Military Trucks Market Size By Type (Light-duty, Medium-duty, Heavy-duty), By Fuel (Diesel, Gasoline, Electric/Hybrid), By Application (Cargo & Troop Transportation, Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI4875  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 170   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Military Trucks Market size exceeded USD 23 billion in 2019 and is projected to grow at a CAGR of over 3% from 2020 to 2026. High growth potential for military trucks due to the rising need to transport personnel and equipment to national borders is likely to drive industry growth.
 

The prevalence of political unrest and war-like situations among several countries is encouraging government authorities to increase their defense capabilities and stay prepared during crises. Conflicts between countries including India – China, the U.S. – Israel, and terrorist activities in Yemen and Afghanistan have surged the demand for the transfer of military troops. The availability of technologically advanced military trucks operating on harsh terrains is supporting market demand.
 

Military Trucks Market

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Increasing investments and strategic initiatives undertaken by government authorities are driving the representation of military trucks in the market. Military and defense agencies are partnering with automobile OEMs to cater to the growing market demand for trucks integrated with advanced technologies. For instance, in October 2020, the South Korean Military partnered with Kia Motors for the development of mid-sized military vehicles. According to the industry update, Kia will manufacture high-torque military vehicles with integrated technologies, such as ABS, satellite navigation, and Anti-Spin Regulator (ASR), driving the military trucks market expansion.
 

Some of the key industry challenges include the high cost of ownership and maintenance associated with military trucks. Advanced technologies, such as automatic transmission systems and satellite navigation, integrated with these trucks add to the initial cost of purchase. The high cost of these trucks makes it difficult for small countries with low defense budgets to add military trucks to their fleet. Frequent maintenance costs incurred by these trucks due to long hours of operation in harsh climatic conditions are another prominent factor restricting the market share.
 

The global market is poised to witness slow growth due to the shifting focus of government authorities toward healthcare during the COVID-19 pandemic. Several countries are diverting their focus to mitigate the huge economic & human losses inflicted by the pandemic, slowing down the industry in 2020. In the budget negotiation held by the European Commission in February 2020, the EC indicated severe cuts in the funding for military mobility from USD 7.7 billion to USD 1.2 billion in 2020. The market is predicted to show an upward trend post-COVID-19.
 

Military Trucks Market Report Coverage
Report Coverage Details
Base Year:2019Historical Data for:2016 to 2019
Market Size in 2019:23 Billion (USD)Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:3%No. of Pages:170
2026 Value Projection:27 Billion (USD) Tables, Charts & Figures:182
Geographies covered (17):U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa, Israel
Segments covered:Type, Fuel, Application
Growth Drivers:
  • Government investments for the adoption of technologically advanced military trucks in North America
  • Stringent emission regulations supporting the introduction of electric/hybrid military trucks in Europe
  • Increasing military expenditure in Asia Pacific
  • High focus on modernization of military vehicles and equipment in Latin America
  • Growing emphasis on achieving military self-reliance in MEA
Pitfalls & Challenges:
  • High initial and maintenance cost of military trucks

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Increasing demand for powerful heavy-duty trucks in military applications

The Europe heavy-duty trucks market share was above 45% in 2019 owing to several advantages such as enhanced load carrying capacity and high torque. These trucks are integrated with high horsepower engines that enable them to navigate on steep terrains and haul heavy loads. The availability of several models in the heavy-duty segment is further driving the military trucks market. Defense agencies across the globe are adding new heavy-duty trucks to their military vehicle fleet to enhance their capabilities to transfer personnel and cargo to required locations.
 

Growing trend of hybrid & electric military trucks to reduce emissions

North America Military Trucks Market Size

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The North America electric truck market is set to witness 6% CAGR through 2026 driven by the growing concerns related to vehicular emissions across the globe. Several regulatory authorities including the U.S. Environmental Protection Agency and the European Commission are establishing stringent laws on emissions, providing a positive market outlook.
 

Growing requirement for troops & cargo transport

The cargo & troops transportation segment in Europe accounted for more than 75% of the military trucks market share in 2019 with high growth potential in the coming years. The growing requirement for transporting cargo items and troops across military camps is providing new market opportunities. Government authorities are establishing strategic partnerships with market players such as Tatra Trucks, Oshkosh Corporation, and Tata Motors, to procure advanced military trucks with enhanced safety features for the safe transportation of soldiers.
 

Increasing R&D investments by the U.S. Army to boost market revenues

North America Military Trucks Market Revenue

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The North America military trucks market share valued at around USD 8.5 billion in 2019 and is anticipated to experience high growth till 2026. Increasing government and Army expenditure to develop technologically advanced equipment and vehicles is positively influencing the regional market statistics. For instance, in October 2020, the R&D department of the U.S. Army collaborated with the University of Wisconsin to develop hybrid-electric engines for its ground vehicles and aircraft. The Army Research Laboratory allocated a sum of USD 11.5 million to the university for this project.
 

High military expenditure of the North American countries is contributing to the expanding military trucks industry in the region. In 2020, the Government of Canada spent approximately USD 22 billion in military expenses. This expenditure was to upgrade the equipment and technologies used in the defense sector. In January 2019, the Canadian Armed Forces (CAF) enhanced its military vehicle fleet with new military logistic trucks provided by Mack Defense. The USD 629 million contract signed by the CAF with Mack provides a robust market growth potential.
 

Market players emphasizing on partnerships and new product launches

Manufacturers of military trucks are focusing on forming strategic alliances and joint ventures with other players in the defense equipment industry to increase their penetration in unserved markets. For instance, in May 2020, Oshkosh Corporation partnered with Al Tadrea Manufacturing Company, a Saudi Arabian defense automobile manufacturer, to form a joint venture named OTM. Through this venture, the companies are leveraging mutual competencies to develop advanced military trucks.
 

Key players in the military trucks market include Oshkosh Corporation, Tata Motors, Daimler AG, Mitsubishi Heavy Industries Ltd., Kia Motors Corporation, Tatra Trucks A.S., Arquus, IVECO Defense Vehicles, KrAZ, Mahindra Emirates Vehicle Armouring, and NIMR Automotive.
 

This market research report on military trucks includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:

Market, By Type

  • Light-duty
  • Medium-duty
  • Heavy-duty

Market, By Fuel

  • Diesel
  • Gasoline
  • Electric/Hybrid

Market, By Application

  • Cargo & Troop Transportation
  • Utility

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel

 

Frequently Asked Questions (FAQ) :

The market size of military trucks reached USD 23 billion during 2019 and is anticipated to record around 3% CAGR over 2020-2026 with the continuous need for personnel transport across national borders.
The share of heavy-duty military trucks was over 45% in Europe during 2019 owing to advantages like high torque and load carrying capacity needed to transport heavy loads across steep terrains.
Military trucks market value in North America reached USD 8.5 billion in 2019 owing high defense spending and consistent technological developments to provide advanced equipment and vehicles.
North America electric military trucks industry share will register over 6% CAGR through 2026 with increased focus on reducing vehicle emissions across countries like the U.S.

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Premium Report Details

  • Published Date: Nov 2020
  • Pages: 170
  • Tables: 161
  • Charts / Figures: 21
  • Companies covered: 15
  • Countries covered: 17

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