Factors Driving Growth of the Global Fire Truck Market
Fire trucks are more often employed in firefighting operations in urban and suburban regions. There has been a significant increase in commercial and residential infrastructure, especially in the urban and suburban areas, pertaining to increasing population shift in the urban regions. For instance, according to a report, ‘World’s Cities’ by the United Nations in 2016, an estimated 54.5% of the world’s population resided in cities and is expected to reach 60% by 2030. In order to accommodate such huge masses, the urban infrastructure sector is adopting multi-storey building solutions for residential as well as commercial purposes. To ensure safety for people residing in multi-storey buildings, more efficient and organized systems such as Fire Alarm System, Fire Sprinkler System, and Carbon Monoxide Detection need to be adopted. To deal with fire incidents in cities, fire trucks are a prime necessity. Modern firefighting trunks carry equipment for wide range of firefighting and rescue operations, which include ladder, self-contained breathing apparatus, flood lights, fire hose, fire extinguishers, thermal imaging cameras, ventilating equipment, first aid kit, and hydraulic tools. All these equipment provide efficient assistance to fight in fire situations and rescue lives trapped inside the affected building. For instance, according to National Fire Association, in 2016, there were 475,500 structure fires reported in the U.S., in which 2,950 civilian died. Hence, rise in urbanization will require increased number of firefighting units in order to deal with fire situations in densely populated cities. This in turn will create growth opportunities for fire truck manufacturers.
Fire Truck Market: Regional Insight
The market segmentation for fire trucks is based on regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
North America was the largest market for fire trucks in 2017. Increasing fire incidence in North America is one of the major driving factors leading to high demand for fire trucks. For instance, according to National Fire Association, in 2016, there were 1,342,000 fires reported in the U.S. in which 3,390 civilian died, 14,650 civilian were injured, and US$ 10.6 billion valued property was damaged. Moreover, high percentage of population living in urban areas have also accelerated the market growth in North America. For instance, according to Population Reference Bureau, in 2017, 81 % of North America total population lived in urban areas. With rising urbanization there will be high demand for fire stations to ensure that in times of fire incidents, help is delivered on time. Hence, with such high urban population, demand for fire trucks will also simultaneously increase.
Asia Pacific is expected to exhibit the highest CAGR in the fire truck market during the forecast period. India, China, and Japan are some of the major countries, which will drive growth of the market in this region. Increasing urban population in Asia Pacific plays a major role for growth of the market in this region.
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