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COVID-19 Impact on Global Municipal Firefighting Trucks Market: By Application(Residential Use, Commercial Use and Others); By Product Type(Pumper Trucks, Aerial Platform Trucks, Rescue Trucks and Others) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
fire truck's primary role involves bringing firefighters to an emergency scene to extinguish the fire with water or with any chemical composition. Moreover, they are paid by government agencies for medical emergency care and rescue operations. Material innovation and technological developments in the field of fire appliances and associated equipment have reduced the rate of fatality in accidents involving fire. Also, due to the continuous technical development in the field, the departments need to continue upgrading their equipment and apparatus. As a result, the guidelines and regulations imposed by organizations such as the National Fire Protection Association (NFPA) in the United States and the National Association of Fire Equipment in India are constantly being amended.
Global Municipal Firefighting Trucks Market size was registered at USD XX billion in 2019 and is estimated to reach USD XX billion by 2030, registering a CAGR of XX% from 2020 to 2030. Fire trucks' demand is increasing due to the adoption of up-to-date and advanced technology, product innovation, and the use of the new digital technologies and innovative equipment that will help improve the fire truck's performance, power, and quality. The growth of the market is expected to increase the demand for fire protection among developing countries and the need for advanced firefighting equipment. Also, increasing safety standards across the globe are expected to support demand.
Global Municipal Firefighting Trucks Market Opportunity Analysis
Source: Fatpos Global
Municipal Firefighting Trucks Market is segmented based on application, product type, and region.
By Application (in %), Municipal Firefighting Trucks Market, 2019
The residential and commercial segment is anticipated to register XX% of the market share during the forecasted period.
By application, the market can be segmented into Residential use, Commercial use, and others. The residential and commercial application holds the largest market share and is projected to dominate the market over the forecast period as the global population is rising, which in turn will increase demand for residential and commercial building construction. As the world population is rising exponentially resulting increase in building and construction activities worldwide led governments to implement stringent fire protection regulations across sectors like residential, industrial, airport, and industry. This in turn raises the use of fire trucks in residential and industrial applications.
By Product Type (in %), Municipal Firefighting Trucks Market, 2019
The product type segment can be classified into Pumper trucks, Aerial platform trucks, Rescue trucks, and others.
Technological advancements and government support to increase the market growth
Fire trucks' demand is increasing due to the adoption of up-to-date and advanced technology, product innovation, and the use of the new digital technologies and innovative equipment that will help improve the fire truck's performance, power, and quality. The growth of the market is expected to increase the demand for fire protection among developing countries and the need for advanced firefighting equipment. Also, increasing safety standards across the globe are expected to support demand. Infrastructure development in developing countries has led regulatory bodies to introduce strict codes and standards to minimize infrastructure damage and losses that are expected to accelerate market growth.
High cost and capital requirements to hinder the market growth
High estimated costs and capital requirements for truck production, however, are expected to curb demand growth over the forecast period.
In terms of value and volume, APAC accounted for XX% of total market volume share in 2019
The Asia Pacific dominates the global fire truck market and is expected to continue its dominance over the forecast era. The presence of China’s key low-cost manufacturers coupled with increasing demand from residential and commercial applications in emerging economies like China, South Korea, and India are driving the growth of the market. The high output and supply capacities are driven by considerably low production costs. The countries in the APAC region are, nevertheless, manufacturing hubs for many key players worldwide. Also, the increasing need for advanced security infrastructure in residential buildings and industrial complexes is expected to increase market demand. The fire trucks market in the MENA region is primarily characterized by use in applications such as companies, manufacturing, airports, and the military. The European fire trucks are small in size and compact relative to the trucks used in the United States. This can be due to the existence of many narrow lanes inside European cities, as opposed to large roads found in the United States.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Municipal Firefighting Trucks Market: Impact of COVID-19
Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. The demand for fire trucks should expect some relief because of the mitigation steps being taken by different government bodies across regions. For example, with the Pandemic Emergency Purchasing Program, the European Union is lending support to the automotive sector, which helps companies buy commercial papers as well as sovereign bonds from commercial vendors along with member states while maintaining their liquidity intact within the finance system. Furthermore, the EU has also relaxed its strict automotive-related regulations and can expand the scale of any asset acquisition over a longer period of time. With the implementation of contingency schemes and financial institutions gradually coming up with relief strategies, considering the effects of COVID-19 the fire truck industry will make a strong comeback. Despite the pandemic surge, increasing awareness about fire protection and related resources is also working in favor of the fire truck industry.
New technological advancements in the Municipal Firefighting Trucks Market as well as large production output of the product by key players are likely to increase the market growth. Infrastructure development in developing countries has led regulatory bodies to introduce strict codes and standards to minimize infrastructure damage and losses that are expected to accelerate market growth.
Global Municipal Firefighting Trucks Market: Key players
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Municipal Firefighting Trucks Market segments: -
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