Fire Truck Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast

"The Business Research Company recently released a comprehensive report on the Global Fire Truck Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The fire truck market size has grown strongly in recent years. It will grow from $6.89 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to urbanization and infrastructure growth, stringent fire safety regulations, industrialization and manufacturing growth, population density and high-rise buildings, natural disaster preparedness..

The fire truck market size is expected to see steady growth in the next few years. It will grow to $8.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to smart city initiatives, environmental concerns and wildfire risks, upgrades in emergency response infrastructure, renewal and modernization cycles.. Major trends in the forecast period include adoption of alternative propulsion systems, advanced telematics for fleet management, focus on remote control and autonomous capabilities, integration of unmanned aerial vehicles (uavs), customization for urban and rural environments..

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Market Drivers and Trends:

The rising number of fire hazards and emergencies is expected to boost the growth of the fire truck market going forward. Fire hazards refer to any circumstance, thing, or event that can start a fire or raise the possibility that one can occur. Fire emergencies refer to any situation that could result in a loss of life, significant injury, or property loss. Firefighters use hoses, nozzles, and other firefighting instruments on fire trucks to put out fire hazards by directing water or other firefighting agents onto them. For instance, in September 2023, according to the National Interagency Coordination Center, a US-based national mobilization of resources for wildland fires, the number of wildlife fires reported by Washington and Texas increased by 12.4% from 44,263 in 2021 to 49,753 in 2022. Further, in October 2022, according to the National Fire Protection Association, a US-based international nonprofit organization, in the US there were 1,353,500 fire emergencies and 3,800 civilian deaths in 2021, an increase of 8.5% from 3,500 deaths in 2020. Therefore, the rising number of fire hazards and emergencies is driving the growth of the fire truck market.

Major companies operating in the fire truck market focus on developing innovative products, such as hybrid systems, to provide reliable customer service. A hybrid vehicle approach is a powertrain that combines an internal combustion engine (ICE) with an electric motor and battery, where ICE provides power for high-speed driving. In contrast, the electric motor provides power for low-speed driving and acceleration. For instance, in June 2022, Scania AB, a Sweden-based manufacturer of commercial vehicles, launched a hybrid solution for airport fire trucks (ARFF). This system's unique capacity to enable faster response times and more environmentally friendly operations is revolutionizing the market for airport emergency vehicles with its 16-liter, up to 770hp combustion engine and 380hp E-machine. The system enables the vehicles to run in hybrid or zero-emission mode by containing a turn-key Scania solution that includes the battery, E-machine, combustion engine, and all related components. The vehicle can create 1150 horsepower when the E-machine and combustion engine work together. With record-breaking acceleration from 0 to 80 km/h, it can reach the crash site significantly faster than a regular car.

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Major Key Players of the Market:

Volvo Group, Tata Motors Limited, Isuzu Motors Ltd., Scania AB, Dongfeng Motor Corporation, Hino Motors Ltd., Oshkosh Corporation, Zoomlion Heavy Industry Science &Technology Co. Ltd., Naffco Group, REV Group, Rosenbauer International AG, Pierce Manufacturing Inc., Morita Holdings Corporation, W.S. Darley & Co., E-One Inc., Albert Ziegler GmbH, HME Incorporated, Magirus GmbH, Ferrara Fire Apparatus Inc., Bronto Skylift Oy Ab, Spartan Motors Inc., Sutphen Corporation, KME Corp., Gimaex GmbH, Alexis Fire Equipment Company, Crimson Fire Protection Inc., Angloco Limited, Acres Emergency Vehicles, Metz Aerials GmbH, Smeal Fire Appratus

Fire Truck Market 2024 Key Insights:

• The Fire Truck Market is expected to grow to $8.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Fire Truck Market Growth Driven By Escalating Fire Hazards And Emergencies
• Development Of Innovative Hybrid Systems For Transforming The Fire Truck Market
• Europe was the largest region in the fire truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fire truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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