Fire Truck Market Size, Share & Trends Analysis growing at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030
The global fire truck market size was valued at USD 4,631.1 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The necessity for advanced firefighting equipment and the rising demand for fire safety in developed nations are anticipated to boost the market expansion for fire trucks. A substantial increase in demand for fire safety among developed countries and the need for advanced firefighting equipment are factors expected to augment the market growth. Furthermore, improving standards concerning safety across the globe are expected to aid the demand for advanced fire trucks in the coming years.
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The outbreak of COVID-19 negatively impacted the market globally. Because of the stoppage of transit and international trade, makers of firefighting vehicles had to deal with some supply chain challenges. However, the industry started to pick up steam in the subsequent months, and throughout the projected period, it is anticipated that the demand for firefighting vehicles will increase significantly. The development of electric trucks and the rising popularity of firefighting equipment and local assemblies are projected to have a beneficial impact on the market for fire trucks.
The noticeable increase in demand for fire trucks can be attributed to factors such as new infrastructure development and an increase in fire incidents in residential and commercial spaces, as well as sanctuaries and wildlife areas. For instance, in 2021, the U.S. witnessed around 8,619 wildfires that destroyed 2.6 million acres of land as well as close to 3,629 structures, while it also involved extensive loss of human life.
One of the biggest markets for fire trucks is China due to the growing economy and rapid urbanization, combined with strict codes and standards for the decrease in infrastructural damage and loss that have created a need for fire trucks and emergency equipment. As China continues to build its civil aviation airport infrastructure, the need for fire and safety equipment keeps rising. The country built 43 airports between 2016 and 2020 and close to 6 new airports in 2021, bringing the number of airports operating in the country to 247.
Furthermore, the departments need to keep upgrading their equipment and apparatus owing to the constant technological advancements in the sector. As a result, frequent amendments are made to the guidelines and regulations enforced by associations such as the National Fire Protection Association (NFPA) in the U.S. and the National Association of Fire Equipment in India.
Infrastructural development in emerging countries has led regulatory bodies to enforce stringent codes and standards to decrease infrastructural damage and losses, which is expected to augment the industry’s growth. However, high preliminary costs and capital requirements for the manufacturing of trucks are expected to restrain the market growth to a certain extent over the forecast period.
Application Insights
The residential & commercial application segment accounted for the largest share in the global market for fire trucks and is expected to expand at a steady CAGR of 6.0% over the forecast period. The market growth in this segment is anticipated to augment on account of the rising global population, which in turn is expected to increase the demand for the construction of residential and commercial buildings.
