Fire Truck Market Size, Share, Growth Analysis, By Type(Tankers, pumpers), By Application(Residential and commercial, enterprise and airports) - Industry Forecast 2024-2031

Global Fire Truck Market size was valued at USD 4.83 Billion in 2022 and is poised to grow from USD 5.11 Billion in 2023 to USD 8.02 Billion by 2031, at a CAGR of 5.80% during the forecast period (2024-2031).

The market expansion is expected to be driven by the increasing demand for fire safety in developed nations and the need for advanced firefighting equipment. The growth of the market is anticipated due to the rise in demand for fire safety in developed countries and the requirement for advanced firefighting equipment. Additionally, the global improvement in safety standards is predicted to contribute to the demand for advanced fire trucks in the future. The growing demand for fire trucks can be attributed to various factors, including the development of new infrastructure and an increase in fire incidents in residential and commercial areas, as well as natural habitats and wildlife areas. For example, in 2021, the United States experienced approximately 8,619 wildfires, which resulted in the destruction of 2.6 million acres of land, thousands of structures, and significant loss of life. China is one of the largest markets for fire trucks due to its expanding economy, rapid urbanization, and strict codes and standards aimed at reducing infrastructure damage and losses. As China continues to develop its civil aviation airport infrastructure, the demand for fire and safety equipment continues to rise. The country has built 43 airports between 2016 and 2020 and an additional 6 airports in 2021, bringing the total number of operating airports to 247. Moreover, fire departments need to continually upgrade their equipment and apparatus to keep up with technological advancements in the sector. Consequently, regulatory associations such as the National Fire Protection Association (NFPA) in the United States and the National Association of Fire Equipment in India frequently revise and enforce guidelines and regulations. The enforcement of stringent codes and standards by regulatory bodies in emerging countries, driven by infrastructural development, is expected to further boost the industry's growth. However, the market growth may be hindered to some extent by high initial costs and capital requirements for truck manufacturing.

US Fire Truck Market is poised to grow at a sustainable CAGR for the next forecast year.