Military Truck Market: An Emerging Market with Attractive Growth Opportunities

 The Military Truck Market is projected to reach 20,171 units by 2027 from 15,677 units in 2019, at a CAGR of 3.2%. The growth of the market is driven by the increased number of army personnels, rise in the defense budget, and high demand for transportation of military equipment.

The leading players in the military truck market are Oshkosh Corporation (US), Rheinmetall AG (Germany), IVECO S.p.A., (Italy), TATRA TRUCKS A.S., (Czech Republic), Arquus (France), Textron Inc., (US), General Dynamics (US), and Mitsubishi Heavy Industries (Japan) among others. These companies have developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth market.

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Oshkosh Corporation (US) is a leading player in the military truck market. The subsidiary of the company, Oshkosh Defense, has been designing, manufacturing, and offering military tactical wheeled vehicles to the US Department of Defense (DoD) for over 90 years. Oshkosh Defense is a manufacturer of heavy, medium, and light tactical wheeled vehicles such as hauling tanks equipped with missile systems and ammunition. Troops use these vehicles for a broad range of missions. In 2015, the company received a contract from the US Department of Defense for supplying light-payload tactical wheeled vehicles for the Joint Light Tactical Vehicles (JLTVs) program. The 8-year long USD 6.7 billion worth contract was awarded for supplying 17,000 technologically enhanced vehicles and offering their sustaining services.

Rheinmetall AG (Germany) offers wheeled armored vehicles, tracked armored vehicles, and military trucks under the vehicle systems division. In January 2019, Rheinmetall AG and BAE Systems signed an agreement to create a joint UK based military vehicle design, manufacturing and support business. Rheinmetall AG will acquire a 55% share in BAE Systems Land UK Tank and Combat Vehicles division. The joint venture will be known as Rheinmetall BAE Systems Land (RBSL).

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IVECO (Italy) is a subsidiary of CNH Industrial and operates through 4 brands, namely, IVECO Bus, IVECO Defence Vehicles, Astra, and Magirus. In December 2017, IVECO Defence Vehicles received a contract from the Romanian Ministry of National Defence for supplying 173 military logistic vehicles.

General Dynamics Corporation (US) is another major player in this industry. In November 2018, General Dynamics European Land Systems (GDELS) acquired FWW Fahrzeugwerk GmbH (FWW). FWW will become part of the newly-established General Dynamics European Land Systems–Deutschland, located in Berlin. The acquisition of FWW will expand General Dynamics offerings in Germany.

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