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Global fire truck market to reach over $8,000 billion by 2027

chemical plant fire

According to a recent report from Mordor Intelligence, the Global Fire Truck Market has been forecast in terms of Value (USD Million) across all segments is expected to reach USD $8211.74 billion by 2027, up from USD $5,501.8 billion in 2021.

Whilst the Covid-19 pandemic affected the fire truck industry worldwide, with the closure of production facilities and transportation businesses causing market instability, causing firefighting vehicle manufacturers to face supply chain issues, the , the market started picking up pace, and the demand for fire fighting vehicles is expected to have notable growth of 6.83% CPAG between 2022-2027.

Evolving government fire safety regulations across all sectors and continuous emphasis of government on the upgradation of fire trucks and associated equipment are expected to drive the demand for fire trucks during the forecast period, but high investments and upfront expenses associated with manufacturing fire vehicles may limit market expansion.

The evolution of electric trucks and growing interest in firefighting apparatuses and local assemblies across the world, however, are expected to create a positive outlook for the market studied.

The fire truck market is segmented by type, by application, and by geography. Based on the type, the market is segmented into type rescue trucks, tanker, pumper, and multi-tasking trucks. Based on the application type, the market is segmented into residential and commercial, enterprises and airports, and military. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. For each segment, the market sizing and forecast are based on value (USD Million).

Rising demand

According to the National Fire Protection Association, there have been more than 400,000 house fire cases reported in the United States every year. These fire incidents bring dreadful culture to the people. The scenarios remain the same not just in the United States but across the world. In addition, several residential/commercial fire incidents are being reported across the world where fire incidents have destroyed the lives and property of the people.

An increasing number of high-rise buildings are also leading local municipalities to upgrade their existing fleet of fire fighting equipment, including trucks.

Regional focus

The fire truck market is expected to be dominated by Asia-Pacific, followed by North America and Europe, during the forecast period.

The presence of key low-cost manufacturers of China, coupled with the rising demand from residential and commercial applications in emerging economies, such as China, South Korea, and India, is expected to drive the market growth during the forecast period.

China is the largest Asian market for fire trucks. However, India has witnessed a key increase in the demand for fire trucks over the past years, owing to the high industrialisation the country is undergoing. Industries from segments including oil refineries, steel plants, industrial corporations, and thermal power generation plants have also been demanding industrial grade fire trucks with special emphasis on foam trucks.

Japan saw a decreasing trend in the number of fire-related fatalities as of 2020. This trend is mostly attributed to the advanced technological developments of fire trucks and decreased response time to a fire alert. 

North America’s growth is primarily driven by the growing requirement of advanced safety infrastructure in residential buildings and commercial complexes, which is expected to augment the market demand.

The fire truck market in Europe and Middle-East, and Africa is primarily by the consumption in applications, such as enterprises, industries, airports, and the military, providing new opportunities for key players to expand in the market.

Finally, some prominent players in the market including Rosenbauer, E-one, Magirus, Oshkosh Corporation, are investing in R&D activities to develop improved products and equipment.

The full report can be found here: https://www.mordorintelligence.com/industry-reports/fire-truck-market