REPORT HIGHLIGHT Fire Truck Market was valued at USD 5.67 billion by 2018, growing with 7.1% CAGR during the forecast period, 2019-2028. Market Dynamics Fire truck is a vehicle which carries firefighters and equipment for controlling large fires. The growing demand for fire safety in developed countries and the need for advanced fire extinguishing equipment are expected to drive further market growth. In addition, increased demand for increased safety standards is expected to be beneficial worldwide. The main job of a firefighter is to carry fire truck to the scene and extinguish them in some water or chemical composition. In addition, the government sector employs them in emergency medical services and rescue operations. Product innovation and technological development in the field of firefighting and related equipment like fire trucks have reduced fire accident mortality. In addition, as technological advances continue in this field, the trend of innovation needs to be sustained to upgrade equipment and devices. As a result, guidelines and regulations implemented by non-profit organizations such as the United States Fire Protection Organization (NFPA) and the National Fire Brigade Association of India are constantly being updated. Infrastructure development in an emerging country has prompted regulators to introduce stringent laws and regulations to minimize damage and loss of infrastructure expected to drive industry growth. However, high initial costs and capital requirements for truck production are expected to hinder the market growth during the forecast period. Types Takeaway By types, the market is divided into rescue, mini-tanker, and other pumps. The industry consists of raw material suppliers, manufacturers, distribution channels and end-user applications. The value chain is divided up and down. The initial value chain is the incorporation of raw materials for fire truck production. These raw materials include chassis, trucks, ladders, components and other equipment. The first value chain refers to the integration of raw materials from manufacturers and suppliers into fire truck production facilities, and the latter value chain refers to the distribution of end products to different industries for end-use. On the industrial side, raw materials are made up for truck production and exported to different countries. Application Takeaway Residential and commercial applications will have the largest share of the worldwide market and will grow at a CAGR of 7% during the study period. Product market growth is expected to grow as the global population grows, resulting in increased demand for residential and commercial construction. The growing population and increasing construction activity around the world have prompted the government to implement strict fire safety regulations in various sectors, including residential and commercial real estate, airports and industries. Due to the above factors, Demand of fire truck in residential and commercial applications has increased significantly. Increased demand for Aircraft Rescue Firefighters (ARFF) for airport safety and rescue operations is expected to increase market demand for businesses and airports. In the applications sector, market share is expected to grow due to an increase in the number of airports and air traffic. Growing demand for advanced fire trucks in developed countries such as the United Kingdom, France, and the United States is expected to further accelerate the growth of the North American and European fire truck markets. In addition, an increase in construction activity as a result of price declines is expected to promote Chinese market growth during the forecast period. Regional insight The global fire truck industry is dominated by the Asia-Pacific region and is expected to remain dominant throughout the forecast period. The presence of significantly lower cost manufacturers in China, coupled with an increase in demand for residential and commercial applications in developing economies such as China, South Korea, and India, is driving the market growth mainly. China is one of the largest markets for both production and consumption. High production capacity and supply at low production costs. In addition, this country is the industrial center of many manufacturers around the world. Due to the above factors, firefighters are expected to step up in a commercial, corporate and airport applications. The North American market contributed significant market share. North American production has grown significantly as a result of an increase in demand, mainly from residential and commercial applications. In addition, increased demand for advanced safety infrastructure in residential and commercial facilities is expected to increase market demand. Key Vendor Takeaway The worldwide industry is very competitive because of the large number of manufacturers and suppliers. Leading companies such as Weihai Guangtai, Oshkosh Corporation, Magirus GmbH, and Rosenbauer International AG, have strengthened their global position through innovation in many strategic products and alliances, followed by industry startups. Other industry participants include Spartan Motors, Danko Emergency Equipment, Xuzhou Handler Special Vehicle Co. Ltd., E One Inc., Bronto Skylift Oy, ZoomLion, Albert Ziegler, Morita Group, KME, Gimaex International and GmbH. The advantage of existing shareholders in the industry, including Rosenbauer International AG and Weihai Guangtai, is expected to restrict new entrants into the market. The market size and forecast for each segment and sub-segments has been considered as below: Historical Year – 2017 – 2021 Base Year – 2021 Estimated Year – 2022 Projected Year – 2028 TARGET AUDIENCE Traders, Distributors, and Suppliers Manufacturers Government and Regional Agencies Research Organizations Consultants Distributors SCOPE OF THE REPORT The scope of this report covers the market by its major segments, which include as follows: MARKET, BY TYPE Rescue Mini Tanker Other Pumpers Mini Pumpers Multi- Tasking Trucks MARKET, BY APPLICATION Conventional Wild land Airport Residential & Commercial Others MARKET, BY REGION North America U.S. Canada Europe Germany France Italy Spain United Kingdom Rest of Europe Asia Pacific India China South Korea Japan Singapore Rest of APAC Latin America Brazil Mexico Argentina Rest of LATAM Middle East and Africa Saudi Arabia United Arab Emirates Rest of MEA