CHICAGO, Oct. 7, 2019 /PRNewswire/ -- According to the new market research report "Military Truck Market by Application (Cargo/logistics, Troop, Utility), Axle (4x4, 6x6, 8x8), propulsion (Electric, Gasoline, Diesel), Truck (Light, Medium, Heavy), Transmission (Automatic, Semi-Automatic, Manual), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Military Truck Market is projected to grow from 15,677 units in 2019 to 20,171 units by 2027, at a CAGR of 3.2%.
The growth of the Military Truck Market is driven by the rising number of army manpower, continuous increase in the defense budget, government focus on securing cross borders, and procurement of military equipment.
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109 – Tables
47 – Figures
144 – Pages
Cargo/logistics is expected to be the largest segment of the market
The cargo/logistics segment is expected to be the largest market during the forecast period. Military cargo/logistic trucks are designed for all heavy terrains. The advantage of these trucks is efficiency in the off-road environment.
Cargo box storage area of military trucks depends on the demand of axle configurations and manufacturer standards. For instance, M813A1 6x6 5-ton military cargo truck manufactured by AM General has a cargo bed of 14 feet long with fold down sides for easy loading and unloading, M985 Oshkosh HEMTT cargo truck is 16.5 feet long, M927 6X6 cargo truck by Oshkosh is 20 feet long. These trucks have a powerful drivetrain, advanced suspension systems, and anti-lock braking systems that allow them to travel over even the most challenging terrains which increases the overall demand for these trucks for military applications.
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4x4 axle configuration is expected to be the fastest-growing segment in the Military Truck Market
4x4 wheeled military trucks include armored jeeps, LCVs, and other small heavy tactical vehicles. These chassis are designed for heavy terrain. They can carry 4 to 8 personnel at a time. 4x4 military trucks are best suited for logistic and administrative support under tough terrain conditions. These have superior driveability in difficult terrain, heavy armored protection on top of the chassis, and low life-cycle costs.
Also, reliability and efficiency in the off-road environment is an advantage given by 4x4 chassis military trucks. 4x4 trucks in defense are mostly preferred for logistic and administrative support. These are in demand also due to the superior driveability in difficult terrain and low life cycle cost.
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North America is expected to be the fastest-growing market during the forecast period
The North America region is the fastest-growing market for military trucks. The increased investments in North America for the development of advanced military trucks are also fueling the growth of the market in the region.
The US is considered as one of the most lucrative markets for military trucks as it has always been the prime focus of all major companies to start their businesses. The country is determined to renovate its defense trucks into advanced feature to support army strengthening. For instance, cargo/logistics carrier trucks are projected to increase in the US due to occurrence of army contracts recently. For instance, Oshkosh Defense LLC received a contract of worth 23.5 USD million to recapitalize U.S. Army trucks in 2019 as per the Defense Department of the US.
The growth of the market in Canada can be attributed to the military modernization programs being carried out in the country. For example, the Department of Public Works and Government Services Canada on behalf of the Department of National Defense selected Mack Defense to deliver 1,500 8x8 trucks to the country's army.
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.
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