Asia Pacific Military Truck Market
Published On: Jun 2023
Published On: Jun 2023
According to Business Market Insights research, the Asia Pacific military truck market was valued at US$ 5,057.17 million in 2023 and is expected to reach US$ 6,318.54 million by 2028, registering a CAGR of 4.6% from 2023 to 2028. Initiatives by governments to expand their military troops and efforts by companies to provide high-mobility and multipurpose solutions for transportation are the critical factors attributed to the Asia Pacific military truck market expansion.
Using the fueled military vehicle can be expensive for the armed forces. To meet these goals, various military vehicle manufacturers are focusing on developing hybrid and electric military vehicles. For example, in January 2022, Oshkosh Corp introduced its first-ever hybrid-electric Joint Light Tactical Vehicle (eJLTV) with a silent drive. This new vehicle enables a silent drive, extended silent watch, enhanced fuel economy, and increased exportable power, making it an ideal option in combat and reconnaissance scenarios. The eJLTV also helps improve fuel economy by more than 20% and provides a battery capacity of 30kWh. In 2021, GM introduced an all-electric version of its Infantry Squad Vehicle and a hydrogen fuel cell-powered version of its Chevy Colorado. Further, in February 2022, BAE unveiled its hybrid Bradley Infantry Fighting Vehicle, known for its survivability, mobility, and lethality. Thus, growing investments in the manufacturing of hybrid and electric military vehicles (other than trucks) would encourage manufacturers to undertake partial or full electrification of military trucks, which is likely to emerge as a significant trend in the market during the forecast period.
On the contrary, growing use of robots in military operations hampers the Asia Pacific Military Truck Market.
Based on application, the Asia Pacific military truck market is segmented into cargo/logistics carrier and troop carrier. The troop carrier segment held 55.4% share of Asia Pacific Military Truck Market in 2023, amassing US$ 2,802.49 million. It is projected to garner US$ 3,382.668 million by 2028 to expand at 3.8% CAGR during 2023–2028.
Based on truck type, the Asia Pacific military truck market is segmented into light truck, medium truck, and heavy truck. The heavy truck segment held 48.1% share of Asia Pacific Military Truck Market in 2023, amassing US$ 2,431.52 million. It is projected to garner US$ 3,073.58 million by 2028 to expand at 4.8% CAGR during 2023–2028.
Based on propulsion type, the Asia Pacific military truck market is segmented into electric/hybrid and diesel. The diesel segment held 98.0% share of Asia Pacific Military Truck Market in 2023, amassing US$ 4,958.24 million. It is projected to garner US$ 6,108.15 million by 2028 to expand at 4.3% CAGR during 2023–2028.
Based on transmission type, the Asia Pacific military truck market is segmented into automatic transmission and manual transmission. The automatic transmission segment held 63.8% share of Asia Pacific Military Truck Market in 2023, amassing US$ 3,226.87 million. It is projected to garner US$ 4,129.74 million by 2028 to expand at 5.1% CAGR during 2023–2028.
Based on country, the Asia Pacific military truck market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 44.9% share of Asia Pacific Military Truck Market in 2023. It was assessed at US$ 2,271.25 million in 2023 and is likely to hit US$ 2,878.49 million by 2028, exhibiting a CAGR of 4.9% during the forecast period.
Key players dominating the Asia Pacific military truck market are AB Volvo; Hyundai Rotem Co; Iveco Group NV; Oshkosh Corp; Rheinmetall AG; Tata Motors Ltd, among others.
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