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Military Truck Market 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Military Truck Market
The Business Research Company's Military Truck Global Market Report 2023 identifies growing military spending is expected as the major driver for the military truck market's growth in the forecast period. 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.
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The military truck market is expected to reach $28.1 billion in 2027 at a CAGR of 3.9%.
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Major competitors in the military truck market 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.
A key trend in the military truck market includes technological advancement. 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 4x4 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.
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The military truck market is segmented -
• By Truck Type: Light, Medium, Heavy
• By Propulsion: Diesel, Gasoline, Electric Or Hybrid
• By Transmission Type: Automatic, Semi-Automatic, Manual
• By Application: Cargo Logistics, Troops Transport, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the military truck market.
The Business Research Company's "Global Military Truck Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Military Truck Market Include:
1. Executive Summary
2. Military Truck Market Characteristics
3. Military Truck Market Trends And Strategies
4. Military Truck Market - Macro Economic Scenario
5.1. Global Military Truck Market Drivers and Restraints
……
32. Global Military Truck Market Competitive Benchmarking
33. Global Military Truck Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Military Truck Market
35. Military Truck Market Future Outlook and Potential Analysis
36. Appendix
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