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    Military Truck Market Growth Analysis

    Military Truck Market Growth Analysis
    Report code - SR2070 Delivery - 2 Weeks
    Military Truck Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppor See more...

    Market Insights

    The Military Truck Market was estimated at US$ 24.5 Billion in 2021 and is expected to grow at a CAGR of 3.2% during 2022-2028 to reach US$ 30.54 Billion in 2028.

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    What is a military truck?

    A military truck is a vehicle intended for military supplies, fuel, and transport troops, to the battleground, all through unpaved dirt roads or tar roads or as needed. Numerous nations have manufactured their versions of such trucks with technical specialization and characteristics. These trucks are designed to the demands of the numerous armed forces on the ground. Though, trucks are mainly utilized for transporting military units in remote areas. They can be operated with diesel or gasoline engines; there are four-wheel drive, six-wheeled, eight-wheeled, ten-wheeled, and even twelve-wheeled vehicles.

    Market Dynamics

    The increased asymmetric combat has guided government organizations to embrace combat vehicles for defense and self-protection against insurgent or terrorist attacks, as armored vehicles extend security against blast and ballistic attacks. Furthermore, such vehicles have turret gun systems fitted to counteract insurgence operations. For example, India is utilizing armored vehicles in east India to execute anti-Naxalite operations. Thus, increasing occurrences of asymmetric combat are projected to boost the procurement of armored vehicles, thus boosting the growth in the military truck market.

    Oshkosh Defense LLC has launched electric JLTV, assisted in safeguarding soldiers from increased fuel efficiency and physical threats, and proposed a battery capacity of 30kWh. The bilateral partnership between countries such as the African Union (AU) and North Atlantic Treaty Organization (NATO) to deal with terrorism and sustain peace is anticipated to boost the market growth. Furthermore, numerous governments are deciding on the most recent machinery to deal with emergencies such as militant attacks and insurgencies, boosting the growth of military trucks.

    The COVID-19 pandemic adversely impacts the growth of the automobile industry by affecting the demand for military truck. The global automotive market is estimated to reach 73.4 million units of autos sold in 2020 and is forecast to expand at a 3.2% CAGR through 2025. After numerous years of good growth, automotive sales are slowing down because of the COVID-19 pandemic, the Asian market developing mature, and the rising economy. The unexpected pause in the automobile industry's production plants and supply chain has resulted in the downfall in demand for the military truck market. However, the semiconductor industry also negatively knocked the automobile industry through COVID-19. However, it has recovered and slowly gaining traction, thus anticipated to boost the market growth.

    Military Truck Market Report Overview

    Market Size in 2028

    US$ 30.54 Billion

    Market Size in 2021

    US$ 24.5 Billion

    Market Growth (2022-2028)

    3.2% CAGR

    Base Year of Study


    Trend Period


    Forecast Period



    Several investments in the defense industry are influencing the growth within the military truck in the forecasted years. Some of them are:

    • As per Stockholm International Peace Research Institute, in April 2022, global military expenditure rose from 0.7% in 2021, which is expected to reach $2,113 billion. The 5 largest defense spenders in 2021 were the United States, the United Kingdom, India, China, and Russia, accounting for around 62% of total expenditure.
    • According to the Department for Promotion of Industry and Internal Trade (DPIIT), from April 2020 – June 2021, the Foreign Direct Investment (FDI) equity flow in the Indian Defense sector was valued at $10.15 million. 

    Segments Analysis

    By Transmission Type

    The market is bifurcated into automatic, semi-automatic, and manual. Manual transmissions are expected to remain the biggest market for military truck in the forecast period. Moreover, the automatic transmission is expected to register the highest growth during the forecast period. The wide adoption of an automatic transmission is mainly attributed to its comfort and fuel efficiency because of minimal torque interruption and automated gear shift. For example, Allison Transmission manufactured fully automatic transmissions for heavy, medium, and light-duty military tracked and wheeled vehicles.

    By Trucks Type

    The market is segmented as heavy, light, and medium. Heavy trucks account for the largest market share in 2021; increasing demand for high torque and increased need for high load-carrying capacity is the major factor attributed to the large market share. Defense organizations worldwide are procuring advanced heavy-duty trucks for the military fleet to improve their abilities to transfer cargo and personnel to required locations. Thus, high demand for troops and cargo transfer to the high altitude, rough roads, and heavy truck demand is boosting the market growth.

    Regional Analysis

    In terms of regions, North America is likely to maintain its largest market share in the military truck market throughout the forecast period. This is mostly due to the high defense budget and spending to strengthen the armed forces. The spending is mainly for the procurement of advanced defense vehicles and the modernization of the defense fleet. Diplomatic developments and border clashes between the United Mexican States and the U.S. have resulted in the rising procurement of army vehicles such as military trucks, weapon systems, and armored vehicles. The governments are concentrating on bolstering the military by acquiring advanced military equipment. For example, a contract of $629 million was signed by The Canadian armed forces with Mack Defense comprises the supply of new armor protection systems, trailers, trucks, and in-service support.

    Concurrently, Asia Pacific is expected to witness the fastest growth in the global military truck market during the forecast period.  The key factors responsible for the growth are the increasing number of terrorist movements in countries and the rising spending on defense operations by emerging economies. Countries such as China and India have raised defense budgets and are obtaining advanced military trucks. This, in turn, is expected to drive the growth of the Asia Pacific military truck market during the forecast period.

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    Key Players

    There is stiff competition in the military truck market. The growth of the companies is directly dependent on the industry conditions and government support. These companies differentiate their military truck offerings based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics. For example:

    • In 2022, Lithuania’s Defence Ministry plans to buy around 120 boxer infantry fighting vehicles to bolster the country’s innovative fleet of infantry fighting vehicles.
    • In February 2021, Arquus launched Scarabee, a lightweight, resilient vehicle to spot, lock, and acquire.
    • In April 2021, INKAS Armored Vehicle Manufacturing announced ordering vehicles for the US government, INKAS is a Canadian firm specializing in the development, security, and manufacturing of armored vehicles. The company has extended capability and capacity to deliver high-quality armored fleets and vehicles accessible through the General Services Administration's (GSA) Advantage program in the United States.
    • In November 2021, HENSOLDT upgraded its Multifunctional Self-Protection System (MSFS), a sensor-based system to respond to threats.

    The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the major players in the military truck market:

    • Arquus (France)
    • General Dynamics (US)
    • IVECO S.p.A., (Italy)
    • Mitsubishi Heavy Industries (Japan)
    • Oshkosh Corporation (US)
    • Rheinmetall AG (Germany)
    • TATRA TRUCKS A.S., (Czech Republic)
    • Textron Inc., (US)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Military Truck Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The military truck market was estimated to grow at a healthy CAGR of 3.2% over the next five years.

    The military truck market is likely to reach US$ 30.54 Billion in 2028.

    The major players in the military truck market are Arquus (France), General Dynamics (US), IVECO S.p.A., (Italy), Mitsubishi Heavy Industries (Japan), Oshkosh Corporation (US), Rheinmetall AG (Germany), TATRA TRUCKS A.S., (Czech Republic), Textron Inc., (US).

    North America is likely to maintain its largest market share in the military truck market throughout the forecast period.

    Asia Pacific is expected to witness the fastest growth in the global military truck market during the forecast period.

    Based on the transmission, the market is bifurcated into automatic, semi-automatic, and manual. Manual transmissions are expected to remain the biggest market for military truck in the forecast period.


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