Fire Trucks Market will be Massively Influenced by Macroeconomic Factors
Global fire trucks market is expanding widely owing to the modern day fire and safety issues arising from new design infrastructures, rapid development of huge and complex buildings, and larger residencies in lesser spaces especially in developing countries. Global fire trucks market finds opportunity for fire trucks with advanced digital technology tools for supporting performance-based design, and field surveys are improving the quality and teamwork in the built environment.
The flat and mall culture in both developing and developed countries compelled the governments to declare stringent safety regulations. The growing population along with changing demographics as well as psychographics of the modern day society resulted in surge in the number of tall residential buildings. The result is the demand for more fire trucks to enforce the safety 24x7, and this is expected to drive the global fire trucks market over the forecast period.
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Global Fire Trucks: Market Dynamics
In the global fire trucks market, new and advanced technology acceptance is the key driver for the market growth. Use of modern electronics and advanced digital tools will enhance the quality, efficiency and capability of the fire truck.
Development in the fire and safety departments and municipal budgets of governments are also projected to fuel the global fire trucks market growth. Moreover, economic growth in developing countries is estimated to create new opportunities for global fire trucks market.
In the global fire trucks market, low rate of replacements is a factor hampering the market growth. Though the fleets are ageing, the fire trucks are not being replaced easily. This may hinder the growth of fire trucks market.
Global Fire Trucks Market: Segmentation
The global fire trucks market is segmented on the basis of types as follows: Rescue, Mini Tanker and all other Pumpers (mini pumpers, multi-tasking trucks).
On the basis of application, fire trucks are segmented as follows: Conventional, rescue, wild land, airport application and others
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Global Fire Trucks Market: Regional Outlook
Over the past few years, the developing countries such as China, India and South Korea have witnessed a stable growth in the infrastructure coupled with rising awareness about safety. This is expected to boost the demand for fire trucks over the forecast period. Fire Trucks are a necessity in airports and other enterprises to ensure public safety. The strengthening of governmental regulations regarding the matter is also a positive factor for the growth of global fire trucks market. The high production capacity in China coupled with lower labour charge contribute to the expansion of fire trucks market in the country. Moreover, the technological advancements and growing application in the manufacturing sector fuel the fire trucks market growth. In North America, stringent regulations and large number of fire stations are the key growth factors driving the market. The Middle East and Africa fire trucks market is expected to witness a significant growth over the forecast period owing to the product innovation coupled with technological advancements in the region.
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