Europe Fire Truck Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Fire Truck Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Fire Truck Market was valued at USD 2.15 billion in 2021, and it is expected to register a CAGR of about 2.36% during the forecast period 2022 - 2027.

The impact of the COVID-19 pandemic on the Europe Fire Truck Market is inevitable, as it affected almost every other industry in the market. Manufacturing units have been shut down due to the continuous lockdowns, with social distancing norms to follow and limited staff available to run production lines with all safety measures, owing to the slowdown of the electric vehicle market in the region.

Over the long term, The market is primarily driven by the factors such as strict government norms for pollution control, increasing awareness about the harmful effects of emissions from gasoline and diesel vehicles, and an increase in the adoption of electric vehicles.

Rising fire accidents and growing awareness of the hazardous effects of emissions are expected to drive the demand in the market. Moreover, evolving government fire safety regulations across all sectors to further enhance the growth of the market during the forecast period.

The evolution of electric trucks and growing interest in firefighting apparatuses and local assemblies across these countries are expected to create a positive outlook for the market.

The growing population and the resultant spike in building and construction activities worldwide led governments to enforce stringent fire safety regulations across various sectors, including residential, commercial, airports, and industries. The aforementioned factors resulted in a significant increase in fire truck consumption in residential and commercial applications.

Infrastructural development in emerging countries led the regulatory bodies to enforce stringent codes and standards to decrease infrastructural damage and loss, which is expected to augment the industry growth. Furthermore, the increasing building and construction activities in emerging economies in some European countries are expected to provide new opportunities to the major players in the market during the forecast period.

An increasing number of commercial and infrastructural projects along with the growing aviation industry is expected to drive market growth in this region. For instance, In 2019, building permits amounted to 34,000 units and started to 32,000 units in Norway. Housing starts increased slightly compared to 2018, and new residential construction, including dwellings, garages, and holiday houses, amounted to EUR 18 billion in 2020.

While the rampant expansion of the construction industry is cited as responsible for catering to the demand for fire trucks in residential and commercial sectors, the development of progressing interest in the adoption of the cutting-edge technologies enabled fire mechanical local assemblies and equipment to further contribute to the overall development of the market across these countries in Europe. For instance, according to Statistics Denmark, the sale of real estate property in the country grew by 30% YoY in November 2020 - this was preceded by a growth of 21.6% in October and 21.4% in September 2020.

• In September 2021, The German low-cost carrier (LCC) Euro wings announced its plans to set up a new base at Stockholm Arlanda Airport in Sweden for the summer 2022 season. The Lufthansa-owned carrier will expand its range of destinations by adding 20 new direct routes in Europe from the Swedish hub, which is operated by Swedavia.

The global market is very competitive due to the presence of a large number of established manufacturers and suppliers. Market leaders are emphasizing forming strategic partnerships with other industry players to increase their competencies and revenues. Companies are also focusing on expanding their presence to meet their production demands.

• Volvo Penta partnered with Rosenbauer to provide an electric drive train for its fire trucks. The companies aim to leverage this partnership to develop new models of electric trucks.

Major players, such as Rosenbauer International AG, Magirus Group, Euro GV, and Magirus GmbH, adopted product innovations and numerous strategic alliances to strengthen their global positions, and industry players are following the trend.

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