Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "Military Truck Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Truck Type, Propulsion Type, and Transmission Type" report has been added to ResearchAndMarkets.com's offering.
The military truck market is projected to grow from US$ 19,052.77 million in 2023 to US$ 22,537.79 million by 2028; it is estimated to register a CAGR of 3.4% from 2023 to 2028.
The new Climate Strategy by the US Army has set a 2027 target to deploy an all-electric, light-duty, nontactical fleet. In addition, they have also set a 2035 target for the deployment of a full all-electric nontactical fleet and hybrid tactical vehicles. To meet these goals, various military vehicle manufacturers are focusing on developing hybrid and electric military vehicles.
For example, in January 2022, Oshkosh Corp introduced its first-ever hybrid-electric Joint Light Tactical Vehicle (eJLTV) with a silent drive. This new vehicle enables a silent drive, extended silent watch, enhanced fuel economy, and increased exportable power, making it an ideal option in combat and reconnaissance scenarios. The eJLTV also helps improve fuel economy by more than 20% and provides a battery capacity of 30kWh.
In 2021, GM introduced an all-electric version of its Infantry Squad Vehicle and a hydrogen fuel cell-powered version of its Chevy Colorado. Further, in February 2022, BAE unveiled its hybrid Bradley Infantry Fighting Vehicle, known for its survivability, mobility, and lethality.
Thus, growing investments in the manufacturing of hybrid and electric military vehicles (other than trucks) would encourage manufacturers to undertake partial or full electrification of military trucks, which is likely to emerge as a significant trend in the market during the forecast period.
Military trucks are essential for different military operations, including troops and logistics transportation. Due to the expansion of military troops in Europe, the demand for trucks is increasing. As the armies are continuously exposed to harsh weather conditions, the demand for trucks that can be used in a non-permissive environment is rapidly growing in the region. In addition, armed forces also demand military trucks with low life cycle costs, low fuel consumption, and a high degree of modularity, which can help to increase the flexibility and adaptability of trucks to operational requirements, further raising the demand for modern military trucks in Europe.
Europe has several military truck providers, including Iveco Group NV, TATRA TRUCKS AS, Arquus SAS, General Dynamics European Land Systems SLU, AB Volvo, and Rheinmetall AG. These market players continuously work on modernizing military trucks.
For instance, in May 2021, Rheinmetall AG launched the latest generation of its HX family of heavy-duty tactical trucks for military use. These trucks are fully redesigned with new technologies and military-off-the-shelf (MOTS) products. They have autonomous driving capability, which can serve as the basis for several artillery systems, and also offers improved protection, reliability, and mobility; driving comfort; and digital interface architecture.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 156 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 19052.77 Million |
| Forecasted Market Value by 2028 | 22537.79 Million |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Initiatives by Governments to Expand Their Military Troops
- Efforts by Companies to Provide High-Mobility and Multipurpose Solutions for Transportation
Restraints
- Growing Use of Robots in Military Operations
Opportunities
- Upsurge in Defense Budget
Future Trends
- Electrification of Military Vehicles
Companies Mentioned
- Arquus Sas
- Oshkosh Corp
- Rheinmetall AG
- Tatra Trucks As
- General Dynamics European Land Systems Slu
- Hyundai Rotem Co
- Ab Volvo
- Tata Motors Ltd
- Iveco Group Nv
- Navistar Defense LLC
For more information about this report visit https://www.researchandmarkets.com/r/1cof69
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