Global Military Truck Market Data 2024, Forecast To 2033
8 Mar, 2024
The military truck market has seen steady growth, reaching $24.18 billion in 2023, projected to hit $25.18 billion in 2024, with a 4.1% CAGR. Factors include global security concerns, versatile military vehicle demand, geopolitical instability, and modernization programs. Expected to reach $29.67 billion by 2028, driven by electric/hybrid trucks, fuel efficiency focus, modular platforms, AI in logistics, and advanced materials. Trends include electric/hybrid trucks, fuel efficiency, modular platforms, AI in logistics, and advanced materials integration.
Global Military Truck Market Key Driver
The increasing adoption of digital payments is driving growth in the mobile payment security software market. Digital payment systems require robust security measures, driving demand for security software. For instance, Statista reported a rise in global digital payment transactions, driving market growth.
Get A Free Sample Of The Global Military Truck Market ReportGlobal Military Truck Market Segments
The military truck market covered in this report is segmented –
1) Truck Type:Light, Medium, Heavy
2) Propulsion:Diesel, Gasoline, Electric Or Hybrid
3) Transmission Type:Automatic, Semi-Automatic, Manual
4) Application:Cargo Logistics, Troops Transport, Other Applications
By Geography: 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.
North America was the largest region in the military truck market in 2023. 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
Major Military Truck Industry Players
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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Military Truck Market Overview
A military truck is a vehicle specifically designed and used by the military for transportation and logistics in military operations. They play a crucial role in transportation, logistics, and support operations, providing the military with the necessary mobility and capability to carry out their missions effectively.