The Asia-Pacific region is expected to dominate the global military truck market in the next decade, driven by increasing defense budgets and a growing focus on modernizing military fleets in countries such as China, India, and South Korea.
The global military truck market is expected to experience significant growth in the coming years, according to the “Global Military Truck Market Report 2023” recently released by ResearchAndMarkets.com. With expected growth from $23.18 billion in 2022 to $24.18 billion in 2023 and a projected CAGR of 3.9% to reach $28.1 billion in 2027, this market is experiencing positive momentum.
The driving force behind this growth is the increase in military spending, which has led to a rise in demand for military equipment, including military trucks. In 2021, global military expenditure exceeded the two trillion US dollar threshold, with the US leading in military spending at $801 billion. This increase in military spending is directly contributing to the growth of the military truck market.
In addition to increased spending, product innovations are also contributing to the market’s growth. Major companies are adopting new technologies to stay competitive, such as the launch of the DURO-e, an all-electric all-terrain 4×4 vehicle, by General Dynamics European Land Systems. The DURO-e boasts features such as a digital vehicle architecture, silent drive, and CO2 neutral and economical operation, making it a versatile and efficient military truck.
Geographically, North America was the largest region in the military truck market in 2022 and is expected to be the fastest-growing region in the coming years. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
With an extensive list of key attributes and a competitive landscape featuring company profiles, including Mercedes-Benz Group AG, Ford Motor Company, and Lockheed Martin Corporation, the “Global Military Truck Market Report 2023” provides valuable insights for industry stakeholders and investors.
For more information about this report, visit ResearchAndMarkets.com.