Dublin, Dec. 31, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
Countries investment in the defense budget, rising incidences of civil unrest & political disputes, and increasing investments for the procurement of military equipment are driving the growth of the military truck market.
Factors such as the increasing investments for the militarization of law enforcement agencies, a government initiative to strengthen military power, the use of advanced technologies, incorporation of advanced sensors, and electrification are expected to boost the market. However, raw material price fluctuation and increasing competition are the key challenges in the military truck market.
Increasing emphasis on custom made military trucks is likely to propel the growth of the market during the forecast period.
Military trucks are used to carry out combat operations and transportation of soldiers, ammunition, fuel, water, and other utility supplies. These trucks are designed to travel in on/off-road terrains. The development of advanced military trucks by various leading companies such as Mercedes-Benz Defence Vehicles, General Dynamics, Rheinmetall, Tatra, Oshkosh Corporation, Nexter Systems, and Hanhwa.
Defense fulfills the role of all applications in the military truck market globally. Countries such as the US, the UK, France, China, and India, are focusing on the development of the ground military vehicle, including high-tech military trucks. Such measures are likely to drive the military truck market during the forecast period.
North America is expected to register the highest growth during the forecast period.
The growth of the military truck market in North America can be attributed to the military modernization programs being carried out in the region. 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. In 2016, Canada selected Polaris Industries for the contract of delivering 78 DAGOR off-road at USD 20 million.
Military trucks in the US are projected to witness significant growth during the forecast period due to the increased budget in R&D for the US Army. Cargo/Logistics Carrier trucks are expected to increase in the US due to the occurrence of army contracts recently. For instance, Oshkosh Defense LLC received a contract worth 23.5 USD million to recapitalize U.S. army trucks in 2019 as per the US Department of Defense.
Mexico intends to use defense products and services to expand its existing army to combat advanced force. The country aims to fulfill its military goal by updated technologies while aligning with the US and other allies. The Government of Mexico purchased M1152 High Mobility Multi-Purpose Wheeled Vehicles (HMMWVs) and associated equipment, parts, training, and logistical support for an estimated cost of USD 556 million in 2014.
Asia Pacific is expected to dominate the market during the forecast period.
The Asia Pacific will have the largest market share for military trucks during the forecast period. This is due to the increasing demand for military trucks in China, India, Japan, South Korea, and Australia. The growth of the market in the Asia Pacific is attributed to the increased investments being made by countries of the region to strengthen their defense forces and homeland security.
Additionally, the cross border conflicts and disputes among the countries leads to the high demand for military trucks. For instance, India is facing increasing situations of terrorist strikes, border disputes, sensitive multi-cultural issues, and rampant crime. These factors have led to the increased procurement of high mobility and multi-purpose vehicles in the country, thereby boosting the growth of the military truck market in India.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Secondary Data
2.3 Primary Data
2.4 Market Size Estimation
2.5 Market Breakdown and Data Triangulation
2.6 Assumptions
2.7 Risk Assessment & Ranges
3 Executive Summary
4 Premium Insights
4.1 Military Truck Market to Grow at A Significant Rate During the Forecast Period (2019-2027)
4.2 North America is the Fastest Growing Military Truck Market By 2027
4.3 Military Truck Market, By Truck Type and Application
4.4 Military Truck Market, By Application
4.5 Military Truck Market, By Axle Configuration
4.6 Military Truck Market, By Propulsion Type
4.7 Military Truck Market, By Truck Type
4.8 Military Truck Market, By Transmission Type
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Revenue Missed: Opportunities for Military Truck Manufacturers
5.4 Military Truck Market, Scenarios (2019-2027)
6 Industry Trends
6.1 Introduction
6.2 Technological Overview
6.3 Porters Five Forces
6.4 Macro indicator Analysis
7 Military Truck Market, By Application
7.1 Introduction
7.2 Assumptions
7.3 Cargo/Logistics Carrier
7.4 Troop Carrier
7.5 Utility
7.6 Market Leaders
8 Military Truck Market, By Truck Type
8.1 Introduction
8.2 Assumptions
8.3 Light Truck
8.4 Medium Truck
8.5 Heavy Truck
8.6 Market Leaders
9 Military Truck Market, By Axle Configuration
9.1 Introduction
9.2 Assumptions
9.3 4x4
9.4 6x6
9.5 8x8
9.6 Others
9.7 Market Leaders
10 Military Truck Market, By Propulsion Type
10.1 Introduction
10.2 Assumptions
10.3 Electric/Hybrid
10.4 Gasoline
10.5 Diesel
10.6 Market Leaders
11 Military Truck Market, By Transmission Type
11.1 Introduction
11.1.1 Research Methodology
11.2 Assumptions
11.3 Automatic Transmission
11.4 Semi-Automatic Transmission
11.5 Manual Transmission
11.6 Market Leaders
12 Military Truck Market, By Region
12.1 Introduction
12.2 Asia Pacific
12.3 Europe
12.4 North America
12.5 Middle East
12.6 Rest of the World (RoW)
12.7 Operational Data
13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis
13.3 Product Comparison Mapping, By Key Competitors
13.4 Competitive Leadership Mapping
13.5 Strength of Product Portfolio
13.6 Business Strategy Excellence
13.7 Winners vs. Losers
13.8 Competitive Scenario
14 Company Profiles
14.1 Oshkosh Corporation
14.2 General Dynamics Corporation
14.3 Rheinmetall AG
14.4 Textron Inc.
14.5 Tata Motors
14.6 Krauss-Maffei Wegmann
14.7 Arquus
14.8 IVECO
14.9 Mitsubishi Heavy Industries
14.10 Hyundai Rotem
14.11 TATRA TRUCKS A.S
14.12 The Kalyani Group
14.13 Daimler
14.14 Other Key Players
14.14.1 Asia Pacific
14.14.1.1 Ashok Leyland
14.14.1.2 Hanwha Corporation
14.14.1.3 Ordnance Factory Board
14.14.2 Europe
14.14.2.1 Nexter Group
14.14.2.2 Bae Systems PLC
14.14.2.3 Volat
14.14.2.4 Rba Automotive Holding PLC.
14.14.2.5 Kamaz PTC
14.14.3 North America
14.14.3.1 AM General
14.14.3.2 Lockheed Martin
14.14.4 Middle East
14.14.4.1 IMI Systems
14.14.5 Rest of the World
14.14.5.1 Paramount Group
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