Wilmington, Delaware, United States, April 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global military truck market stood at US$ 21.2 billion in 2022 and the global market is projected to reach US$ 27.6 billion by 2031. The global industry is anticipated to expand at a CAGR of 2.9% between 2023 and 2031.
The market value of military trucks is also increasing due to increasing Defence Budgets. Governments worldwide are increasing their defence spending to strengthen their defence capabilities and modernize their military equipment. This trend is expected to continue in the coming years, which will drive the demand for military trucks.
Additionally, increasing geopolitical tensions in various regions of the world are also driving the demand for military trucks. Conflicts, border disputes, and political instability have led to an increased demand for military vehicles, including trucks, to support military operations. Furthermore, the need for advanced military equipment is another factor that is accelerating the growth of the military truck market.
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Military trucks are required to operate in a wide range of terrains and conditions and must be equipped with advanced features to ensure they can perform in harsh environments.
Another major factor that is anticipated to augment the market prospect includes the replacement of aging military vehicles. Many countries are replacing their aging military vehicles with new and advanced models. This trend is particularly significant in countries where military equipment is outdated and needs to be upgraded.
In addition, technological advancements in military truck design and manufacturing are also fuelling the growth of the market. The use of advanced materials, such as composite materials and lightweight alloys, is reducing the weight of military trucks and increasing their performance capabilities.
Besides, growing focus on fuel efficiency is one of the major factors that is projected to propel the demand for military trucks over the analysis period. Military trucks are required to operate in remote areas with limited access to fuel, and fuel efficiency is critical for these vehicles to perform optimally.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 21.2 Bn | |
| Estimated Value | USD 27.6 Bn | |
| Growth Rate - CAGR | 2.9% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 155 Pages | |
| Market Segmentation | Type, Drive Configuration, Application, Transmission Type, Propulsion Type | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies covered | DAF Trucks, Daimler, General Dynamics Corporation, Hyundai Rotem, IVECO, Krauss-Maffei Wegmann, Mercedes-Benz, Mitsubishi Heavy Industries, Oshkosh Corporation, Rheinmetall AG, TATA Motors, TATRA Trucks A.S., Textron Inc., The Kalyani Group | |
Key Findings of the Market Report
- On the basis of type, heavy trucks are likely to be most preferred, expected to expand at a significant rate.
- This growth can be attributed to the high demand for such trucks with the ability to operate in various conditions such as off-road terrain, deep water, snow, and wet areas.
- Based on the application, the cargo/logistics segment holds the highest market share, owing to the need for efficient and safe transportation of goods and the ability of cargo to carry heavy loads over long distances.
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Global Military Truck Market: Growth Drivers
- The global military truck market is projected to expand at a steady pace from 2023 to 2031 due to the increase in demand for special-purpose military trucks.
- Another factor that is projected to augment the market growth includes the growing importance of logistics in military operations.
- Additionally, the increasing demand for autonomous military trucks is another factor that is anticipated to fuel the market prospects in the near future.
Global Military Truck Market: Regional Landscape
- North America is expected to dominate the Military Truck market during the forecast period.
- The regional market is witnessing an increase, due to the rise in the United States government defense budget, which is more than 37%.
- Additionally, the increasing investments in military modernization programs, the need for advanced military equipment, and rising geopolitical tensions in the region, are expected to further aid the market's growth.
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Global Military Truck Market: Key Players
Some of the key market players in the global military truck market are:
- DAF Trucks
- Daimler
- General Dynamics Corporation
- Hyundai Rotem
- IVECO
- Krauss-Maffei Wegmann
- Mercedes-Benz
- Mitsubishi Heavy Industries
- Oshkosh Corporation
- Rheinmetall AG
- TATA Motors
- TATRA Trucks A.S.
- Textron Inc.
- The Kalyani Group
Competitive Landscape
Prominent players in the Military Truck industry are taking advantage of the rapidly increasing demand for Military Truck. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In August 2022, AM General, an American defense and automotive company, announced that it had signed a strategic firm-fixed-price requirement contract with the U.S. Department of Defense for High Mobility Multipurpose Wheeled Vehicles (HVVWV) worth $732.7 million.
- In May 2022, Rheinmetall AG, a German defense and automotive company, announced that it had received a contract worth €2.2 billion ($2.5 billion) from the German government for the production of 1,000 logistics vehicles.
- In March 2022, General Dynamics Land Systems, a subsidiary of General Dynamics Corporation, announced that it had received a contract worth $4.6 billion from the Canadian government for the production of 360 Light Armored Vehicles (LAVs) for the Canadian Army.
Global Military Truck Market: Segmentation
Type
- Light
- Medium
- Heavy
Drive Configuration
- 4x4
- 6x6
- 8x8
- 10x10
- 12x12
- Others
Application
- Cargo/Logistics
- Troop
- Utility
Transmission Type
- Automatic
- Semi-automatic
- Manual
Propulsion Type
- IC Engine
- Gasoline
- Diesel
- Electric
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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