Market Trends of Europe Fire Truck Industry
This section covers the major market trends shaping the Europe Fire Truck Market according to our research experts:
Rising Demand for Fire Trucks in the Residential and Commercial Sector
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.
Growing construction, airport, and residential sector to propel demand
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.
