further add to the increasing cost of purchasing these trucks. The market demand is also restricted by a limited number of private sector companies operating in the fire rescue industry.

Fire Truck Market Report Attributes
Report Attribute	Details
Base Year:	2019
Fire Truck Market Size in 2019:	4.5 Billion (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	5%
2026 Value Projection:	6.5 Billion (USD)
Historical Data for:	2016 to 2019
No. of Pages:	160
Tables, Charts & Figures:	218
Segments covered:	Product, Application
Growth Drivers:	Government investments for upgradation of fire truck fleets in North America Growing demand for low emission fire trucks in Europe Increasing investments in disaster management activities Asia Pacific Rising awareness related to fire safety in Latin America Stringent fire safety regulations in MEA
Pitfalls & Challenges:	High initial and maintenance cost of fire trucks

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The market is witnessing slow growth in 2020 due to the rapid spread of the COVID-19 pandemic. Manufacturers are facing a decline in demand as government authorities are allocating additional funds for the treatment of patients and containing the spread of the virus. Moreover, the shortage of raw materials due to restrictions on international trades is adversely impacting the production capabilities of industry players. The market is expected to witness steady demand with a reduction in the global impact of the virus.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

In 2019, the global fire truck market size was worth USD 4.5 billion, and it may record 5% CAGR through 2026, driven by the integration of AI & telematics in fire trucks.

The U.S. pumper fire trucks market size in 2019 was USD 400 million. The product demand will increase on account of the ability of pumper trucks to efficiently pump water from external water sources, such as overhead tanks and water tankers.

The UK residential & commercial application segment accounted for 50% market share in 2019. The growth can be credited to the rising number of fire accidents across residential & commercial areas.

The North America fire truck market size, in 2019, exceeded USD 900 million. The growth can be attributed to the rising investments by the governments in technologically advanced fire trucks.