The Intensity of Competition Within the Fire Fighting Vehicle Industry Has Increased, and Low Rate of Replacements May Affect the market Growth

Fire Fighting Vehicle equipped with a variety of fire equipment, firefighting apparatus, is a vehicle designed primarily for firefighting operations, also is the most basic mobile firefighting equipment. A fire fighting vehicle is a vehicle designed for firefighting and other rescue operations. The primary function of a fire fighting vehicles includes transportation of firefighters to an incident scene to extinguish the fire with water or some chemical composition. Moreover, some fire fighting vehicles have specialized functions, such as wildfire suppression and aircraft rescue and firefighting, and may also carry equipment for technical rescue, such as a water & foam tank and a fire pump as per the requirements. In addition, many fire departments often employ their vehicles for various other uses including emergency medical services and rescue purposes.

Fire Fighting vehicles are suitable for combating fires in airports, domestic and commercial buildings and more. Municipal Firefighting Vehicles are designed for intervention mainly within the city limits, municipal vehicles are prepared for any emergency situation. They are able to carry hydraulic rescue tools, electrical generator, power tools, SCBA, hoses, nozzles and many others. Industrial Firefighting Vehicles are for protection of industrial assets. Industrial Firefighting Vehicles are able to carry large amounts of foam, dry powder and water. The chassis are provided with safety futures as spark arresters and engine shut off valves, in line with the internal regulations of the industrial sector. ARFF Firefighting Vehicles are the right choice for airport firefighting and rescue; these vehicles are built to meet the requirements of fast intervention in case of emergency exceeding the applicable standard NFPA 414 and ICAO regulations. Fire trucks can also be used in many other fields such as Aerials & Vehicles for Electrical Sector, Road Fast Rescue and Rapid Intervention Vehicles and more.

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The Current Situation of Global Fire Fighting Vehicles Industry

The global market for fire fighting vehicle has seen continual advancement in the firefighting technologies, especially with regard to communication equipment and warning system. These advancements are all focused on improving the reliability, safety, and efficiency of firefighting operations. Recent advances in the mobility technologies have built on their functionality as well as versatility. Product innovation and technological advancements in the field of fire apparatus and related equipment have lowered the fatality rate in fire-related incidents. The demand of fire trucks is a growing owing to acceptance of updated and advanced technology, product innovation, and use of latest digital tools and modern electronics which will help to increase the efficiency, capability, and quality of the fire truck.

Furthermore, a growing number of local authorities in rural areas in developed regions are purchasing fire trucks. This augurs well for the expansion of the fire trucks market. Increase in the demand for fire safety among developed countries and the need for advanced firefighting apparatus are expected to augment the market growth. Factors such as the automation in field of firefighting, investment in smart cities, and the availability of fire truck leasing services are expected to boost market growth during the forecast period. The increase in demand has brought opportunities to the development of the industry and has a positive impact on the development of the industry. The market growth for the product is anticipated to augment on account of the rising global population, which in turn will increase the demand for Municipal and Industrial application. The growing population and the resultant spike in building & construction activities worldwide led to governments enforcing stringent fire safety regulations across sectors, including residential, commercial, airports, and industries. The aforementioned factor resulted in a significant increase in fire trucks consumption in Municipal and Industrial application.

The Intensity of Competition Within the Fire Fighting Vehicle Industry Has Increased, and Low Rate of Replacements May Affect the market Growth

The growing demand for fire safety among developed economies and the need for advanced firefighting apparatus is likely to drive the market growth. Growing demand for advanced fire apparatus in developed countries such as the UK, France, and the U.S. is expected to augment the growth of the fire trucks market in North America and Europe. Meanwhile, increasing infrastructure in the emerging countries which includes India, China, South Korea coupled with increasing awareness regarding fire safety is expected to fuel the demand for fire trucks over the forecast period.

Furthermore, development of Electric Fire Trucks also brings opportunities to the development of the industry. The growing impact of global warming on climate change is compelling governments across the globe to take corrective actions by reducing emissions. Countries across the globe are implementing stringent regulations on emissions from industries and vehicles. This has led to original equipment manufacturers on the development of zero or lowemission vehicles including the electric vehicles (EVs). Government bodies are promoting the development of EVs by offering attractive subsidies and implementing supportive policies to establish EV infrastructure. These developments will support the electrification of fire trucks during the forecast period.

With major manufacturers and suppliers in the fire fighting vehicle industry competing at globally, the intensity of competition within the fire fighting vehicle industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies or small retailers enter the business consequently as venturing into a fire fighting vehicle business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established fire fighting vehicle manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes.

High preliminary costs and capital requirements for the manufacturing of trucks are expected to restrain the market growth over the forecast period. However, low rate of replacements may affect the fire trucks market growth adversely. The global replacement rate of aging fleet of fire trucks is relatively low, which has dampened the demand to an extent. The lack of standard protocols for the development of fire truck, low rate of replacements of fire trucks, and the high initial cost of the truck are also considered as the key restraining factors of this market.

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