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.

New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Fire Truck Market Size, Share & Industry Trends Analysis Report By Type, By Application, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481294/?utm_source=GNW 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.Application OutlookOn 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.Type OutlookBased 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.Regional OutlookRegion 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.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.Strategies Deployed in Fire Truck MarketMar-2023: Rosenbauer America came into partnership with IKON Fire, LLC, a US-based Fire Truck dealer company. This partnership would make Ikon Fire, LLC the premium authorized Rosenbauer sales and service dealer for Wyoming and Colorado.Jan-2023: REV Fire Group came into partnership with Daytona International Speedway, a racetrack based in Daytona Beach. Following this partnership, REV Fire Group would deliver Vector, its all-electric fire truck, and would be a part of the firefighting fleet deployed on Daytona International Speedway.Nov-2022: Oshkosh completed the acquisition of Hinowa S.p.A., a manufacturer of track-based aerial work platforms, lift trucks, and mini dumpers. This acquisition would boost its electrification abilities and offer growth opportunities in adjacent and core markets.Sep-2022: Oshkosh Corporation partnered with SSAB, a specialized steel manufacturer. Under this partnership, both companies would aim to provide fossil-free steel in commercial vehicles.Jun-2022: Oshkosh Corporation acquired Maxi-Metal, Inc., a Canada-based fire equipment manufacturer. This acquisition would improve the combined strength of MAXIMETAL and Pierce by expanding sales and collaboration and distribution capabilities within Pierce’s North American dealer network.Apr-2022: Rev Fire Group introduced Vector, the first North American-style fully electric fire truck. The electric fire truck is innovatively developed so firefighters could propel and pump on electric power only.Jul-2020: Rosenbauer collaborated with Volvo Penta, a Sweden-based manufacturer of marine and industrial engines. This collaboration aims to develop an electric driveline that offers a global megatrend that includes climate change, urbanization, and demographics.Mar-2020: REV Fire California, a subsidiary of REV Group, partnered with Southern California Fleet Services, Inc., the comprehensive solution for commercial fleets. Through this partnership, Rev Group would offer service and warranty work for its Southern California customers with Ferrara apparatus, KME, and E-One.Feb-2020: REV Group, Inc. acquired Spartan Emergency Response, a designer, manufacturer, and distributor of custom emergency response vehicles, cabs, and chassis for emergency response. This acquisition would strengthen F&E as a top-two North American fire apparatus manufacturer providing notable production scale, diverse product portfolio, and coverage for expanded regional scale.Oct-2019: Magirus announced the launch of the (H)LF 10, the CNG-powered fire-fighting vehicle. The product is the latest addition to the Magirus Innovative Drive Line series that sees the application and development of alternative drive technology to the Magirus range of firefighting vehicles.Jul-2019: REV Group expanded its geographical footprint by increasing its production capacity in Ocala, Florida. This expansion would offer an expansion of parts distribution, space for the latest product line operation, and additional warehouse operations.Scope of the StudyMarket Segments covered in the Report:By Type• Pumpers• Aerial Platform• Tankers• Rescue• OthersBy Application• Residential & Commercial• Enterprise & Airports• Military• OthersBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• 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• Zoomlion Heavy Industry Science & Technology Co., Ltd.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06481294/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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