Increased defense spending from developing countries and growing pollical and border issues are expected to drive the demand for the global military truck market in the forecast period, 2023-2027.
According to TechSci Research report, “Military Truck Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global military truck market is anticipated to witness steady growth in the forecast period, 2023-2027. Military trucks are used to transport troops, military supplies, and fuel to the battlefield through tar roads and unpaved dirt roads. Countries are promoting and investing in the domestic production of military trucks differing in technical characteristics and specialization. Factors such as the rise in the deployment of military forces in different locations and growing military missions are accelerating the demand for moving troops and supplies. Countries are investing in acquiring advanced military trucks with improved fuel efficiency and load storage capacity. The launch of better military truck versions is expected to boost the demand for the global military truck market in the forecast period.
However, the high charges of designing customized military vehicles and the occurrence of technical errors may restrain the global military truck market growth in the forecast period.
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The global military truck market is segmented into type, propulsion, transmission type, axle, regional distribution, and competitive landscape.
Based on type, the market is divided into light-duty, medium-duty, and heavy-duty. Heavy-duty trucks are expected to hold the largest market share in the forecast period as they can perform off-road, in deep water, and in mud and snow. Heavy-duty trucks can tow weights up to 3000 kg with a payload capacity of 1000 kg. They are majorly used for firefighting, refrigeration, dumping, container, tankers, and disaster management. Manufacturers equip the military trucks with small-anti personnel mines, small arms fire, artillery shell splinters, and grenades to increase the protection in the military trucks.
Based on propulsion, the market is bifurcated into ICE and electric. ICE propulsion is expected to hold a significant market share over the forecast period. The majority of the military trucks are made by using ICE propulsion systems due to the lack of charging infrastructure in developing countries. Also, the military trucks are able to give the required performance by using the ICE engines, and the market players are launched advanced versions to capture the highest market share in the next five years.
Based on transmission type, the market is divided into automatic, semi-automatic, and manual. The automatic transmission type is expected to witness the fastest incremental growth over the next five years. They are in high demand as they offer maximum fuel efficiency and comfort to the driver as it supports automated gear shift and minimal torque interruption. Market players are making high-end investments to improve the performance, efficiency rates, comfort level, and durability of military trucks. The advantages offered by the automatic transmission military trucks, such as high speed, lower risk of engine stoppage while carrying heavy loads, and higher fuel efficiency, are expected to boost the demand for the global military truck market in the forecast period.
Major market players operating in the global military truck market are:
· IVECO S.p.A.
· Rheinmetall AG
· Textron Inc.
· TATRA TRUCKS A.S.
· Mitsubishi Heavy Industries
· Mercedes-Benz AG
· Krauss-Maffei Wegmann
· Oshkosh Corporation Inc.
· General Dynamics
· Tata Motors
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“The North American region is expected to account for a significant market share over the next five years, 2023-2027. The rise in cross-border issues and territorial conflicts, and diplomatic developments between the United States and Mexico has increased the acquisition of military trucks, armored vehicles, and weapon systems. The Canadian government is also focusing on strengthening and upgrading its military forces and equipment, thereby accelerating the sales of military trucks across the country. Also, the presence of major market players in the region, massive fund allocations for the development defense sector, and ongoing research and development activities are expected to propel the global military truck market growth till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Military Truck Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Light Duty, Medium Duty, Heavy Duty), By Propulsion (ICE, Electric), By Transmission Type (Automatic, Semi-Automatic, Manual), By Axle (4×4, 6×6, 8×8, Others), and By Region”, has evaluated the future growth potential of global military truck market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global military truck market.
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