The military truck market size is expected to see steady growth in the next few years. It will grow to $29.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to increased global security concerns, demand for versatile and adaptable military vehicles, geopolitical instability, military force modernization programs, focus on rapid deployment capabilities. Major trends in the forecast period include development of electric and hybrid military trucks, emphasis on fuel efficiency and sustainability, adoption of modular and customizable vehicle platforms, utilization of artificial intelligence in military logistics, incorporation of advanced materials for enhanced durability.
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Segmentation & Regional Insights
The military truck market covered in this report is segmented –
1) By Truck Type: Light, Medium, Heavy
2) By Propulsion: Diesel, Gasoline, Electric Or Hybrid
3) By Transmission Type: Automatic, Semi-Automatic, Manual
4) By Application: Cargo Logistics, Troops Transport, Other Applications
North America was the largest region in the military truck market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the military truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing military spending is expected to propel the growth of the military truck market going forward. Military spending describes the amount of money a country spends on building and sustaining its armed forces or other defense-related activities. As military spending increases, there is often a corresponding increase in demand for military equipment, including military trucks. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Sweden-based research organization, in 2021, the global military expenditure was $2113 billion, exceeding the two trillion US dollar threshold, and 2021 saw a 0.7% increase in global spending over 2020. Further, the US had the highest military expenditure, with $801 billion in 2021. Therefore, growing military spending is driving the growth of the military truck market.
Key Industry Players
Major companies operating in the military truck market report are Mercedes-Benz Group AG, Ford Motor Company, Lockheed Martin Corporation, Volvo Defense AB, ZF Friedrichshafen AG, General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., PACCAR Inc., BAE Systems, Thales Group, IVECO S.p.A., Hino Motors Ltd., Oshkosh Corporation, Rheinmetall AG, Ashok Leyland Ltd., Tata Motors Limited, Renault Trucks, Krauss-Maffei Wegmann GmbH & Co. KG, Mack Trucks Inc., Scania AB, AM General LLC, Arquus Co, ACMAT Corporation, TATRA TRUCKS AS, Astra Veicoli Industriali S.p.A., GM Defense LLC
The military truck market report table of contents includes:
1. Executive Summary
2. Military Truck Market Characteristics
3. Military Truck Market Trends And Strategies
4. Military Truck Market – Macro Economic Scenario
5. Global Military Truck Market Size and Growth
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32. Global Military Truck Market Competitive Benchmarking
33. Global Military Truck Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Military Truck Market
35. Military Truck Market Future Outlook and Potential Analysis
36. Appendix
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