At 3.8% CAGR, the Europe Military Truck Market is projected to be worth US$ 6,647.11 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe military truck market  was valued at US$ 5,508.22 million in 2023 and is expected to reach US$ 6,647.11 million by 2028, registering a CAGR of 3.8% 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 Europe military truck market  expansion.

Governments of various countries continuously focus on strengthening their military capabilities by spending more on the modernization of their operations. According to Global Firepower, Russia, and Germany are the top nations with the largest defense budget in 2023. In addition, US$ 271 million is allotted for the Army to modernize next-generation combat vehicles with silent watch and mobility features, increased operational duration, and more onboard electrical power. Thus, the growing defense expenditure by governments of different countries would create significant opportunities for the growth of the Europe military truck market during the forecasted period.

On the contrary, growing use of robots in military operations hampers the Europe Military Truck Market.  

Based on application, the Europe military truck market  is segmented into cargo/logistics carrier and troop carrier. The troop carrier segment held 57.1% share of Europe Military Truck Market in 2023, amassing US$ 3,147.39 million. It is projected to garner US$ 3,618.82 million by 2028 to expand at 2.8% CAGR during 2023–2028. 

Based on truck type, the Europe military truck market  is segmented into light truck, medium truck, and heavy truck. The heavy truck segment held 47.5% share of Europe Military Truck Market in 2023, amassing US$ 2,615.35 million. It is projected to garner US$ 3,135.18 million by 2028 to expand at 3.7% CAGR during 2023–2028.

Based on propulsion type, the Europe military truck market is segmented into electric/hybrid and diesel. The diesel segment held 98.5% share of Europe Military Truck Market in 2023, amassing US$ 5,426.07 million. It is projected to garner US$ 6,497.21 million by 2028 to expand at 3.7% CAGR during 2023–2028.

Based on transmission type, the Europe military truck market  is segmented into automatic transmission and manual  transmission. The automatic transmission segment held 65.3% share of Europe Military Truck Market in 2023, amassing US$ 3,596.52 million. It is projected to garner US$ 4,475.82 million by 2028 to expand at 4.5% CAGR during 2023–2028.

Based on country, the Europe military truck market   has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 30.5% share of Europe Military Truck Market in 2023. It was assessed at US$ 1,681.94 million in 2023 and is likely to hit US$ 1,825.35 million by 2028, exhibiting a CAGR of 1.6% during the forecast period.      

Key players dominating the Europe military truck market  are AB Volvo; Arquus SAS; General Dynamics European Land Systems SLU; Hyundai Rotem Co; Iveco Group NV; Oshkosh Corp; Rheinmetall AG; and TATRA TRUCKS AS, among others.   

• In Nov-2022, Oshkosh Corporation announced the acquisition of Hinowa S.p.A. This privately held international company produces track-based aerial work platforms, mini dumpers, lift trucks, and undercarriages. Hinowa is known for its advanced track designs and electrification expertise, making it an ideal addition to Oshkosh's Access Equipment segment. The acquisition is expected to accelerate Oshkosh's electrification capabilities and provide growth opportunities in core and adjacent markets.

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