countries such as India, Brazil, Nigeria, and Argentina are providing a great opportunity for the expansion of this market.
Increased investments in new product development will enable strategic mergers and acquisitions of small startup companies in this market, which will further enhance the global market during the forecast period. However, the major restraints for the global fire truck market is high maintenance cost due to growing complexity in the design and low replacement of vehicle.
The global Fire Truck Market is estimated to witness ~4.5% CAGR during the period from 2019 to 2023
Fire Truck Market Segmentation:
The global fire truck market is segmented on the basis of type, application, and region. On the basis of type, the market has been segmented in to rescue truck, tanker, pumper, and multi-tasking truck. On the basis of application, the market has been segmented into residential and non-residential.
On the basis of type, the rescue truck segment is projected witness a moderate growth during the forecast period. This growth is attributed to growing natural calamities and forest fire incidences.
On the basis of application, the non-residential segment is expected to dominate the market over the study period. This is due to the growing population and increasing construction activities worldwide. Furthermore, the growing use of Airport Rescue Fire Fighting (ARFF) vehicles for air terminal security is driving the fire truck market.
The fire truck market is still in its growing phase in regard to activities related to the design, development, and manufacturing of such vehicles. However, growing industrialization, increasing infrastructure complexities in emerging countries includes China, India, and South Korea, and rising awareness about fire safety are set to drive the growth of this segment.
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Report Overview:
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global fire truck market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
