FIRE TRUCKS MARKET ANALYSIS

Market Challenges And Opportunities

Factors Driving Growth of the Global Fire Truck Market

Fire trucks are more often employed in firefighting operations in urban and suburban regions. There has been a significant increase in commercial and residential infrastructure, especially in the urban and suburban areas, pertaining to increasing population shift in the urban regions. For instance, according to a report, ‘World’s Cities’ by the United Nations in 2016, an estimated 54.5% of the world’s population resided in cities and is expected to reach 60% by 2030. In order to accommodate such huge masses, the urban infrastructure sector is adopting multi-storey building solutions for residential as well as commercial purposes. To ensure safety for people residing in multi-storey buildings, more efficient and organized systems such as Fire Alarm System, Fire Sprinkler System, and Carbon Monoxide Detection need to be adopted. To deal with fire incidents in cities, fire trucks are a prime necessity. Modern firefighting trunks carry equipment for wide range of firefighting and rescue operations, which include ladder, self-contained breathing apparatus, flood lights, fire hose, fire extinguishers, thermal imaging cameras, ventilating equipment, first aid kit, and hydraulic tools. All these equipment provide efficient assistance to fight in fire situations and rescue lives trapped inside the affected building. For instance, according to National Fire Association, in 2016, there were 475,500 structure fires reported in the U.S., in which 2,950 civilian died. Hence, rise in urbanization will require increased number of firefighting units in order to deal with fire situations in densely populated cities. This in turn will create growth opportunities for fire truck manufacturers.