Pune,India, June 12, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Military Truck Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis by Application, Truck Type, Application, Propulsion Type, and Technology”, the global Military Truck market size is expected to grow from US$ 19.05 billion in 2023 to US$ 22.53 billion by 2028; it is estimated to register a CAGR of 3.4% from 2023 to 2028.
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Military Truck Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 19.05 Billion in 2023 |
| Market Size Value by | USD 22.53 Billion by 2028 |
| Growth rate | CAGR of 3.4% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2023 |
| No. of Pages | 156 |
| No. of Tables | 115 |
| No. of Charts & Figures | 84 |
| Historical data available | Yes |
| Segments covered | Application, Truck Type, Propulsion Type, and Transmission Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Volvo Defense AB; Tata Motors Ltd; Rheinmetall AG; Oshkosh Corporation; General Dynamics European Land Systems SLU |
Browse key market insights spread across 156 pages with 115 list of tables & 84 list of figures from the report, "Military Truck Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Application (Cargo/Logistics Carrier and Troop Carrier), Truck Type (Light Truck, Medium Truck, and Heavy Truck), Propulsion Type (Electric/Hybrid and Diesel), and Transmission Type (Automatic Transmission and Manual Transmission) in detail along with the table of contents: https://www.theinsightpartners.com/reports/military-truck-market
Global Military Truck Market: Competitive Landscape and Key Developments
Arquus SAS, Oshkosh Corp, Rheinmetall AG, TATRA TRUCKS AS, General Dynamics European Land Systems SLU, Hyundai Rotem Co, AB Volvo, Tata Motors Ltd, Navistar Defense LLC, and Iveco Group NV are a few key players operating in the military truck market across the world. During this study, several other market players were analyzed to get a holistic view of the market size and its ecosystem.
In February 2023, Tatra Trucks, the Czech-based truck manufacturer, exceeded its expected sales for 2022, with 1,326 vehicles produced and sold. It achieved sales of US$ 325.6 million, up 10% from preplanned figures. Tatra also produced vehicles for the defense sector, which slightly prevailed due to international security concerns and the needs of the Czech army. Tatra is planning to further increase its production for 2023.
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North America Military Truck Market: Impact of COVID-19 Pandemic
The US was the most affected country in North America due to the COVID-19 pandemic. Owing to the strict regulations imposed by the US government in Q2 of 2020, all human activities were restricted, which temporarily discontinued all manufacturing activities. Also, there was a temporary suspension of all production activities in the manufacturing and transportation industries, which negatively affected the growth of the market during the pandemic. However, with the ease of lockdown restrictions, the manufacturing activities restarted, and the market started to recover. The manufacturing industry in the US restarted its operation in Q1 of 2021. Various market players in North America received different contracts to deliver military trucks. In 2022, the US Army conducted a Common Tactical Truck competition, as they needed to replace their aging military trucks with advanced and modern military trucks. Through this competition, the US Army has claimed to provide a contract to produce ~40,000 trucks to the winner. Thus, the growing demand for advanced military trucks by the armed forces is expected to propel the market growth during the forecast period.
Global Military Truck Market: Truck Type Overview
Based on truck type, the military truck market is segmented into light truck, medium truck, and heavy truck. The heavy truck segment accounted for the largest share of the military truck market in 2022. The increasing investment in military expenditure by the countries for cargo and troop transportation activity in remote locations is augmenting the segment growth. Furthermore, the enhanced efficiency and comfort in heavy truck driving experience accelerate the segment growth.
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Modern forces play various roles ranging from providing mission support in battlegrounds to carrying out logistical tasks in the homeland. Military trucks are also used to carry troops, staff, (mounted) weapons, supplies, evacuate wounded soldiers, etc. Furthermore, they are required to deploy military units at different locations to enhance national protection. Thus, the demand for military trucks is rising with the growing number of military missions as they are deployed to move military personnel, equipment, and goods, as well as to carry vehicles and weapons recovered from mission sites. Considering these needs, military truck manufacturers are continuously working on bringing advanced trucks to the market. In November 2019, ARQUUS introduced its new 8×8 carrier at the Forum Entreprise Défense. The new Arquus 8×8 carrier truck is equipped with an Automatic Traction Control (ATC) electronic power train management, providing optimum mobility on all types of terrain. It also helps troupes save on fuel consumption and confers protection against tire and axle wear. In May 2021, Rheinmetall AG launched the latest generation of its HX family of heavy-duty tactical trucks for military use. The truck is fully redesigned with new technologies and military-off-the-shelf (MOTS) products. It features an autonomous driving capability, which can serve as the basis for several artillery systems. Moreover, the truck offers improved protection, reliability and mobility, driving comfort, and digital interface architecture. Owing to these features, this truck can be used to carry out tactical and technical missions. Thus, efforts made by military truck manufacturers to provide high-mobility and multipurpose solutions for transportation boost the growth of the military truck market.
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Commercial Truck Market - Commercial Trucks, especially medium- and heavy-duty carriers, deployed on a large-scale for infrastructural operations are expected to favorably impact market growth.
Industrial Truck Market - The industrial trucks are the transportation vehicles that are not authorized to mobilize on public transits, but are permitted to function only amid the industrial ecosystem.
Automated Truck Market - An automated truck also known as self-driving truck, is able to run on the roads even without any physical presence of a human being.
Connected Truck Market - Connected trucks are equipped with innovative technologies including fleet management system (FMS), advanced driver assist systems (ADAS), and other technologies.
Pickup Truck Market - Pickup trucks are light-duty commercial vehicles with lower carriage capacity. Pickup trucks are utilized for commercial as well as domestic purposes.
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