According to the Graphical Research new growth forecast report titled “APAC Fire Truck Market Size By Product (Aerial Truck, Pumper, Tanker), By Application (Residential and Commercial, Airport, Military)”, Estimated To Be Over USD 2 Billion by 2026
The increase in the number of large outdoor fire accidents in countries including Japan and India will augment the demand for fire trucks in the Asia Pacific region. Naturally-occurring fires post natural calamities, such as earthquakes and floods, can account for several casualties. Rising awareness and government support to mitigate the loss of life and property caused by such fire accidents are providing new opportunities for the growth of the fire trucks market in Japan and China.
The APAC fire truck market has been significantly impacted due to the prevailing COVID-19 health crisis. The manufacturing of automotive vehicles has witnessed a temporary slowdown owing to the shutdown of various manufacturing plants. The coronavirus outbreak has also halted the raw materials & electronic component supply to the global market from China. However, with the economic revival and the containment of virus, the fire trucks market will witness a steady growth over the next three years.
The rising government expenditures in the construction of new airports will proliferate the demand for fire trucks in the region. The government of India is taking several initiatives to enhance the commercial aviation sector to promote the economy and provide sustainable growth opportunities for airline companies. In October 2020, the Airports Authority of India (AAI) announced its plan to enhance runways at seven airports throughout the country by March 2022. Similarly, AAI plans to invest USD 3.58 billion in the next five years to enhance the infrastructure and facilities at airports. Increasing passenger footfall at airports coupled with rising deployment of fire trucks will generate lucrative growth opportunities for the market.
Prominent fire truck market players operating in the APAC region are Sichuan Chuanxiao Fire-Fighting Vehicle Co., Ltd., Magirus, Morita Holdings Corporation, and Beijing Zhongzhuo Fire Fighting Equipment Co., Ltd. The key players are focusing on new innovations and product launches. For instance, in October 2019, Magirus launched the world’s first gas-powered fire engine H(LF) 10. It has a capacity of 420 liters of CNG. Similarly, in May 2018, Morita Holdings Corporation launched Morita Various Fighter 21 (MVF21). The new fire fighter is a multi-functional equipment integrated with a 21-meter aerial platform.
APAC fire truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
APAC Fire Truck Market, By Product
- Aerial Truck
APAC Fire Truck Market, By Application
- Residential and Commercial
The above information is provided on country basis for the following:
- South Korea