FIRE TRUCKS MARKET ANALYSIS

Regional Analysis

Fire Truck Market: Regional Insight

The market segmentation for fire trucks is based on regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

North America was the largest market for fire trucks in 2017. Increasing fire incidence in North America is one of the major driving factors leading to high demand for fire trucks. For instance, according to National Fire Association, in 2016, there were 1,342,000 fires reported in the U.S. in which 3,390 civilian died, 14,650 civilian were injured, and US$ 10.6 billion valued property was damaged. Moreover, high percentage of population living in urban areas have also accelerated the market growth in North America. For instance, according to Population Reference Bureau, in 2017, 81 % of North America total population lived in urban areas.   With rising urbanization there will be high demand for fire stations to ensure that in times of fire incidents, help is delivered on time. Hence, with such high urban population, demand for fire trucks will also simultaneously increase. 

Asia Pacific is expected to exhibit the highest CAGR in the fire truck market during the forecast period. India, China, and Japan are some of the major countries, which will drive growth of the market in this region. Increasing urban population in Asia Pacific plays a major role for growth of the market in this region. For instance, according to Population Reference Bureau, it is estimated that 49% of the total Asian population will live in urban areas by 2018. Similarly by 2018, 59% of the total population in China will live in urban areas and 34% of the total population in India will live in urban areas. Hence, this increasing population parallels demand for residential and commercial construction, which also accelerates growth of the market of fire truck in this region. Moreover, increasing government investment for development of smart city plays a major role for growth of the market in this region. For instance, according to the Indian government Union Budget 2018-19, the government selected 99 cities under the smart city mission and will provide a fund of US$ 3.1billion for the development of these cities. Furthermore, according to Coherent Market Insights, it is estimated that India needs to build 31,000 new houses per day to fulfil the need of growing urban population during the period of 2015–2030. Hence, increasing residential construction is expected to increase demand for fire safety tools, which in turn will boost the fire trucks market growth.