Global military trucks market size is estimated to surpass US$27 billion by 2026. The ongoing regional conflicts in the world’s largest content comprising of countries like India, China, and South Korea are influencing the governments of these nations to increase their defense expenditure, which has resulted in high demand for military equipment and trucks in these territories.
As per the Stockholm International Peace Research Institute (SIPRI), the global military expenditure accounted for US$1,917 billion in 2019. The surge in military expenditure represented a growth of 3.6% from 2018, which is the highest annual growth in military spending since 2010. Notably, the five largest spenders comprising of United States, India, China, Russia, and Saudi Arabia in 2019, jointly accounted for 62% of the global expenditure on military expansion.
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The military trucks market growth would be driven by the growing demand to upgrade the capabilities of the defense sector globally. Governments across the globe are investing heavily to develop their defense sector and emphasizing on adopting advanced machinery and vehicles to efficiently handle cross-border conflicts.
The Asia Pacific military trucks market is expected to witness substantial growth by 2026. The regional industry progression would be driven by increasing government investments in the military and defense sectors.
The extensive investments by the governments in a view to reviving the economic activities have also resulted in deductions from military expenditure budgets in some nations. However, the military truck industry is anticipated to expand with fluctuations in the short and medium-term impacts of the COVID-19 pandemic.
Reportedly, the military trucks market share of the gasoline trucks segment is likely to impede in the forthcoming years, on account of the increasing cost of gasoline and better power and fuel efficiency provided by diesel trucks. The extensive investments to introduce electric and battery-powered trucks for military purposes would also result in a declining market share of gasoline trucks in the coming years.
Notably, the light duty military trucks segment is expected to significantly expand, due to its widespread usage in several applications including water supply, oil tanker, and troop transportations. The surging expenditure on the transportation of essential supplies to the military bases situated in remote areas will encourage high demand for light duty military trucks in the upcoming years.
Leading companies functional in the global military trucks market are emphasizing on establishing long-term partnerships with local governments to provide advanced military vehicles for the defense sector. For example, Tatra Trucks in March 2019, received government contracts to deliver 56 military trucks to Brazil and 29 to Turkey respectively.
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Partial Chapter of the Table of Content
Chapter 5 Military Trucks Market, By Type
5.1 Key trends by type
5.2.1 Market estimates and forecast, 2016 – 2026
5.3.1 Market estimates and forecast, 2016 – 2026
5.4.1 Market estimates and forecast, 2016 – 2026
Chapter 6 Military Trucks Market, By Fuel
6.1 Key trends by fuel
6.2.1 Market estimates and forecast, 2016 – 2026
6.3.1 Market estimates and forecast, 2016 – 2026
6.4 Electric / Hybrid
6.4.1 Market estimates and forecast, 2016 – 2026
Chapter 7 Military Trucks Market, By Application
7.1 Key trends by application
7.2 Cargo & troops transportation
7.2.1 Market estimates and forecast, 2016 - 2026
7.3.1 Market estimates and forecast, 2016 – 2026
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