Fire truck market projected to reach $8.55 billion by 2033, new report finds
Increased fire and safety awareness to prevent fire-related fatalities has also surged the demand to establish fire truck stations in rural areas
The global fire truck market is set to experience significant growth in the coming decade, with projections indicating a market size of US$ 8,549.6 million by 2033. This represents a compound annual growth rate (CAGR) of 3.7% from 2023 to 2033, according to a recent report by Future Market Insights, Inc.
Key data from the report includes:
- Current Market Size: The market was valued at US $5,688.0 million in 2022.
- Projected Growth: An expected CAGR of 3.7% over the next ten years.
- Market Forecast: The market is anticipated to reach a valuation of US $8,549.6 million by 2033.
- Regional Insights: The report provides detailed analysis of key regions contributing to the market growth.
This growth is attributed to several factors driving demand for fire trucks globally. Innovations in firefighting technology, increased urbanization leading to higher infrastructure investments, and heightened awareness of fire safety are among the primary growth drivers.
The report also sheds light on the evolving trends in the fire truck market. There is an increasing focus on integrating advanced technologies into fire trucks, enhancing their efficiency and effectiveness in fire response operations. Additionally, there’s a growing emphasis on manufacturing environmentally friendly and cost-effective fire trucks, responding to global sustainability trends.
The report offers insights for manufacturers, policymakers, and fire departments. Understanding these market dynamics is crucial for strategic planning and adapting to future challenges in the firefighting sector.
Rescues and aerials dominate
According to the report, the total market is dominated by rescue fire trucks and aerial platform trucks, which are likely to earn significant market share throughout the forecast period. In order to reduce infrastructural damage and loss, regulatory agencies in growing countries have implemented tough codes and standards, which are predicted to boost industrial growth.
Modern gadgets could improve efficiency, quality, and capability due to the acceptance of product innovation and the usage of advanced digital tools. Furthermore, the adaptation of the Internet of Things (IoT) in buildings as well as industries has improved the fire truck market sales analysis in recent years.
Tankers positioned to grow
The revenue generated from the sales of tankers worldwide contributed to almost 29.9% share, and this trend is projected to continue in the coming years.
The tanker segment is projected to grow at a 2.8% CAGR during the years from 2023 to 2023. The demand for tankers has increased as a result of factors such as increased building and construction activities and governments imposing stringent fire safety rules.
For more detailed information and in-depth analysis, readers can refer to the full report.