The global fire truck market is projected to foresee immense growth over the coming years due to the rising demand for a more rapid response to fire-related accidents across residential, commercial, military, and airport locations. The tremendous loss of property and life caused by fire accidents annually is further expected to augment the overall industry size.
Given the growing instances and scale of wildfires across the globe, a sophisticated and robust firefighting infrastructure is quickly becoming the need of the hour. In January 2020, AccuWeather Inc. estimated, that the total economic loss and damage caused by the 2019-2020 Australia wildfires would reach the $110 billion mark. Over the coming years, wildfires are projected to become more damaging and frequent, which would greatly contribute towards the industry growth. As per the World Economic Forum, while human development and forest management have elevated the incidence and risk of wildfires, the issue of climate change has further exacerbated the recent trend of large-scale fires and has contributed towards the lengthening of fire season across a number of regions, making it a year-round phenomenon in some cases.
According to Global Market Insights Inc., the fire truck market is expected to surpass a $6.5 billion valuation by the end of 2026.
In terms of product, the tanker fire truck segment is projected to observe significant growth over the coming years. This is attributed to the ability of these tankers to store and transport large volumes of water. Growing use of such tanker fire trucks to transport water in large quantities to regions that have a scarcity of fire hydrants and external water resources is positively impelling their demand in the market.
On the regional front, the increasing adoption of fire trucks across commercial spaces and airports is projected to drive Asia Pacific fire truck market trends. Airport authorities across economies like China, Japan, and India are investing heavily towards the adoption of new fire trucks to decrease response time required during fire accidents. Taking April 2018 for instance, the Airport Authority of India made a new investment in Rosenbauer Panther 6×6 truck with an aim to increase Bangalore airport’s fire safety.
Apart from the Asia Pacific, the Latin America fire truck industry is also projected to observe significant expansion over the coming years. The growth projection is ascribed to the emergence of new players and increasing competition in the regional market. These new industry players are increasingly launching new product modules in order to gain a competitive edge over other enterprises and consolidate their foothold in the industry.
Speaking of market players, recently, the fire truck market has been witnessing increasing instances of partnerships and collaborations wherein companies are teaming up with other firms to offer enhanced services. Under such collaborations companies are also focusing on launching new fire truck models that incorporate additional features. This emerging trend is expected to be a notable factor that would influence product adoption decisions in the market, thereby shaping the overall industry outlook.
Taking July 2020 for instance, Volvo Penta, a renowned engine developer, reportedly teamed up with Rosenbauer International, a leading fire service vehicle manufacturer, to develop an electric driveline for the company’s pioneering fire trucks. The driveline enables an innovative solution that has reduced noise levels and zero exhaust emissions. The truck, named “Revolutionary Technology (RT)” features the best ergonomics, safety, functionality, high loading volumes, small dimensions, and unique agility.
The competitive landscape of the fire truck market is inclusive of players such as W. S. Darley & Co., Rosenbauer International AG, Spartan, Inc., Rev Group, Inc., Morita Holdings Corporation, Pierce Manufacturing, Inc. (Oshkosh), Gimaex GmbH, and BAI Brescia Antincendi International SRL among others.
A qualified computer engineering graduate, BHUSHAN TAMBE has always nurtured an immense passion for words. Following his education, he decided to turn his penchant of penning down stories and poetry into a full-time career. Presently, Bhushan writes several articles on subjects spanning business, finance, and the like.