PUBLISHER: The Business Research Company | PRODUCT CODE: 1428410
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428410
A military truck is a specialized vehicle designed and employed by the military for transportation and logistics in military operations. These trucks are instrumental in supporting transportation, logistics, and various operations, contributing to the military's mobility and capability to execute missions effectively.
The primary classifications of military trucks include light, medium, and heavy categories. Light trucks typically have a gross vehicle weight rating (GVWR) under 8,500 pounds. These trucks can be propelled by various means, including diesel, gasoline, and electric or hybrid engines, and they may feature automatic, semi-automatic, or manual transmissions. Military trucks find applications in cargo logistics, troops transport, and other operational uses.
The military trucks market research report is one of a series of new reports from The Business Research Company that provides military trucks market statistics, including military trucks industry global market size, regional shares, competitors with a military trucks market share, detailed military trucks market segments, market trends and opportunities, and any further data you may need to thrive in the military trucks industry. This military truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The military truck market size has grown steadily in recent years. It will grow from $24.18 billion in 2023 to $25.18 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The expansion during the historical period can be attributed to the Cold War military buildup, geopolitical tensions, the modernization of armed forces, military conflicts, peacekeeping missions, and defense budget allocations.
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 anticipated growth in the forecast period can be attributed to increased global security concerns, a demand for versatile and adaptable military vehicles, geopolitical instability, military force modernization programs, and a focus on rapid deployment capabilities. Key trends expected in the forecast period include the development of electric and hybrid military trucks, an emphasis on fuel efficiency and sustainability, the adoption of modular and customizable vehicle platforms, the utilization of artificial intelligence in military logistics, and the incorporation of advanced materials for enhanced durability.
The anticipated growth of the military truck market is poised to be propelled by the increasing military spending worldwide. Military spending denotes the financial resources a country allocates to construct and maintain its armed forces and defense-related activities. Elevated military spending often corresponds to an augmented demand for military equipment, including military trucks. Notably, in April 2022, the Stockholm International Peace Research Institute reported a global military expenditure of $2,113 billion in 2021, surpassing the two trillion US dollar threshold. The year 2021 witnessed a 0.7% increase in global spending compared to 2020, with the United States leading in military expenditure at $801 billion. This surge in military spending is a pivotal factor driving the growth of the military truck market.
The rapid escalation of cross-border tensions is expected to be a significant driver for the growth of the military truck market in the foreseeable future. Cross-border tensions involve conflicts or strained relations between countries sharing a common border, arising from political, economic, cultural, historical, or geographical concerns. Heightened cross-border dangers prompt governments to bolster their defense capabilities, with military trucks playing a crucial role in troop mobility, logistics, and support operations. Recent data from ReliefWeb indicates an increase in non-state conflicts from 76 in 2021 to 82 in 2022, with Africa experiencing a notable number of such conflicts. The surge in cross-border tensions is a compelling factor fueling the demand for military trucks.
Innovation in product offerings stands out as a prominent trend in the military truck market, with major companies adopting advanced technologies to maintain their market positions. A noteworthy example is the introduction of the DURO-e by General Dynamics European Land Systems in June 2022. The DURO-e is the first all-electric all-terrain 4x4 vehicle, boasting features such as a digital vehicle architecture, a variable powertrain accommodating diesel and electric options, silent drive capabilities, and CO2-neutral and economical operation. These innovations enhance the versatility and efficiency of military trucks, catering to various purposes, including transportation, logistics, and support operations.
Strategic collaborations are a key focus for major companies operating in the military truck market. An illustrative collaboration is the partnership between American Rheinmetall Vehicles LLC and GM Defense LLC to participate in the United States Army's Common Tactical Truck Program. This collaboration combines GM Defense's commercial strengths with Rheinmetall's next-generation capabilities to develop a transformative military vehicle. The program aims to replace the Army's heavy tactical vehicle family, with the collaboration focusing on advanced technologies such as advanced driver assistance systems (ADAS), off-road accessibility, cybersecurity, artificial intelligence, machine learning, survivability improvements, and fuel savings.
In May 2022, Allied Motion Technologies Inc., a US-based developer of advanced motion control products and systems, acquired FPH Group Inc., a UK-based company specializing in military vehicle design. This strategic acquisition positions Allied Motion Technologies to have broader access to defense applications and appropriate manufacturing certifications and licenses, strengthening its presence in the military truck market.
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
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
The countries covered in the military truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The military truck market consists of sales of armored personnel carriers (APCs), stryker, amphibious assault vehicle, expeditionary fighting vehicle, heavy equipment transport system, and family of medium tactical vehicles (FMTV). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Military Truck Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on military truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for military truck ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The military truck market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.