The primary function of municipal fire trucks includes transportation of firefighters to an incident scene to extinguish the fire with water or some chemical composition. In addition, government departments employ them for medical emergency services and rescue operations. Product innovation and technological advancements in the field of fire apparatus and related equipment have lowered fatality rate in fire-related incidents. Furthermore, departments keep upgrading their equipment and apparatus, owing to constant technological advancements in the sector. Demand in airports and corporates for fire apparatus and rise in government regulations to ensure fire safety is anticipated to be a contributing factor for the market growth across the globe.
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Major Market Players:
Rosenbauer, Empl Fahrzeugwerk, Oshkosh, Morita Group, Magirus Group, REV Group, Iturri Group, Spartan, Chase Enterprise, and Ziegler
Some of the factors that boost residential & commercial applications and technological advancements and rise in demand for safety in developed and developing economies is expected to spur the demand during the forecast period. However, high cost of fire trucks is one of the major industry challenges impacting the market growth. Furthermore, increasing R&D investments by manufacturers to commercialize electric versions of these municipal fire fighting vehicles is expected to offer lucrative opportunities for the market during the forecast period.
The residential & commercial application holds the largest market share, and is anticipated to dominate the market during the forecast period. This is attributed to the fact that the global population is growing, which in turn, is expected to increase the demand for construction of residential and commercial buildings. As the global population is growing exponentially, it is resulting in spike of building & construction activities worldwide, which has led governments to enforce stringent fire safety regulations across various sectors, including residential, commercial, airports, and industries. Hence, increasing in demand for fire trucks in residential and commercial sectors is expected to propel the market growth during the forecast period.
The fire truck market is dominated by most developing countries such as China, India and South Korea, which have witnessed a stable growth in the infrastructure, coupled with rise in awareness about safety. In addition, stringent government regulations regarding use of firefighting vehicles also propels growth of the market.
Questions answered in the municipal fire fighting vehicles market research report:
- Which are the leading market players active in the municipal fire fighting vehicles market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the municipal fire fighting vehicles market?
- What are the projections for the future that would help in taking further strategic steps?
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