Emergency Ambulance Vehicle Market Growth Boost by Rise in Accidents
New York, US, Sept. 23, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Emergency Ambulance Vehicle Market Research Report: Information, by Vehicle Type, Application and Region- Forecast till 2030”, will touch USD 19,423.10 Million at a 3.86% CAGR by 2030.
Emergency Ambulance Vehicle Market Drivers
Rise in Accidents to Boost Market Growth
Rise in accidents will boost market growth over the forecast period. Accidents are amid the leading causes of death worldwide. In developing economies, reckless driving, drinking and driving, and poor enforcement of traffic rules and regulations have resulted in an exponential rise in accidents & citizens untimely. Rapid response & primary patient care especially at an accident scene can save patients' lives before they receive proper hospital treatment. Rapid transport of patients to hospitals without delays can also save lives. Emergency ambulance vehicles play an important role in the early patient care & transportation, and there will be an increase in accidents and trauma cases worldwide.
Emergency Ambulance Vehicle Market Key Players
Eminent market players profiled in the global emergency ambulance vehicle market report include,
Ford Motor Company
Lifeline Emergency Vehicles
Toyota Motor Corporation
BAUS AT and Others.
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Emergency Ambulance Vehicle Market Opportunities
Booming Medical Tourism to offer Robust Opportunities
The booming medical tourism industry will offer robust opportunities for the market over the forecast period for the developments in the healthcare infrastructure as well as advanced reimbursement policies.
Besides, advances in the healthcare infrastructure and high demand for expanded care delivery will also fuel market growth.
High Vehicle Cost to act as Market Restraint
The high vehicle cost and lesser adoption of such emergency ambulance cars in underdeveloped countries may act as market restraints in the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness and high maintenance cost of such ambulance vehicles may act as market challenges over the forecast period.
Emergency Ambulance Vehicle Market Report Scope:
Market Size by 2030
USD 19,423.10 Million
CAGR during 2022-2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
To witness substantial growth owing to stringent government standards
Key Market Drivers
The increase in demand for customization in emergency ambulance vehicles
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Emergency Ambulance Vehicle Market Segmentation
The global emergency ambulance vehicle market is bifurcated based on application and vehicle type.
By vehicle type, vans will lead the market over the forecast period.
By applications, hospitals will dominate the market over the forecast period.
The COVID-19 epidemic had a positive impact on the global emergency ambulance vehicle market. Yes, the manufacturing of emergency vehicle was severely harmed as a result of global lockdown mandates that disrupted supply chains. Furthermore, exports of raw materials & components used in manufacturing were hampered, affecting production and sales. Furthermore, changes in the consumer's purchasing behaviour as a result of economic uncertainty influenced demand for the emergency ambulance vehicles. However, the pandemic increased the demand for the emergency vehicles for transporting COVID patients. Market demand is increasing gradually and is expected to grow significantly in the coming years.
Emergency Ambulance Vehicle Market Regional Analysis
North America to Steer Emergency Ambulance Vehicle Market
Because of the direct participation of the local & statement for the usage of emergency ambulances all across the region, North America is predicted to hold a significant market share during the forecast period. This is predicted to increase the region's market share even further. Because of the increased need for emergency care prior to hospitalization and the increased number of emergency cases within the region, North America domineers the global emergency ambulance vehicle market. In 2020, North America had the largest market share. Increased direct involvement of government for 24/7 ambulance service, as well as technological advancements in emergency ambulance vehicles, are expected to drive market growth in this region.
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North America has a higher rate of technology adoption than other regions because vehicle manufacturers in the region place a greater emphasis on component research and development. Furthermore, medical services are widely available in several countries throughout the region, including the United Kingdom and Germany. Stringent emission standards for the automotive industry in North America, green transportation projects from regional governments, and a high demand for fuel-efficient vehicles are predicted to fuel the market in these regions. Because of the increased incidence of acute diseases and the government's renewed emphasis on providing early patient care to citizens, this region currently dominates the market.
Many remote landscapes & locations having limited accessibility can be found in the region. Furthermore, the largest market share is attributed to the direct involvement of local and state governments in the usage of emergency ambulances throughout the region. Technological advancements increase the region's market share. Furthermore, rising ambulance and emergency vehicle sales support the region's market size. With several major manufacturers investing in the thriving automotive industry, this market is rapidly expanding.
APAC to Have Admirable Growth in Emergency Ambulance Vehicle Market
During the forecast period, Asia Pacific is predicted to show consistent market growth. Increased accident rates, growth in the healthcare industry, and an increase in emergency cases are expected to drive market growth. Due to a growing demand for top-quality healthcare facilities & a rising number of road accidents in the region, Asia-Pacific is predicted to grow significantly from 2022 to 2030. Asia-Pacific is expected to grow during the forecast period as a result of increased government spending on healthcare infrastructure & an ageing population. With regards to market value, the Asia Pacific region ranks second.
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Rising road accident and fatality rates in natural disasters, as well as air and marine accidents, are major market trends. The recent preference for high-performance emergency vehicles with improved mileage and features has resulted in a high need for ambulances & emergency vehicles for defense purposes. Furthermore, the region's growing production capacities & emergency vehicle manufacturers have a positive impact on regional market growth. Furthermore, aggressive growth in the emergency vehicle industry increases this region's market share. The region's abundant raw material supply and cost-competitive labour force are the major factors influencing the growth of the market.
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