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Military Truck Market Growth to be Driven by Emerging Trends | $30.48 Billion by 2029
Military Truck Market
What is the Projected Market Size of the Military Truck Industry?
Over the past few years, the military truck market size has seen consistent growth. The market worth is set to rise from $24.65 billion in 2024 to $25.43 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.2%. The expansion in the historic period is linked to factors including the Cold War military expansion, geopolitical turmoil, the modernization of military forces, military discord and peacekeeping operations, as well as allocations in the defense budget.
What Will Be the Size of the Military Truck Market by 2029?
The market size of military trucks is anticipated to experience constant growth in the upcoming years, expanding to $30.48 billion by 2029 with a CAGR of 4.6%. The expansion during the projected period can be linked to escalating worldwide security threats, the need for versatile and adaptable military vehicles, geopolitical unrest, army upgrade programs, and emphasis on swift deployment abilities. Predominant trends for the future include the creation of electric and hybrid military trucks, focus on fuel efficiency and environmental sustainability, use of modular and customizable vehicle frameworks, application of artificial intelligence in military logistics, and the use of sophisticated materials to increase durability.
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What Are the Key Drivers Accelerating Growth in the Military Truck Market?
The expansion of the military truck market is anticipated to be fuelled by increasing military budgets. Military expenditure refers to the funds that a nation allocates towards developing and maintaining its defense forces, including defense-oriented undertakings. As this expenditure escalates, there is typically a proportionate rise in demand for military hardware, such as military trucks. For example, data from the UK Parliament's House of Commons Library disclosed that the UK committed $70.47 billion to defense in the 2023/24 fiscal year. Projections for 2024/25 show an increase up to $74.24 billion, a 4.5% growth rate in real terms. Thus, the upward trend in military expenditure is a key facilitator of the military truck market's growth.
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How Is the Military Truck Market Segmented by Type, Application, and Region?
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
Subsegments:
1) By Light: Tactical Light Trucks, Utility Light Trucks
2) By Medium: Tactical Medium Trucks, Cargo Medium Trucks
3) By Heavy: Tactical Heavy Trucks, Cargo Heavy Trucks, Recovery Heavy Trucks
What Are the Key Trends Driving Growth in the Military Truck Market?
Innovations in product development are becoming a prominent trend in the military truck industry. Many leading businesses in this sector are employing cutting-edge technologies to maintain their market stronghold. For example, in June 2022, General Dynamics European Land Systems, a military vehicle manufacturer based in Spain, unveiled the DURO-e, marking the first electric all-terrain 4x4 vehicle. The term DURO-e stands for 'durable and robust'. The vehicle comes with an array of features, including a digital vehicle setup, a versatile powertrain compatible with a range of diesel engines from EURO 3 to EURO 6, an entirely electric powertrain in battery-electric or fuel cell electric formats, silent drive, boost and prolonged silent watch capabilities, CO2 neutral and cost-effective daily military functionalities, minimized heat and noise emission, high-energy efficiency, and autonomous energy supply. These specifications transform the DURO-e into a highly adaptable and effective military truck that can be utilized for diverse tasks, such as transportation, logistical services, and support missions.
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Who Are the Leading Companies Driving Growth in the Military Truck Market?
Major companies operating in the military truck market include 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
Which Is the Leading Region in the Global Military Truck Market?
North America was the largest region in the military truck market in 2024. 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
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