Selbyville, Delaware, Dec. 07, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on military trucks market which estimates the global market valuation for military trucks will cross US$ 27 billion by 2026. Increasing demand for enhancing the competencies of the defense sector globally is likely to fuel the industry demand. Government authorities are adopting advanced equipment and vehicles to stay prepared for potential cross-border conflicts.
The military trucks market has witnessed slow growth during the COVID-19 pandemic due to the reallocation of fiscal budgets from the defense sector to the healthcare sector to contain the spread of the virus. High government investments in economic revival activities are also contributing toward budget cuts for military expenditure. The market is expected to grow with a reduction in the short and medium-term impacts of the pandemic.
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The light-duty military trucks segment is forecast to show a significant growth potential due to its increasing usage in applications such as troop transportation, oil tankers, and water supply. Increasing demand for the transportation of essential goods to military bases located in inaccessible areas is contributing to the growing demand for light-duty military trucks in the market.
The gasoline trucks segment is expected to lose market share over the coming years due to the high cost of gasoline and enhanced power & fuel efficiency offered by diesel trucks. Increasing investments in the development of electric and battery-powered trucks for military applications will also add to the declining market representation of gasoline trucks over the coming years.
The Asia Pacific military trucks market is anticipated to experience high growth due to increasing investments by regional government authorities in the military & defense sector. Countries including China, South Korea, and India are steadily increasing their defense expenditure due to the ongoing conflicts with their neighboring countries, driving market demand.
Companies operating in the military trucks market are focusing on forming long-standing partnerships with government authorities to provide military vehicles for the defense sector. For instance, in March 2019, Tatra Trucks received multiple contracts to provide 56 and 29 military trucks to Brazil and Turkey respectively.
Some major findings in the military trucks market report include:
The rising importance of military mobility to facilitate troops and cargo transport to desired locations in harsh environmental conditions is supporting the increasing demand for military trucks in the market.
The increasing awareness of vehicular emissions is encouraging government authorities to invest in R&D activities for the development of electric and hybrid military trucks.
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Technological advancements, such as integration of satellite navigation, automatic transmission systems, and radio communication, in military trucks are providing a positive outlook to the market.
The growing presence of military truck manufacturers through partnerships and collaborations with domestic players is driving the market in the Middle East and Africa.
Key players in the military trucks market include Tatra Trucks A.S., Rheinmetall MAN Military Vehicles GmbH, NIMR Automotive, Mahindra Emirates Vehicle Armouring, Kia Motors Corporation, Oshkosh Corporation, and Daimler AG.
Market players are investing in the development of new products integrated with advanced technologies to cater to the increasing demand from the defense sector. Companies are also focusing on strategic alliances and joint ventures to increase their geographic presence.
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https://www.gminsights.com/industry-analysis/armored-vehicles-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.