REPORT OVERVIEW
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The global vehicle water based fire extinguisher market size was USD 248 million in 2022. As per our research, the market is projected to touch USD 323.5 million by 2029, exhibiting a CAGR of 4% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels except this market.
The vehicle water based fire extinguisher market is growing due to its safety, effectiveness, environmental friendliness, affordability, and ease of use. Water-based fire extinguishers are considered to be safer than other types of fire extinguishers because they do not produce harmful fumes or chemicals. They are also effective at extinguishing a variety of fires, including Class A fires (combustible solids) and Class B fires (flammable liquids). Additionally, water-based fire extinguishers are made from environmentally friendly materials and are relatively affordable. Finally, they are easy to use, even for people who have not been trained in fire safety.
COVID-19 Impact: Imposed Restrictions in the Economy which led to a decline in demand for the Market
The COVID-19 pandemic has had a mixed impact on the vehicle water based fire extinguisher market. On the one hand, the pandemic has led to an increase in demand for fire extinguishers, as people have become more concerned about fire safety. This is especially true in the automotive sector, where there has been a growing trend of electric vehicles, which are more susceptible to fire.
On the other hand, the pandemic has also disrupted the supply chain for vehicle water-based fire extinguishers, leading to shortages and price increases. This is due to factors such as factory closures, shipping delays, and increased demand for other products. Overall, the impact of COVID-19 on the vehicle water based fire extinguisher market is expected to be positive in the long term. However, the market is likely to experience some volatility in the near term due to the ongoing pandemic.
LATEST TRENDS
"Higher Standards of Performance by Increase in Infrastructure Spending to Grow Market Potentially"
The latest trends in the vehicle water based fire extinguisher market share include the increasing demand for electric vehicles, the growth of the aftermarket, the increased focus on sustainability, and the development of new technologies. The growth of the electric vehicle market is driving the demand for fire extinguishers that are specifically designed for electric vehicles. The aftermarket for vehicle water-based fire extinguishers is expected to grow due to the increasing awareness of the importance of fire safety and the growing number of vehicles on the road. The increased focus on sustainability is leading to increased demand for fire extinguishers that are made from environmentally friendly materials. Finally, the development of new technologies is making fire extinguishers more effective, efficient, and user-friendly.
SEGMENTATION
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- By Type
Based on type the vehicle water based fire extinguisher market is classified as Less Than 5kg,5kg-10kg and More Than 10kg.
- By Application
Based on application the vehicle water based fire extinguisher market is classified as Passenger Vehicle and Commercial Vehicle.
DRIVING FACTORS
"Increasing demand for electric vehicles which leads to the market growth"
Electric vehicles are more susceptible to fire than gasoline-powered vehicles. This is because the batteries in electric vehicles contain flammable electrolytes. As a result, there is a growing demand for fire extinguishers that are specifically designed for electric vehicles.
"Increased focus on sustainability for market growth"
There is a growing focus on sustainability in the automotive sector. This is leading to increased demand for fire extinguishers that are made from environmentally friendly materials. Environmentally friendly fire extinguishers are made from materials such as water, foam, and carbon dioxide. These materials are non-toxic and do not produce harmful fumes or chemicals.
RESTRAINING FACTORS
"Several Challenges Associated with the Local Irritation to Restrain the Market Growth"
The vehicle water based fire extinguisher market growth is being restrained by a number of factors, including the high cost, lack of awareness, competition from other types of fire extinguishers, regulations, and availability. The high cost of vehicle water-based fire extinguishers can be a barrier to entry for some businesses and consumers. This is especially true for those who are looking for affordable fire extinguishers.
Lack of awareness about the importance of fire safety in vehicles is another restraining factor. This is especially true in developing countries, where many drivers are not aware of the need to have a fire extinguisher in their vehicle. There is also competition from other types of fire extinguishers, such as dry powder fire extinguishers and carbon dioxide fire extinguishers. These fire extinguishers can be more effective at extinguishing certain types of fires, and they may be less expensive than vehicle water-based fire extinguishers.
REGIONAL INSIGHTS
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"North America Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"
North America is expected to be the largest market for vehicle water-based fire extinguishers in the coming years. This is due to the increasing demand for electric vehicles in the region, as well as the growing awareness of the importance of fire safety.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
The vehicle water based fire extinguisher market is a competitive one, with a number of key players vying for market share. The top 10 players in the market are UTC Fire & Security, Tyco Fire Protection, Minimax, Amerex, BRK, Yamatoprotect, BAVARIA, ANAF S.p.A., Longcheng, and Kidde. These companies offer a wide range of vehicle water-based fire extinguishers, including portable, fixed, and wheeled extinguishers. Other key players in the market include Fireboy-Xintex, SureFire, Gibaud, and Savor. These companies are also investing in research and development to develop new products and services that meet the needs of their customers.
List of Market Players Profiled
- UTC (U.S)
- Tyco Fire Protection (U.S)
- Minimax (Germany)
- Amerex (U.S)
- BRK (Sweden)
- Yamatoprotect (Japan)
- BAVARIA (Germany)
- ANAF S.p.A. (Italy)
- Longcheng (China)
- Gielle Group (Italy)
- Sureland (China)
- Presto (South Korea)
- Tianyi (China)
- Ogniochron (Italy)
- Protec Fire Detection (Singapore)
- HATSUTA SEISAKUSHO (Japan)
- Desautel (Canada)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 248 Million in 2022 |
Market Size Value By |
US$ 323.5 Million by 2029 |
Growth Rate |
CAGR of 4% from 2022 to 2029 |
Forecast Period |
2022-2029 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the vehicle water based fire extinguisher market expected to touch by 2029?
The vehicle water based fire extinguisher market is expected to reach USD 323.5 million by 2029.
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What CAGR is the vehicle water based fire extinguisher market expected to exhibit by 2029?
The vehicle water based fire extinguisher market is expected to exhibit a CAGR of 4% by 2029.
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Which are the driving factors of the vehicle water based fire extinguisher market?
The vehicle water based fire extinguisher market is being driven by the increasing demand for electric vehicles, the growth of the aftermarket, the focus on sustainability, the development of new technologies, government regulations, the increasing number of road accidents, and the rising cost of vehicle repairs.
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Which are the key players functioning in the vehicle water based fire extinguisher market?
UTC, Tyco Fire Protection, Minimax, Amerex, BRK, Yamatoprotect, BAVARIA, ANAF S.p.A., Longcheng, Gielle Group, Sureland, Presto, Tianyi, Ogniochron, Protec Fire Detection, HATSUTA SEISAKUSHO and Desautel are the key players functioning in the vehicle water based fire extinguisher market.
