Military Truck Market to Hit US$ 27.6 Billion by 2031 Amid Increase in Defence E… – Press Release


Wilmington, Delaware, United States, April 06, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global military truck market stood at US$ 21.2 billion in 2022 and the global market is projected to reach US$ 27.6 billion by 2031. The global industry is anticipated to expand at a CAGR of 2.9% between 2023 and 2031.

The market value of military trucks is also increasing due to increasing Defence Budgets. Governments worldwide are increasing their defence spending to strengthen their defence capabilities and modernize their military equipment. This trend is expected to continue in the coming years, which will drive the demand for military trucks.

Additionally, increasing geopolitical tensions in various regions of the world are also driving the demand for military trucks. Conflicts, border disputes, and political instability have led to an increased demand for military vehicles, including trucks, to support military operations. Furthermore, the need for advanced military equipment is another factor that is accelerating the growth of the military truck market.

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Military trucks are required to operate in a wide range of terrains and conditions and must be equipped with advanced features to ensure they can perform in harsh environments.

Another major factor that is anticipated to augment the market prospect includes the replacement of aging military vehicles. Many countries are replacing their aging military vehicles with new and advanced models. This trend is particularly significant in countries where military equipment is outdated and needs to be upgraded.

In addition, technological advancements in military truck design and manufacturing are also fuelling the growth of the market. The use of advanced materials, such as composite materials and lightweight alloys, is reducing the…