Expanding public transport infrastructure and increasing need for safety equipment to drive global fire extinguisher for vehicle market
According to TechSci Research report, “Global Fire Extinguisher for Vehicle Market By Product Type (Dry Chemical, Foam, CO2, Others), By Vehicle Type (Passenger Car, Heavy Commercial Vehicle (HCV), Light Commercial Vehicles (LCV)), By Region, Forecast & Opportunities, 2025”, the market is expected to undergo a substantial growth during the forecast period owing to expanding public transport infrastructure around the world. With increasing fleet size, there is a constant requirement of active fire safety equipment which can be used in emergency situations. Moreover, rising demand for passenger cars is also acting as a major booster for the market as fire extinguishers are now a vital component of passenger vehicles. Also, rapid economic growth and recovery of automotive industry over the past couple of years is supporting the growth of fire extinguisher for vehicles market.
Additionally, governments across various regions and countries are implementing, regulating and making it mandatory to install fire extinguishers in vehicles. Therefore, stringent regulations over installation of fire extinguishers in vehicles are expected to augment the growth of this market. Furthermore, the availability of variety of products, including compact and light-weight fire extinguishers is supplementing the market growth. However, global fire extinguisher for vehicle market might also facing some restrains. In most of the countries, there is a lack of rules and regulations pertaining to the installation of fire extinguishers in vehicles. This is expected to hamper the market growth. Also, many consumers are reluctant to install fire extinguishers in their vehicle due to lack of awareness.
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The global fire extinguisher for vehicle market is segmented based on product type, vehicle type and region. Based on product type, the market is segmented into dry chemical, foam, CO2 and others. Among them, the dry chemical fire extinguisher is the most preferred one in vehicles and is expected to dominate the global market through 2025. They are extremely effective at putting out Class A, B and C fires.
Based on vehicle type, the global fire extinguisher for vehicle market is categorized into passenger car, Heavy Commercial Vehicle (HCV) and Light Commercial Vehicles (LCV). Among them, the passenger car segment is expected to undergo fastest growth during the forecast period. The spike in manufacturing and sale of passenger vehicles and growing awareness about fire safety are expected to fuel the demand for fire extinguishers for vehicles through 2025.
Major players operating in the global fire extinguisher for vehicle market include Amerex Corporation, H3R Performance, Inc., Buckeye Fire Equipment Company, United Technologies Corporation, Britannia Fire Ltd, Ceasefire Industries Pvt. Ltd, Yamato Protec Corporation., HOCHIKI Corporation, Flamestop Australia Pty Ltd and Johnson Controls International plc. Manufacturers are investing on new product launches and undergoing partnerships to increase their global market share.
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“North America is expected to dominate the global fire extinguisher for vehicle market during the forecast period owing to expanding vehicle fleet size and increasing awareness towards fire safety in the region. Europe is also expected to hold a significant market share followed by Asia Pacific. The two regions are witnessing rapid automobile production and positive economic outlook, thereby acting as lucrative market for fire extinguisher for vehicle manufacturers,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Fire Extinguisher for Vehicle Market By Product Type (Dry Chemical, Foam, CO2, Others), By Vehicle Type (Passenger Car, Heavy Commercial Vehicle (HCV), Light Commercial Vehicles (LCV)), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of global fire extinguisher for vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global fire extinguisher for vehicle market.