Emergency Ambulance Vehicle Market to Rise at CAGR of 4.5% through 2027- Report by Market Research Future (MRFR)
/EIN News/ -- New York, June 23, 2021 (GLOBE NEWSWIRE) -- Emergency Ambulance Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Emergency Ambulance Vehicle Market Research Report, Vehicle Type, Application and Region - Forecast till 2027” the market is estimated to witness 4.5% CAGR during the forecast period.
The emergency ambulance vehicle market outlook looks extremely promising, witnessing the rising adoption of these vehicles. Ambulances are used to provide care to patients with injuries or acute illnesses. These vehicles are also used to provide emergency care and patient transfer services. Moreover, increasing government spending and initiatives to promote emergency ambulance production and rapid expansion of healthcare sectors worldwide act as significant growth drivers.
Stringent government regulations for adopting fully equipped ambulances and their availability for 24-hours use in hospitals and emergency care service centers drive the emergency ambulance vehicle market growth. Rising numbers of post-manufacturers providing customizations incorporating necessary bodywork, emergency vehicle equipment, and interior fittings offer significant market opportunities.
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Key companies profiled in the Emergency Ambulance Vehicle Market Research Report are –
- Ford Motor Company
- REV Group
- MAN
- Daimler AG
- LifeLine Emergency Vehicles
- Groupe Renault
- W.A.S. Ambulance
- Leader Ambulance
- Toyota Motor Corporation
- BAUS AT
COVID 19 Impacts on the Market
The COVID-19 pandemic positively impacted the emergency ambulance vehicle industry. Yes, emergency vehicle manufacturing was severely affected due to the lockdown mandates initiated by governments worldwide, disrupting supply chains. Besides, exports of the raw materials and components required for production were affected, further impacting production and sales.
Moreover, the change in consumer purchasing behavior due to economic uncertainties affected the demand for emergency ambulance vehicles. However, the pandemic created significant demand for emergency vehicles to carry COVID patients. The market demand is gradually picking up and is expected to witness significant growth during the years to come.
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Industry Trends
Various emergency ambulance vehicle market trends include favorable government policies fostering the production of emergency vehicles and ambulances. Also, the increasing demand and production of emergency vehicles and vast R&D investments made in developing high-performance emergency vehicles drive the market growth. Heading with increasing government mandates & updated policies for public safety, emerging countries offer significant untapped opportunities to international players.
Industry players strive to increase production capacities in emerging markets with improved cost efficiency and a leaner organization. Additionally, targeted projects implemented in remote areas expand the growth of the market. On the other hand, the market witnesses major setbacks such as high initial investments required to produce and maintain high-performance emergency vehicles.
Segmentation
The market is segmented into vehicle types, applications, and regions. The vehicle type segment is sub-segmented into vans, cars, motorcycles, and others. Of these, the vans type segment dominates the market in terms of value and volume. The application segment is sub-segmented into hospitals, emergency centers, and others. Of these, the hospital segment dominates the market in terms of value and volume. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the Rest of the world.
Regional Analysis
North America dominates the global emergency ambulance vehicle market. The region features many remote landscapes and locations with limited accessibility. Besides, the largest market share attributes to the direct involvement of the local and states for the use of emergency ambulances across the region.
Technological advancements further increase the emergency ambulance vehicle market share of the region. Additionally, rising sales of ambulances and emergency vehicles substantiate the region's emergency ambulance vehicle market size. With several key manufacturers investing in the booming automotive industry, the market is growing rapidly.
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The Asia Pacific region holds the second-best position in terms of the emergency ambulance vehicle market value. Rising numbers of road accidents and fatalities in natural calamities and air & marine accidents are major emergency ambulance vehicle market trends. The recent shift in preference for high-performance emergency vehicles that offer improved mileage and features creates a high demand for ambulances and emergency vehicles for defense purposes.
Also, growing production capacities and emergency vehicle manufacturers in the region positively impact the regional market growth. Besides, aggressive expansion of the emergency vehicle sector increases the region's market share. Ample availability of raw materials and cost-competitive labor forces in the region are the major factors impacting the emergency ambulance vehicle market growth.
Europe is a rapidly emerging market in terms of emergency ambulance vehicle revenue. Stringent government standards for emergency ambulance vehicles per hospital, alongside the increase in the adoption of emergency vehicles and government initiatives, push the market growth. Furthermore, the well-established automotive industry significantly contributes to market growth, pushing the rapid development in the emergency ambulance vehicle industry.
Competitive Analysis
The emergency ambulance vehicle market witnesses several strategic initiatives, such as mergers & acquisitions, expansion, collaboration, and product launches. Key market players are also making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on May 25, 2021, Reliance Industries Ltd (RIL - India) announced free fuel to all emergency service vehicles carrying Covid patients. A large number of ambulances are being used in transporting patients and medical oxygen to and from quarantine facilities and hospitals. Besides, RIL is collaborating with Sustainable Environment and Ecological Development Society (SEEDS) India to set up COVID care centers equipped with supporting staff, ambulance, meals facility and ten oxygen cylinders.
Segmentation of Market covered in the research:
Information, by Vehicle Type (Vans, Cars, Motorcycles and others), Application (Hospitals, Emergency Center and others) and Region (North America, Europe, Asia-Pacific and the Rest of the World)
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