Military Trucks Market to Increase in Coming 10 years on Back of Rapid Adoption Across Major Industries

The growing requirement to improve the competencies of the defense sector across the world will accelerate the adoption of military trucks in the coming years. Several government bodies are working towards utilizing advanced equipment and vehicles as a preventive measure for potential cross-border conflicts. Also, the rise in awareness pertaining to vehicular emissions has urged these authorities to indulge in R&D investments to develop some of the latest electric and hybrid military trucks.
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The influx of technological progressions like the incorporation of satellite navigation, automatic transmission systems, and radio communication in the military trucks will further add impetus to their demand. This can be attributed to the robust need for military mobility to facilitate the transport of troops and cargo to desired locations in adverse environmental conditions.
On this note, in a recent report by Global Market Insights Inc., it has been estimated that the global military trucks market size could surpass more than USD 27 billion by 2026.
Why are light-duty trucks gaining traction in the military trucks market?
The demand for light-duty military trucks is anticipated to grow at an exponential rate over the coming years, considering their excessive utilization across multiple applications. These trucks find use across troop transportation, oil tankers, and water supply. They also witness optimum presence in the transportation of essential goods to military bases that are situated in inaccessible areas.
For instance, Ram Trucks, in December 2020, reportedly revealed the commencement of the manufacturing of their all-new, light-duty truck called 2021 Ram 1500 TRX in Sterling Heights, Michigan. This U.S military truck is deployed with the latest technology and is poised to give high-performance.
How is the demand for military trucks driven in the APAC and MEA region?
The Asia Pacific military trucks industry size will foresee considerable expansion through 2026. This can be owed to the higher investments led by the regional government authorities towards the development of military transport trucks to reinforce the military and defense sectors. The ongoing conflicts in various countries like China, South Korea, and India with their neighboring regions has resulted in increased spending by these areas on defense amenities.
On the other hand, the Middle East & Africa region is likely to garner momentum for the military heavy trucks over the same timeframe. This can be accounted by the prominent presence of military truck manufacturers across the region as a result of growing partnerships and collaborations with domestic companies.
What are the key measures employed by military truck manufacturers to sustain competition?
Suppliers of military trucks are working towards strategic and joint alliances to increase their global penetration. These firms are focused on R&D investments to come up with novel truck designs that are incorporated with cutting edge technologies to meet the rising defense requirements. Additionally, they are forming longer-living partnerships with government authorities to render military vehicle support to the defense sector.
For instance, Tatra Trucks won multiple contracts to supply over 56 trucks to Brazil and 29 military trucks to Turkey in March 2019. Rheinmetall MAN Military Vehicles GmbH, Kia Motors Corporation, Daimler AG, NIMR Automotive, Mahindra Emirates Vehicle Armouring, and Oshkosh Corporation are some of the other leading participants in the business.
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What factors are negatively impacting the military trucks market outlook?
The military trucks market share is likely to draw a negative score from gasoline trucks in the next few years due to the increasing costs of gasoline. The diesel-run trucks offer enhanced power & fuel efficiency in comparison to gasoline. A surge in investments to develop electric and battery-powered trucks to cater to various military applications will additionally decline the demand and adoption of gasoline trucks.
The present COVID-19 pandemic resulted in a stalled demand for military trucks considering the transition of the fiscal budgets assigned to the defense sector towards the healthcare industry to curb the spread of the virus. The growth in the number of government investments to revive economic activities in several areas has also led to budget cuts in military spending. However, the military truck market is likely to gradually expand in the coming time with the lowering impact of the pandemic.
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