At 1.9% CAGR, the South & Central America Military Truck Market is projected to be worth US$ 711.29 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America military truck market  was valued at US$ 648.50 million in 2023 and is expected to reach US$ 711.29 million by 2028, registering a CAGR of 1.9% 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 South & Central America military truck market  expansion.        

Modern forces play various roles ranging from providing mission support in battlegrounds to carrying out logistical tasks in the homeland. Military trucks are also used to carry troops, staff, (mounted) weapons, supplies, evacuate wounded soldiers, etc. Furthermore, they are required to deploy military units at different locations to enhance national protection. Thus, the demand for military trucks is rising with the growing number of military missions as they are deployed to move military personnel, equipment, and goods, as well as to carry vehicles and weapons recovered from mission sites. Considering these needs, military truck manufacturers are continuously working on bringing advanced trucks to the market. Moreover, the truck offers improved protection, reliability and mobility, driving comfort, and digital interface architecture. Owing to these features, this truck can be used to carry out tactical and technical missions. Thus, efforts made by military truck manufacturers to provide high-mobility and multipurpose solutions for transportation boost the growth of the military truck market.

On the contrary, growing use of robots in military operations hampers the South & Central America Military Truck Market.  

Based on application, the South & Central America military truck market is segmented into cargo/logistics carrier and troop carrier. The troop carrier segment held 54.8% share of South & Central America Military Truck Market in 2023, amassing US$ 355.62 million. It is projected to garner US$ 375.98 million by 2028 to expand at 1.1% CAGR during 2023–2028. 

Based on truck type, the South & Central America military truck market  is segmented into light truck, medium truck, and heavy truck. The heavy truck segment held 48.9% share of South & Central America Military Truck Market in 2023, amassing US$ 317.44 million. It is projected to garner US$ 345.23 million by 2028 to expand at 1.7% CAGR during 2023–2028.

Based on propulsion type, the South & Central America military truck market is segmented into electric/hybrid and diesel. The diesel segment held 100.0% share of South & Central America Military Truck Market in 2023, amassing US$ 648.50 million. It is projected to garner US$ 692.14 million by 2028 to expand at 1.3% CAGR during 2023–2028.

Based on transmission type, the South & Central America military truck market  is segmented into automatic transmission and manual  transmission. The automatic transmission segment held 66.3% share of South & Central America Military Truck Market in 2023, amassing US$ 430.12 million. It is projected to garner US$ 476.08 million by 2028 to expand at 2.1% CAGR during 2023–2028.

Based on country, the South & Central America military truck market has been categorized into  Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 52.4% share of South & Central America Military Truck Market in 2023. It was assessed at US$ 339.60 million in 2023 and is likely to hit US$ 387.97 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.      

Key players dominating the South & Central America military truck market are AB Volvo; Hyundai Rotem Co; Iveco Group NV; Oshkosh Corp; and Tata Motors Ltd, 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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