The global military trucks market is set to grow from USD 25.70 billion in 2024 to USD 35.88 billion by 2034, registering a CAGR of 3.40% during the forecast period. This growth is fueled by advancements in defense logistics, rising geopolitical tensions, and modernization of military fleets globally.
Market Highlights
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North America led the global market in revenue share.
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Asia Pacific is projected to witness the fastest CAGR through 2034.
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Armored trucks dominated by type in 2024.
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Cargo trucks segment is expanding at the fastest CAGR.
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All-terrain mobility held the largest market share.
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Off-highway segment is expected to grow significantly during the forecast period.
Strategic Recommendations
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Focus on hybrid and electric military truck innovations to cater to sustainability goals.
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Strengthen supply chain resilience in Asia Pacific and Middle Eastern markets.
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Increase investments in smart mobility and autonomous military trucks for next-generation defense needs.
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Collaborate with governments for long-term procurement contracts.
Leading Military Trucks Companies Driving the Market
1. BAE Systems
About: A global defense, aerospace, and security leader headquartered in the UK.
Products: Offers military logistics trucks, armored combat vehicles, and support services.
Market Cap: Approx. USD 45 billion.
2. ST Engineering
About: Singapore-based multinational specializing in defense and engineering solutions.
Products: Supplies military trucks and combat support vehicles for various terrains.
Market Cap: Around USD 8 billion.
3. Iveco Defence Vehicles
About: Italian manufacturer focused on tactical and logistic military vehicles.
Products: Produces multipurpose trucks and armored carriers.
Market Cap: Parent company CNH Industrial valued at USD 19 billion.
4. Tatra Trucks
About: Czech company known for its heavy-duty off-road trucks for defense.
Products: All-terrain trucks with unique chassis design for military operations.
Market Cap: Privately held (estimated revenue in hundreds of millions).
5. Daimler Truck AG
About: German giant in commercial and military vehicles.
Products: Mercedes-Benz military trucks and Unimog all-terrain vehicles.
Market Cap: Approx. USD 35 billion.
6. Oshkosh Corporation
About: U.S.-based defense contractor and vehicle manufacturer.
Products: Heavy Expanded Mobility Tactical Trucks (HEMTT), FMTV series.
Market Cap: Approx. USD 7 billion.
7. Textron Systems
About: A segment of Textron Inc., U.S., delivering advanced military vehicles.
Products: Tactical armored vehicles and support trucks.
Market Cap: Parent Textron Inc. valued at USD 15 billion.
8. ND Defense
About: Emerging player focusing on military logistics solutions.
Products: Supplies modular military trucks and support vehicles.
Market Cap: Privately owned (financials undisclosed).
9. AM General
About: U.S. company behind the iconic Humvee military vehicles.
Products: Light tactical vehicles and logistics trucks.
Market Cap: Privately owned (estimated revenue over USD 1 billion).
10. PAC Group
About: Global supplier of defense logistics and mobility solutions.
Products: Custom-designed military transport and cargo trucks.
Market Cap: Privately held.
11. Renault Trucks Defense
About: French manufacturer of military transport and logistics vehicles.
Products: Offers armored trucks and tactical carriers for defense forces.
Market Cap: Parent Volvo Group valued at USD 60 billion.
12. General Motors Defense
About: A division of General Motors dedicated to military vehicles.
Products: Infantry Squad Vehicles (ISV), tactical trucks.
Market Cap: Parent General Motors valued at USD 45 billion.
Final Words
The military trucks market is transforming with advanced technologies, rising defense budgets, and regional dynamics. As leading companies invest in autonomous systems, electrification, and modular designs, strategic partnerships with governments and defense agencies will be crucial to sustain growth.
Source : https://www.towardsautomotive.com/insights/military-trucks-market-sizing