Selbyville, Delaware, Oct. 05, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on fire truck market which estimates the global market valuation for fire truck will cross US$ 6.5 billion by 2026. Increasing need for quick response to fire accidents in commercial, residential, airport, and military locations is expected to fuel the market demand. The growing loss of life and property caused by fire accidents is further propelling the market share.
The tanker fire truck segment is anticipated to witness a steady demand in the fire truck industry. The growing demand for tanker trucks can be attributed to the ability of these trucks to hold large volumes of water. The increasing usage of tanker fire trucks to transport large amounts of water to locations with a scarcity of external water sources and fire hydrants is contributing to their market penetration.
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The fire truck market growth is hampered due to the ongoing COVID-19 crisis. The pandemic has inflicted significant economic losses in several countries across the globe. Government authorities are allocating additional funds for the treatment of affected patients, leading to a limited supply of funds to local fire departments to purchase new trucks. The market demand for new trucks has decreased during the pandemic.
The Asia Pacific fire truck market is projected to witness high growth due to the increasing deployment of fire trucks at airports and commercial spaces. Airport authorities in countries including India, Japan, and China are investing in new fire trucks to reduce response time in case of fire accidents. For instance, in April 2018, the Airport Authority of India invested in a new Rosenbauer Panther 6x6 truck to increase fire safety at the Bangalore airport.
Companies operating in the fire truck market are engaged in increasing their production capacity and efficiency to cater to the growing market demand for fire trucks. For instance, in June 2020, the Japanese fire equipment manufacturer, Morita Group deployed a Bluetooth-based IoT tracking solution at its factory in Japan. The solution aided the company to remotely monitor the production process of fire trucks and increase the overall output in terms of units produced.
Browse key industry insights spread across 160 pages with 199 market data tables & 19 figures & charts from the report, “Fire Truck Market Size By Product (Aerial Truck, Pumper, Tanker), By Application (Residential and Commercial, Airport, Military), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/fire-truck-market
Some major findings in the fire truck market report include:
- The rapidly growing number of fire accidents and mishaps in the residential, commercial, and industrial sectors is augmenting the demand for advanced firefighting equipment and trucks across the globe.
- Stringent regulations and laws on the regular upgrading of fire trucks established by government authorities are encouraging local fire departments to invest in the upgrading of their fleet with new trucks.
- The Latin America fire truck market is expected to grow steadily with the emergence of private players in the regional fire depression industry. These players are introducing new models to capture the regional market share.
- Fire truck industry players are investing in R&D and innovation to develop low-emission and electric variants of fire trucks in the market.
Key players operating in the fire truck market include BAI Brescia Antincendi International SRL, Gimaex GmbH, Pierce Manufacturing, Inc. (Oshkosh), Morita Holdings Corporation, Rev Group, Inc., Spartan, Inc., Rosenbauer International AG, and W. S. Darley & Co.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/fire-truck-market
Partial chapters of report table of contents (TOC):
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on fire truck industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Industry value chain
3.2.3.1. Research & development
3.2.3.2. Manufacturing
3.2.3.3. Marketing
3.2.3.4. Supply
3.2.4. Competitive landscape
3.2.4.1. Strategy
3.2.4.2. Distribution network
3.2.4.3. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Technology providers
3.3.3. Manufacturers
3.3.4. End use landscape
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Government investments for upgradation of fire truck fleets in North America
3.6.1.2. Growing demand for low emission fire trucks in Europe
3.6.1.3. Increasing investments in disaster management activities Asia Pacific
3.6.1.4. Rising awareness related to fire safety in Latin America
3.6.1.5. Stringent fire safety regulations in MEA
3.6.2. Industry pitfalls & challenges
3.6.2.1. High initial and maintenance cost of fire trucks
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
Browse related report:
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https://www.gminsights.com/industry-analysis/aerial-work-platform-awp-truck-market-report
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.