Military Truck Market to exceed US$ 22,537.79 million by 2028

by Sameer Joshi or 15-May-2023
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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)

According to the new research report titled “Military Truck Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the military truck market is expected to reach US$ 22,537.79 million by 2028 and register a CAGR of 3.4% from 2023 to 2028.

The military truck market has been segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2022, North America led the market with more than 32.0% of the revenue share, followed by Europe and Asia Pacific, respectively. 

According to the Global Firepower ranking, the US ranks 1st out of 145 countries in terms of military strength in 2023. The country is continuously investing in upgrading its military capabilities and adopting new technology. Along with the US, other North American countries are also investing in expanding the fleet of their military vehicles. For instance, in April 2020, the government of Canada received 1,587 trucks and 322 trailers from Mack Defense as the last part of the Medium Support Vehicle System (MSVS) Standard Military Pattern (SMP) program. These new trucks were procured to replace the trucks that had been in service since the 1980s. 

A large number of market players, including Arquus SAS, Rheinmetall AG, TATRA TRUCKS AS, General Dynamics European Land Systems SLU, AB Volvo, and Iveco Group NV, have a presence in Europe. These market players are continuously working on advancing the military trucks based on the requirement of the armed forces of different countries. For instance, in January 2023, Rheinmetall AG, in collaboration with GM Defense, received the prototype contracts from the US Army. Thus, the increasing expansion efforts by military truck vendors in Europe favor the market growth in the region.

The military truck market size is segmented on the basis of application, truck type, application, propulsion type, and technology. Based on application, the military truck market is bifurcated into cargo/logistics carrier and troop carrier. By truck type, the military truck market is segmented into light truck, medium truck, and heavy truck. Based on propulsion type, the military truck market size is bifurcated into electric/hybrid and diesel. By truck type, the market is segmented into light truck, medium truck, and heavy truck. Based on transmission type, the military truck market size is bifurcated into automatic transmission and manual transmission. The market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). 

Military Truck Market: Key Findings of Study

North America accounted for the largest share of the military truck market in 2022, and APAC is expected to register the highest CAGR from 2023 to 2028. APAC has two of the fastest-growing economies in the world—China and India. Over the last 10 years, these countries have experienced huge investments in military expansion. Asia Pacific countries are continuously working on expanding their military troops. For example, Japan has increased its military spending, and it is expanding its military troops to enhance its capabilities. Similarly, the Indian government is working on making its forces youthful and modernizing military operations to face the Chinese and Pakistani armies. Thus, such initiatives by Asia Pacific countries to reinforce their military capabilities trigger the demand for military trucks to carry goods and soldiers from one place to another, which is fueling the growth of the market in this region. 

The military truck market share in North America is also growing at a significant rate due to the increasing military spending by the aforementioned countries. In March 2023, the US Department of Defense released the fiscal year 2024 defense budget. Under this budget, it proposed a request of US$ 842 billion for the Department of Defense (DoD), an increase of US$ 26 billion from FY 2023 and US$ 100 billion from FY 2022. Similarly, in the 2022 Budget by the government of Canada, US$ 8 billion was allotted for five years to bolster the capacity of the Canadian Armed Forces, support members, and promote culture change. In 2021, the military expenditure of Mexico was US$ 8,681 million. 

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