In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
A fire truck is a type of truck, armed with number of equipment and other apparatus are used in firefighting and rescue tasks. These trucks are designed to fight fire accidents. Transporting firefighters, supply of water, carry equipment, auto extrication and technical rescue are some the major usage of fore trucks.
Global fire trucks market is expected to witness incredible growth over the forecast period. The market is expected to thrive on the back of increasing incidence of fore accidents across the globe. Rising concern among the governments regarding public order and safety is a major factor which has led governments to increase their expenditure on fire prevention and on firefighting. This increase in spending by government is expected to emerge as a key growth driver for global fire trucks market over the forecast period.
In terms of regions, the global fire trucks market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, North America fire trucks market is expected to garner positive CAGR in global fire trucks market during the forecast period. The strong expenditure by U.S. government for fire prevention, and firefighting is a key factor that is expected to drive the growth of market of fire trucks in North America region over the forecast period.
Apart from North America region, Asia Pacific region accepted to witness robust growth over the forecast period. Ongoing infrastructure development in developing Asian countries such as China and India is expected to enhance the demand for fire trucks market in this region. Further, governments in Asian countries are increasing their fire-fighting budget and this is expected to fuel the growth of fire trucks market in this region during the forecast period.
Europe fire trucks market is also projected to thrive at a notable CAGR over the predicted period. The market of fire trucks in Europe is likely to grow on the back of rising incidence of fire accidents. Recent wildfire accident in Europe is expected to have a positive impact on the growth of fire trucks market in Europe region in upcoming years.
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Further, residential & commercial segment by application grabbed lion shares of market in previous years and is expected to continue this positive growth over the forecast period. Increasing incidence of fire in residential & commercial areas and swelled government expenditure on public order and safety are expected to foster the growth of this segment over the forecast period.
Our in-depth analysis has segmented global fire trucks market into the following segments:
Global fire trucks market is further classified on the basis of region as follows:
The governments across the globe are increasing expenditure on public order and safety. These expenditures are reinforcing firefighting and fire prevention department of the countries. These expenditures mainly involve, increase number of fire fighter, purchasing of new firefighting equipment, and other measurements to establish a strong firefighting infrastructure in the country.
The incidents of fire accidents across the globe are increasing which have fuelled the need for fire trucks across all regions. Additionally, these unfortunate events are causing great human live and economic loss to the governments across the globe. In 2015, 3,280 deaths were recorded due to fire accidents in U.S. and these accidents caused USD 14.3 Billion to U.S. government. Further, increasing number of deaths and injuries due to fire accidents are expected to foster the demand for firefighting equipment in upcoming years across the globe.
Growing infrastructure development in developing countries such as India, China, Brazil and others are encouraging the demand for fire trucks in these countries. Airports and other industries are adopting number of fire trucks to get instant action if any fire accident occurs. Thus, rising number of airports and swelled adoption of fire trucks in industries are expected to bolster the growth of market of fire trucks across all regions.
Fire truck manufacturers are making specialty fire trucks that can withstand extreme conditions such as wild fire and others. These technological advancements with fire trucks are expected to foster the growth of global fire trucks market during predicted period.
However, high cost of fire trucks and low rate of replacements are major factors that are expected to limit the growth of global fire trucks market in upcoming years.
Overview of the Parent Market
Analyst View
Segmentation
The global fire trucks market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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