The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Fire Truck Market.
It was estimated prior to this unanticipated outbreak Fire Truck Market will reach CAGR of 5.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Fire Truck Market Insights
Fire Truck Market is likely to witness an impressive CAGR of 5.5% during the forecast period. The emerging market trend of integrating advanced technologies such as telematics and artificial intelligence in fire trucks and growing number of fire incidents and mishaps globally are some of the major factors driving the fire truck market growth during the forecast period.
Market Share Analysis
Fire Truck Market Share: By Product Type
Based on the product type, the market is segmented as aerial truck, pumper, tanker, and others. The pumper segment accounted for the major share of the market in 2020. Pumper trucks are able to pump water from external water sources, such as water tankers, wells, and overhead tanks, and are also of low cost as compared to other advanced fire truck models, fueling their adoption and product demand during the forecast period.
Fire Truck Market Share: By Application Type
Based on the application type, the market is segmented as residential commercial, airport, and military. The residential commercial application type is expected to hold the major share of the market during the forecast period owing to the growing incidence of fire accidents, thus increasing demand for fire trucks in the residential commercial areas, accelerating the market growth.
Fire Truck Market Share: By Region
In terms of regions, North America is estimated to account for the major share of the market during the forecast period owing to increase in government investments in fire trucks with enhanced technologies and growing number of fatal fire accidents in the region. Factors such as growing awareness of upgrading fire truck fleet with the latest models having multifunctional equipment to increase their efficiency and shifting inclination of local fire departments towards enhancing their operating efficiency are further expected to accelerate the regional market growth over the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.