Governments of various countries are working on expanding their military troops to enhance their capabilities. The demand for military trucks is increasing in the region to increase the operational cargo transport capacity and logistical support for the different training and community support activities. Hence, various South American countries are investing in the purchase of military trucks. For instance, in September 2021, the Argentinian MoD announced that it had ordered 54 Mercedes-Benz Atego 4x4 1726 trucks. These vehicles can transport approximately 15 metric tons of cargo or 17 troops. For this project, Fondo Nacional de la Defensa (FONDEF), the national defense fund, will provide ~US$ 10 million. Besten Handler, an Argentina-based company, was selected by MoD to provide the Atego 4x4s. 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 military truck market.
The military truck market in South & Central America is segmented into Brazil, Argentina, and the Rest of SAM. The demand for military trucks is increasing in the region to increase the operational cargo transport capacity and logistical support for the different training and community support activities. Hence, various South American countries are investing in the purchase of military trucks. In 2021, South American military expenditure was US$ 45.3 billion, which was a minor decrease of 0.6% compared to 2020. However, the region's total spending grew by 4.7% from 2012 to 2021. In SAM, Brazil is the largest military spender. However, in 2021, the military expenditure by the country decreased by 4.3% to US$ 19.2 billion. Colombia is the second-largest military spender in South America. In 2021, military spending in Colombia rose by 4.7% to US$ 10.2 billion. Thus, the growing military spending is fueling the growth of the military truck market in SAM.
South & Central America Military Truck Market Segmentation
The South & Central America military truck market is segmented into application, truck type , propulsion type, transmission type, and country.
Based on application, the South & Central America military truck market is segmented into cargo/logistics carrier and troop carrier. The troop carrier segment held a larger share of the South & Central America military truck market in 2023.
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 the largest share of the South & Central America military truck market in 2023.
Based on propulsion type, the South & Central America military truck market is segmented into electric/hybrid and diesel. The diesel segment held a larger share of the South & Central America military truck market in 2023.
Based on transmission type, the South & Central America military truck market is segmented into automatic transmission and manual transmission. The automatic transmission segment held a larger share of the South & Central America military truck market in 2023.
Based on country, the South & Central America military truck market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the share of the South & Central America military truck market in 2023.
AB Volvo; Hyundai Rotem Co; Iveco Group NV; Oshkosh Corp; and Tata Motors Ltd are the leading companies operating in the South & Central America military truck market .
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 648.50 Million |
| Market Size by 2028 | US$ 711.29 Million |
| CAGR (2023 - 2028) | 1.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South & Central America Military Truck Market is valued at US$ 648.50 Million in 2023, it is projected to reach US$ 711.29 Million by 2028.
As per our report South & Central America Military Truck Market, the market size is valued at US$ 648.50 Million in 2023, projecting it to reach US$ 711.29 Million by 2028. This translates to a CAGR of approximately 1.9% during the forecast period.
The South & Central 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 South & Central America Military Truck Market report:
The South & Central America Military Truck Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Military Truck Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Military Truck Market value chain can benefit from the information contained in a comprehensive market report.
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