In addition, the Fire Truck Market has been expected to increase at a CAGR of 4.5%, with a significant value during the estimated forecasting period of 2020-2023. The infrastructure development in emerging countries led the regulatory bodies to enforce stringent codes and standards to decrease the infrastructural damage and loss, which is expected to augment the Fire Truck Market growth. However, due to the acceptance of the new and advanced technology, product innovation, and the use of advanced digital tools, modern electronics are likely to enhance the fire truck's efficiency, quality, and capability that are providing new opportunities for the market players. The increase in the number of fire accidents and the wildlife fires in the forests Fire Truck Marketplaces of the world are boosting the growth of the Fire Truck Market.
The improvement in living standards worldwide and the rise in safety purposes are predicted to aid the demand for fire trucks during the forecasting period. During the lockdown, most industrial sector and manufacturing facilities have bound to stop their production work. According to this, the investors also face a huge loss in the business sectors.
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The fire trucks or fire engine vehicles are generally designed for the firefighting operations with a number of the equipment and fire prevention accessories. In some cases, such vehicles are also used to perform medical emergencies, rescue operations, and supply water. It also carries hydraulic rescue tools, ladders, ventilating equipment, and self-contained breathing equipment as the first aid kits. However, the continuous technological advancements and the product innovation in this sector force the fire departments to keep upgrading themselves with the latest equipment, consequently lowering the fatality rate in fire-related events. The rising safety and security concerns towards people and the increasing rate of fire-related disasters are thus driving the fire trucks in the global Fire Truck Market.
According to the latest industrial market report, the Fire Truck Market has been segmented into three main categories: type, application, and regional basis. With the type section, the market has been segmented into four types such as rescue trucks, tankers, pumpers and multi-tasking trucks. As per the application segment, the market has been classified into three categories like residential & commercial, enterprises and airports and military. It is further classified into five sections with a regional basis: Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
The Asia-Pacific region has been expected to hold the largest market share of the worldwide fire truck market. North America and Europe follow it during the forecasting period. The presence of the key manufacturer in China, coupled with the rising demand for residential and commercial applications in emerging economies like China, India, and South America, is expected to drive the market growth during the forecast period. China is one of the largest markets in production and consumption. The high production capacity and the supply are driven by the considerably low costs of the production. The country is an industrial hub for several manufacturers globally. The increased consumption of fire trucks is expected for applications like commercial, enterprises, and airports due to the factors mentioned earlier.
The on-growing population and the resulting spike in the building and construction activities worldwide led governments to enforce stringent fire safety regulations across various sectors, including residential, commercial, airports and industries. The factors mentioned earlier resulted in a significant increase in the consumption of fire trucks in residential and commercial applications.
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