Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
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"The Global Market for Fire Trucks was estimated at approximately USD 5.4 billion in 2019. The Global Market for Fire Trucks is expected to expand at CAGR by ~3.9 % between 2020 and 2028. "
The increase in demand for fire safety among developed countries and the need for advanced firefighting equipment is expected to increase the market growth. In addition, increasing safety requirements around the globe are expected to support demand. They are also used by government departments for medical emergency services and rescue operations. In addition, due to constant technological advances in the industry, departments will continue to update their equipment and appliances to maintain the significant demand in the global Fire trucks market.
Infrastructural changes in emerging countries have prompted regulators to enforce strict codes and standards to decrease infrastructure damage and losses that are expected to increase industry growth. However high estimated costs and capital requirements for the manufacture of trucks are expected to restrict market growth over the forecast period. The industry consists of suppliers of raw materials, manufacturers, distribution channels and end-user applications. The value chain is broken down as upstream and downstream. The upstream value chain is the collection of raw materials for the manufacture of fire trucks. Such raw materials include bodies, trucks, ladders, parts and other equipment
The Residential & Commercial Application Accounted for the Largest Global Market Share of Fire Trucks.
Residential & commercial applications accounted for the largest market share in the world and are expected to grow at a CAGR of ~6.8% over the forecast period. It is expected to hold a substantial share of xx% during the forecast period. Market growth for the product is expected to increase due to the rising global population, which in turn will increase demand for residential and commercial buildings.
The growing population and the resulting rise in building and construction activities worldwide have led governments to enforce strict fire safety regulations across industries, including residential, commercial, airport and industrial sectors. This trend resulted in a significant rise in the use of fire trucks in residential and commercial applications.
The Enterprise & Airport segment has a share of approximately 21% in the fire truck market. The application section is expected to pick up pace due to the development of the number of air terminals and air traveler traffic.
Specialized Fire Trucks Drives the Global Market Share of Fire Trucks.
Specialized Fire Trucks are expected to hold a substantial share of xx% during the forecast period. With growing market advancements, producers and suppliers present in the value chain of the fire truck industry are implementing new innovation practices in order to reap the maximum benefits in the competitive universe. These manufacturers are expanding their portfolio of fire trucks to address the growing challenges they face during firefighting and rescue events.
Globally, the market for fire trucks is divided into different vehicle types, such as tankers, pumpers, fire rescue trucks, and aerial platforms, among others. Rescue fire trucks and aerial platform trucks collectively dominate the overall market and are expected to have a significant share in the forecast period.
North America & Europe to Collectively Dominate the Regional Market for Fire Trucks at Volume Terms.
Stabilization of economic conditions and steady growth in the production and sales of fire trucks in North America and Europe are the main factors expected to drive the fire truck demand in the region. All areas are well equipped as operational hubs for large manufacturers of fire trucks. These manufacturers have their technologically advanced automated production units in the region. However, many small and medium-sized enterprises present in fire trucks are opening manufacturing units in countries present in the eastern part of the globe, such as China, India, ASEAN, and Russia, among others. Cost-effective labor costs in Asian countries are one of the key enabling factors for this shift.
China and other Asian countries are expected to produce more than one-third of the global volume of fire trucks by 2027. Brazil in ROW is becoming a major producer of fire trucks in the LA region.
China is one of the largest markets, both in terms of production and consumption. High production capacity and supply are driven by considerably low production costs. In addition, the country is an industrial hub for a number of manufacturers worldwide.
Due to the presence of a large number of established manufacturers and suppliers, the global market is very competitive. Major players such as Rosenbauer International AG, Oshkosh Corporation, Magirus GmbH, and Weihai Guangtai have adopted product innovations and numerous strategic alliances to strengthen their global position, followed by emerging industry players.
Other industry participants include Danko Emergency Equipment, Co., E One Inc., Spartan Motors, Xuzhou Handler Special Vehicle Co. Limited, ZoomLion, Bronto Skylift Oy, Morita Group, KME, Albert Ziegler GmbH, and Gimaex International. The dominance of current industry contributors, including Rosenbauer International AG and Weihai Guangtai, is expected to restrict the entry of new market players.
Market Segmentation of Fire Trucks Market:
By Product Type:
- Rescue Fire Trucks
- Aerial Platform
- Other Specialty Trucks
- Enterprise & Airports
- Residential & Commercial Buildings
- North America
- Latin America
- Asia Pacific
- Middle East & Africa