The military trucks market is set to grow from its current market value of more than USD 23 billion to over USD 27 billion. The military trucks industry 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.

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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 truck industry 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.

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.

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.

COVID-19 pandemic has impacted the growth of many industries globally. Similarly, the coronavirus crisis has slowed down the pace of the military trucks market growth, on account of the reallocation of national budgets from the defense sector to the healthcare sector to curb the spread of the virus. Contrastingly, the growing military establishments and demand for essential supplies to these defense bases will augment industry expansion in the forthcoming years, as the pandemic subsides gradually.

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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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