Press release
Military Truck Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Military Truck Market
The Business Research Company offers in-depth market insights through Military Truck Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 growth in the historic period can be attributed to cold war military buildup, geopolitical tensions, modernization of armed forces, military conflict and peacekeeping missions, 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 growth in the forecast period can be attributed to increased global security concerns, demand for versatile and adaptable military vehicles, geopolitical instability, military force modernization programs, focus on rapid deployment capabilities. Major trends in the forecast period include development of electric and hybrid military trucks, emphasis on fuel efficiency and sustainability, adoption of modular and customizable vehicle platforms, utilization of artificial intelligence in military logistics, incorporation of advanced materials for enhanced durability.
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Market Segmentation:
The military truck market covered in this report is segmented -1) By Truck Type: Light, Medium, Heavy
2) By Propulsion: Diesel, Gasoline, Electric Or Hybrid
3) By Transmission Type: Automatic, Semi-Automatic, Manual
4) By Application: Cargo Logistics, Troops Transport, Other Applications
Major Driver - Escalating Military Spending Fuels Growth In The Military Truck Market
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.
Competitive Landscape:
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
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Top Trend - Innovating Defense General Dynamics European Land Systems Pioneers All-Electric Duro-E In 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 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Military Truck Market Characteristics
3. Military Truck Market Trends And Strategies
4. Military Truck Market - Macro Economic Scenario
5. Military Truck Market Size And Growth
…..
27. Military Truck Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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