Military Trucks Market Analysis By 2026: Global Industry Trends & Regional Outlook
The size of military trucks market was registered at USD 23 billion in the year 2019 and is anticipated to cross USD 27 billion by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 3%.
The Royal Thai Army’s 600 military trucks purchase agreement with Tata Motors is a typical example highlighting how governments worldwide are contributing to the global military trucks market growth. Tata Motors, India’s leading defense vehicle manufacturer, seems to have solidified the company’s stance for the ‘Vocal for Local’ initiative, by developing cutting-edge military support trucks not just for the nation, but one that fits the purpose of international defense deals.
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Reportedly, 600 TATA LPTA military trucks will fulfill the requirements of Thailand’s army and are fit to be used for the service of the nation. Indeed, this agreement between Thailand and Tata Motors is touted to be one of the most significant deals in the global military trucks market.
The light-duty military trucks have gained significant prominence in the defense sector in recent years. These trucks are increasingly being used for numerous military applications such as oil tankers, troop transportation, and water supply. The increasing demand for transportation of essential goods to military bases situated in inaccessible areas has further highlighted the importance of light-duty military trucks. On this note, it is expected that the light-duty military trucks segment registers a prominent growth over the forecast period.
APAC military trucks market is expected to record robust growth over the ensuing years owing to favorable government policies in the region. For instance, the Indian government in Sept. 2020 permitted FDI (Foreign Direct Investment) of up to 74% under the automatic route in the defense sector. The government’s move is in line with its aim to attract more overseas investors. Such initiatives are likely to strengthen regional defense sectors, which in turn will accelerate APAC military trucks market growth.
Industry participants are focusing on developing long-term partnerships with government authorities to equip their military sector with advanced vehicles. Citing an instance to highlight the same, in March 2019, Tatra Trucks, inked several contracts to offer 29 and 56 military trucks to Turkey and Brazil respectively.
These companies are investing heavily in the development of novel products equipped with cutting-edge technologies to serve the increasing demand from the defense sector. Companies are also focusing on strategic partnerships and joint ventures to strengthen their geographic presence. Notably, companies such as Kia Motors Corporation, Daimler AG, Oshkosh Corporation, Mahindra Emirates Vehicle Armouring, NIMR Automotive, Rheinmetall MAN Military Vehicles GmbH, and Tatra Trucks A.S. are currently at the forefront of the military trucks market.
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Some Point from Table of Contents:
Chapter 6 Military Trucks Market, By Fuel
6.1 Key trends by fuel
6.2 Diesel
6.2.1 Market estimates and forecast, 2016 – 2026
6.3 Gasoline
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 Utility
7.3.1 Market estimates and forecast, 2016 – 2026
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