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
Published Date: January - 2025 | Publisher: MIR | No of Pages: 280 | Industry: Aerospace and Defense | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMilitary 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
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Rise in the Defense Expenditure Boosts the Market Growth
In 2021, the world military expenditure reached $2,113 billion claimed to a report by Stockholm International Peace Research Institute (SIPRI) which conducted research on conflicts, armaments, disarmament, and arms control. The defense spending increased by 0.7 percent in 2021 in real terms, and the major focus of countries was on research and development activities. The five largest spending countries in 2021 were the United States, China, India, the United Kingdom, and Russia. Countries are focusing on enhancing border security and preventing people engulfed in illegal activities from entering the country’s border. Also, the rise in cross-border issues and domestic conflicts between the countries have increased the demand for advanced weapons, equipment, and technology to be used by defense personnel. Tensions at the India-China border, India-Pakistan border, Ukraine, Russia, and other countries are increasing at a rapid rate which is making the leading authorities take measures to provide security to its citizens. Military trucks play a crucial role during combat situations. They transport cargo, military personnel, and other important weapons and equipment to the desired locations due to their high weight carrying capacity. Massive applications and growing defense spending is expected to fuel the demand for the global military truck market over the next five years.
Military Modernization Programs Supports the High Market Demand in the Forecast Period
Countries have increased their defense expenditure and are rapidly adopting advanced technologies and solutions to increase the defense capabilities of their countries. The changing warfare technologies and development of next-generation technologies have enhanced the performance of weapons, equipment, and systems. Market players are focusing on the research and development activities to upgrade the existing structure of the military trucks and improve their fuel efficiency and load-carrying capacity. They are introducing electric-hybrid electric vehicles to lower carbon emissions and increase the military personnel's flexibility. Recently, Oshkosh Defense launched an electric-hybrid version of its military truck and named it eJLTV, which stands for electric Joint Light Tactical Vehicle. The new version is expected to perform similarly to its previous version, along with additional features like silent-drive mode, improved fuel economy, and increased exportable power capability. Therefore, advancements in technology and the growing focus of government to replace the existing versions of the military trucks are expected to propel the global military truck market demand over the forecast period.
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Market Segmentation
Market Players
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, are the major market players operating in the global military truck market.
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Attribute |
Details |
|
Base Year |
2021 |
|
Historic Data |
2017 – 2020 |
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Estimated Year |
2022 |
|
Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Million, Volume in Units, and
CAGR for 2017-2021 and 2022-2027 |
|
Report coverage |
Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends |
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Segments covered |
·
Type ·
Propulsion ·
Transmission
Type ·
Axle |
|
Regional scope |
North America; Asia Pacific; Europe & CIS; South America;
Middle East & Africa |
|
Country scope |
United States; Canada; Mexico; China,
India, Japan, Thailand, Indonesia, Australia, South Korea; Germany, France,
United Kingdom, Spain, Italy, Netherlands, Russia, Poland; Brazil, Argentina;
Saudi Arabia, Iran, Israel, UAE, Turkey |
|
Key companies profiled |
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 |
|
Customization scope |
10% free report customization with
purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and purchase options |
Avail customized purchase options to meet your exact research
needs. Explore purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request) |
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