Fire Truck Market Growth Analysis Report 2022-2026
Fire truck market is poised to record substantial gains owing to growing need for quick response to fire accidents in military, residential, commercial and airport locations.
The fire truck market is poised to record substantial gains owing to growing need for quick response to fire accidents in military, residential, commercial and airport locations. Increase in cases of property damage and loss of life due to fire accidents could trigger the demand for fire trucks. However, with the current COVID-19 pandemic, government authorities have been allocating additional funds for treating affected patients, which is leaving behind a limited supply of funds to the local fire departments for the purchase of new fire trucks.
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The number of fire accidents and mishaps in commercial, industrial and residential sectors is on a rise, which could propel the global demand for advanced firefighting trucks and equipment. Driven by growing demand, fire truck manufacturers are investing in R&D to develop new variants of fire trucks. For example, in 2018, leading fire truck maker, Morita Holdings Corporation announced the exhibition of advanced fire trucks, fire extinguishers and fire extinguishing equipment created with cutting-edge technology that will be useful in different types of disasters.
Based on such developments, Global Market Insights, Inc., suggests that the fire truck market may register over USD 6.5 billion by 2026. This growth can also be credited to strict laws and regulations laid down by government authorities regarding the regular upgradation of fire trucks, which is driving local fire departments to make investments in the upgrading their fleet with new fire trucks.
Elaborating on some of the ongoing trends in the fire truck market:
- Rising demand for tanker fire trucks
The tanker fire truck segment is likely to witness significant demand owing to the ability of tanker trucks to retain large volumes of water. Tanker fire trucks are mostly preferred due to their ability to carry large amounts of water to locations which have a scarcity of external water sources and fire hydrants. As to these features, several rural counties are replacing their aged fire trucks with newer tanker models. In 2020, The County of Vermilion River added a new water tanker to the Vermilion Fire Department fleet. The tanker fire truck has a large water storage capacity of 3,000-gallon and includes a front-mounted turret, which can be controlled via a joystick.
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- Development of electric fire trucks
Major companies operating in the fire truck market are focusing on growing their production efficiency and capacity to cater to rising demand. They are also developing electric and low-emission variants of fire trucks. For instance, in 2020, Volvo Penta developed an electric driveline for major fire service vehicle producer Rosenbauer’s innovative fire truck that has advanced features like pioneering drive technology, connectivity, operability and vehicle architecture.
- Latin America emerging as a lucrative business ground
Latin America fire truck market is estimated to grow substantially over the forecast period owing to the emergence of private fire truck companies in the region. These market players are launching new and advanced models of fire trucks to gain a presence in the market.