Global Military Truck Market: Factors such as the increasing investments for the militarization of law enforcement agencies, a government initiative to strengthen military power, the use of advanced technologies, incorporation of advanced sensors, and electrification are expected to boost the market.
Published Date: 03/05/2021
The global military truck market is projected to grow from 23.66 in 2020 to 28.30 by 2027, at a CAGR of 3.0 %. The growth is attributable to demand for multi-purpose transportation solutions, which are also highly mobile. Besides, as worldwide, military operations show no signs of slowing, despite efforts put in the direction, the market for military equipment will see growth. To add to this, investment in technology is set to pay off with demand generated for fuel cell trucks and electric variants.
Factors such as the increasing investments for the militarization of law enforcement agencies, a government initiative to strengthen military power, the use of advanced technologies, incorporation of advanced sensors, and electrification are expected to boost the market. However, raw material price fluctuation and increasing competition are the key challenges in the military truck market.
Military trucks are used to carry out combat operations and transportation of soldiers, ammunition, fuel, water, and other utility supplies. These trucks are designed to travel in on/off-road terrains. The development of advanced military trucks by various leading companies such as Mercedes-Benz Defence Vehicles, General Dynamics, Rheinmetall, Tatra, Oshkosh Corporation, Nexter Systems, and Hanhwa.
Defence fulfils t
e role of all applications in the military truck market globally. Countries such as the US, the UK, France, China, and India, are focusing on the development of the ground military vehicle, including high-tech military trucks. Such measures are likely to drive the military truck market during the forecast period.
With countries trying to ramp-up efforts to secure borders, safeguarding against illegal entry of both people and contraband. Thus, there is a demand for state-of-the-art military trucks to be used in patrolling of both maritime and land borders. Additionally, countries in Europe and North America also experience porous borders and as these economies struggle in maintaining high growth figures in the economy, they want better controls on their borders.
Military conflicts mark the century. Be it Syrian Civil War, Afghanistan’s foreign military support or border scuffles of India and Pakistan, there is always some conflict marking some part of the world. And, as a result there is a growing need of military equipment, weaponry and vehicles to beef up military strength. And, it doesn’t end here. Because, when one country invests in military strength, the neighbours do too. And, this leads to demand for arms, ammunition and everything in between. Thus, it won’t be wrong to say that this will contribute to growth of global military trucks market over the forecast period.
The global military truck market is dominated by major players such as Oshkosh Corporation (US), Rheinmetall AG (Germany), IVECO S.p.A., (Italy), TATRA TRUCKS A.S., (Czech Republic), Arquus (France), Textron Inc., (US), General Dynamics (US), and Mitsubishi Heavy Industries (Japan), and many others.
North America is expected to be the fastest-growing market. Border disputes and diplomatic developments between the US and Mexico has led to increasing procurement of army vehicles in the country, which includes military trucks, armoured vehicles, and weapon systems. Hence, Mexico is looking forward to expanding its adoption of military equipment.
The Canadian government is also focusing on strengthening its military by procuring military equipment. For instance, The Canadian armed forces signed a contract of 628.98 USD million with Mack Defence includes the supply of new trucks, trailers, armour protection systems, and in-service support. In 2020, Mack Defence was awarded USD 834 million by the Canadian government to deliver 1,587 trucks with five years of in-service support.
Factors such as the increasing investments for the militarization of law enforcement agencies, a government initiative to strengthen military power, the use of advanced technologies, incorporation of advanced sensors, and electrification are expected to boost the market. However, raw material price fluctuation and increasing competition are the key challenges in the military truck market.
Military trucks are used to carry out combat operations and transportation of soldiers, ammunition, fuel, water, and other utility supplies. These trucks are designed to travel in on/off-road terrains. The development of advanced military trucks by various leading companies such as Mercedes-Benz Defence Vehicles, General Dynamics, Rheinmetall, Tatra, Oshkosh Corporation, Nexter Systems, and Hanhwa.
Defence fulfils t
e role of all applications in the military truck market globally. Countries such as the US, the UK, France, China, and India, are focusing on the development of the ground military vehicle, including high-tech military trucks. Such measures are likely to drive the military truck market during the forecast period.
With countries trying to ramp-up efforts to secure borders, safeguarding against illegal entry of both people and contraband. Thus, there is a demand for state-of-the-art military trucks to be used in patrolling of both maritime and land borders. Additionally, countries in Europe and North America also experience porous borders and as these economies struggle in maintaining high growth figures in the economy, they want better controls on their borders.
Military conflicts mark the century. Be it Syrian Civil War, Afghanistan’s foreign military support or border scuffles of India and Pakistan, there is always some conflict marking some part of the world. And, as a result there is a growing need of military equipment, weaponry and vehicles to beef up military strength. And, it doesn’t end here. Because, when one country invests in military strength, the neighbours do too. And, this leads to demand for arms, ammunition and everything in between. Thus, it won’t be wrong to say that this will contribute to growth of global military trucks market over the forecast period.
The global military truck market is dominated by major players such as Oshkosh Corporation (US), Rheinmetall AG (Germany), IVECO S.p.A., (Italy), TATRA TRUCKS A.S., (Czech Republic), Arquus (France), Textron Inc., (US), General Dynamics (US), and Mitsubishi Heavy Industries (Japan), and many others.
North America is expected to be the fastest-growing market. Border disputes and diplomatic developments between the US and Mexico has led to increasing procurement of army vehicles in the country, which includes military trucks, armoured vehicles, and weapon systems. Hence, Mexico is looking forward to expanding its adoption of military equipment.
The Canadian government is also focusing on strengthening its military by procuring military equipment. For instance, The Canadian armed forces signed a contract of 628.98 USD million with Mack Defence includes the supply of new trucks, trailers, armour protection systems, and in-service support. In 2020, Mack Defence was awarded USD 834 million by the Canadian government to deliver 1,587 trucks with five years of in-service support.
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