Bharat Book Bureau Provides the Trending Market Research Report on “Military Truck Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Light Duty, Medium Duty, Heavy Duty), By Propulsion (ICE, Electric), By Transmission Type (Automatic, Semi-Automatic, Manual), By Axle (4×4, 6×6, 8×8, Others), and By Region”under Defence Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The global Military Truck Market size is anticipated to witness steady growth in the forecast period, 2023-2027. Massive demand for military trucks for transportation purposes, technological advancements, and the launch of customized trucks are the primary drivers for the global military truck market. Also, the growing defense expenditure from the developing countries and the rise in the recruitment of the army personnel by leading authorities to enhance the border security are expected to propel the global military truck market growth over the next five years.
Rise
in the Defense Expenditure Boosts the Market Growth
In
2021, the world military expenditure reached $2,113 billion claimed to a report
by Stockholm International Peace Research Institute (SIPRI) which conducted
research on conflicts, armaments, disarmament, and arms control. The defense
spending increased by 0.7 percent in 2021 in real terms, and the major focus of
countries was on research and development activities. The five largest spending
countries in 2021 were the United States, China, India, the United Kingdom, and
Russia. Countries are focusing on enhancing border security and preventing
people engulfed in illegal activities from entering the country’s border. Also,
the rise in cross-border issues and domestic conflicts between the countries
have increased the demand for advanced weapons, equipment, and technology to be
used by defense personnel. Tensions at the India-China border, India-Pakistan
border, Ukraine, Russia, and other countries are increasing at a rapid rate
which is making the leading authorities take measures to provide security to
its citizens. Military trucks play a crucial role during combat situations.
They transport cargo, military personnel, and other important weapons and
equipment to the desired locations due to their high weight carrying capacity.
Massive applications and growing defense spending is expected to fuel the
demand for the global military truck market over the next five years.
Military
Modernization Programs Supports the High Market Demand in
the Forecast Period
Countries
have increased their defense expenditure and are rapidly adopting advanced
technologies and solutions to increase the defense capabilities of their
countries. The changing warfare technologies and development of next-generation
technologies have enhanced the performance of weapons, equipment, and systems.
Market players are focusing on the research and development activities to
upgrade the existing structure of the military trucks and improve their fuel
efficiency and load-carrying capacity. They are introducing electric-hybrid
electric vehicles to lower carbon emissions and increase the military
personnel's flexibility. Recently, Oshkosh Defense launched an electric-hybrid
version of its military truck and named it eJLTV, which stands for electric
Joint Light Tactical Vehicle. The new version is expected to perform similarly
to its previous version, along with additional features like silent-drive mode,
improved fuel economy, and increased exportable power capability. Therefore,
advancements in technology and the growing focus of government to replace the
existing versions of the military trucks are expected to propel the global
military truck market demand over the forecast period.
Browse our full report with Table of Content : https://www.bharatbook.com/report/1384272/military-truck-market-global-industry-size-share-trends-opportunity-and-forecast-segmented-by-type-light-duty-medium-duty-heavy-duty-by-propulsion-ice-electric-by-transmission-type-automatic-semi-automatic-manual-by-axle--others-and-by-region
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