North America Military Truck Market
Governments of various countries are working on expanding their military troops to enhance their capabilities. Moreover, the US, which is the top military power in the world according to the Global Firepower ranking, also focuses continuously on expanding its military troops. In January 2022, the US government announced that the Army’s active-duty force exceeded its goal of adding 57,500 members by 106 people, thus recruiting 57,606 personnel. In addition, the Navy’s active-duty force also exceeded its goal of recruiting 33,400 members by recruiting 33,559 new members in total by the end of September 2021. Thus, such growing recruitments in the military forces indicate the need for military trucks to transfer troops, fuel, and equipment along asphalted roads and unpaved dirt roads, thereby driving the growth of the North America military truck market.
The North America military truck market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing military spending by the aforementioned countries. In March 2023, the US Department of Defense released the fiscal year 2024 defense budget. Under this budget, it proposed a request of US$ 842 billion for the Department of Defense (DoD), an increase of US$ 26 billion from FY 2023 and US$ 100 billion from FY 2022. Similarly, in the 2022 Budget by the government of Canada, US$ 8 billion was allotted for five years to bolster the capacity of the Canadian Armed Forces, support members, and promote culture change. In 2021, the military expenditure of Mexico was US$ 8,681 million.
Strategic insights for the North America Military Truck provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6,689.11 Million |
| Market Size by 2028 | US$ 7,521.73 Million |
| Global CAGR (2023 - 2028) | 2.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Military Truck refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America military truck market is segmented into application, truck type , propulsion type, transmission type, and country.
Based on application, the North America military truck market is segmented into cargo/logistics carrier and troop carrier. The troop carrier segment held a larger share of the North America military truck market in 2023.
Based on truck type, the North America military truck market is segmented into light truck, medium truck, and heavy truck. The heavy truck segment held the largest share of the North America military truck market in 2023.
Based on propulsion type, the North America military truck market is segmented into electric/hybrid and diesel. The diesel segment held a larger share of the North America military truck market in 2023.
Based on transmission type, the North America military truck market is segmented into automatic transmission and manual transmission. The automatic transmission segment held a larger share of the North America military truck market in 2023.
Based on country, the North America military truck market is segmented into the US, Canada, and Mexico. The US dominated the share of the North America military truck market in 2023.
AB Volvo; Hyundai Rotem Co; Iveco Group NV; Navistar Defense LLC; Oshkosh Corp; and Rheinmetall AG are the leading companies operating in the North America military truck market .
The North America Military Truck Market is valued at US$ 6,689.11 Million in 2023, it is projected to reach US$ 7,521.73 Million by 2028.
As per our report North America Military Truck Market, the market size is valued at US$ 6,689.11 Million in 2023, projecting it to reach US$ 7,521.73 Million by 2028. This translates to a CAGR of approximately 2.4% during the forecast period.
The North America Military Truck Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Military Truck Market report:
The North America Military Truck Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Military Truck Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Military Truck Market value chain can benefit from the information contained in a comprehensive market report.
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