Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — The “Global Military Truck Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global military truck market is expected to grow from $23.18 billion in 2022 to $24.18 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%.The military truck market is expected to reach $28.1 billion in 2027 at a CAGR of 3.9%.
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.
Product innovations are a key trend gaining popularity in the military truck market. Major companies operating in the military truck market are adopting new technologies to sustain their position in the market. For instance, in June 2022, General Dynamics European Land Systems, a Spain-based manufacturer of military vehicles, launched the DURO-e, the first all-electric all-terrain 4×4 vehicle. DURO-e is an acronym for durable and robust.
These include a digital vehicle architecture, a variable powertrain that can use a diesel engine from EURO 3 up to EURO 6, a pure electric powertrain in battery-electric or fuel cell electric version, silent drive, boost, and extended silent watch capabilities, CO2 neutral and economical operation for daily military services, a low heat and noise signature, high energy efficiency, and a self-sufficient energy supply. These features make the DURO-e a versatile and efficient military truck that can be used for various purposes, including transportation, logistics, and support operations.
North America was the largest region in the military truck market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in military truck report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and 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.
|No. of Pages||175|
|Forecast Period||2023 – 2027|
|Estimated Market Value (USD) in 2023||$24.18 billion|
|Forecasted Market Value (USD) by 2027||$28.1 billion|
|Compound Annual Growth Rate||3.8%|
Military Truck Market Competitive Landscape and Company Profiles
Company Profiles: Overview,Products and Services, Strategy, Financial Performance
- Mercedes-Benz Group AG
- Ford Motor Company
- Lockheed Martin Corporation
- Volvo Defense AB
- ZF Friedrichshafen AG
Other Major and Innovative Companies
- General Dynamics Corporation
- Mitsubishi Heavy Industries Ltd.
- PACCAR Inc.
- BAE Systems
- Thales Group
- IVECO S.p.A.
- Hino Motors Ltd.
- Oshkosh Corporation
- Rheinmetall AG
- Ashok Leyland Ltd.
- Tata Motors Limited
- Renault Trucks
- Krauss-Maffei Wegmann GmbH & Co. KG
- Mack Trucks Inc.
- Scania AB
Key Topics Covered:
1. Executive Summary
2. Military Truck Market Characteristics
3. Military Truck Market Trends and Strategies
4. Military Truck Market – Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5. Global Military Truck Market Size and Growth
5.1. Global Military Truck Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Military Truck Historic Market Size and Growth, 2017 – 2022, Value ($ Billion)
5.3. Global Military Truck Forecast Market Size and Growth, 2022 – 2027, 2032F, Value ($ Billion)
6. Military Truck Market Segmentation
6.1. Global Military Truck Market, Segmentation by Truck Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Military Truck Market, Segmentation by Propulsion, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Electric Or Hybrid
6.3. Global Military Truck Market, Segmentation by Transmission Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. Global Military Truck Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cargo Logistics
- Troops Transport
- Other Applications
7. Military Truck Market Regional and Country Analysis
7.1. Global Military Truck Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Military Truck Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/n1p3n3
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- Global Military Truck Market