The Business Research Company’s Military Truck Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Military Truck Global Market Report 2023 evaluates military truck market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global military truck market is expected to grow from $23.18 billion in 2022 to $24.18 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The military truck market is expected to reach $28.1 billion in 2027 at a CAGR of 3.9%.
Growing military spending is expected to propel the growth of the military truck market going forward. Military spending describes the amount of money a country spends on building and sustaining its armed forces or other defense-related activities. As military spending increases, there is often a corresponding increase in demand for military equipment, including military trucks. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Sweden-based research organization, in 2021, the global military expenditure was $2113 billion, exceeding the two trillion US dollar threshold, and 2021 saw a 0.7% increase in global spending over 2020. Further, the US had the highest military expenditure, with $801 billion in 2021. Therefore, growing military spending is driving the growth of the military truck market.
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The military truck market segments in the report are:
1) By Truck Type: Light, Medium, Heavy
2) By Propulsion: Diesel, Gasoline, Electric Or Hybrid
3) By Transmission Type: Automatic, Semi-Automatic, Manual
4) By Application: Cargo Logistics, Troops Transport, Other Applications
The table of contents in TBRC’s military truck market report includes:
1. Executive Summary
2. Military Truck Market Characteristics
3. Military Truck Market Trends And Strategies
4. Military Truck Market – Macro Economic Scenario
5. Military Truck Market Segmentation
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26. South America Military Truck Market
27. Brazil Military Truck Market
28. Middle East Military Truck Market
29. Africa Military Truck Market
30. Military Truck Market Competitive Landscape And Company Profiles
Top Major Players:
- Mercedes-Benz Group AG
- Ford Motor Company
- Lockheed Martin Corporation
- Volvo Defense AB
- ZF Friedrichshafen AG
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