According to the research report titled ‘Global Military Truck Market by Application (Cargo/logistics, Troop, Utility), Axle (4x4, 6x6, 8x8), by propulsion (Electric, Gasoline, Diesel), by Truck Type (Light, Medium, Heavy), by Transmission (Automatic, Semi-Automatic, Manual), and Regional Forecasts 2021-2027’, available with Market Study Report, global military truck market is projected to grow considerably over 2021-2027.
 

Rising geopolitical tensions and war-like situations among nations leading to high demand for increasing military capabilities are the key factors driving global military truck market growth, cites the study. In fact, growing tensions between nations such as Palestine and Israel, China and India, are boosting demand for improving their capabilities, further contributing to the market development.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3930278/
 

The high growth potential for military trucks on account of its usage to transport personnel and equipment to national borders is anticipated to fuel the industry expansion. Also, the defense agencies are collaborating with automobile to technologically enhance military trucks.
 

The report states that the South Korean military is working on mid-sized military vehicles with Kia Motors. Kia Motors plans to manufacture high-torque military vehicles with features such as anti-lock brakes, satellite navigation, and an anti-spin regulator. Similar moves by other industry participants is expected to add to the remuneration scope of the market.
 

Speaking of restraints, shifting focus of government towards the healthcare sector due to the outbreak of COVID-19 pandemic is likely to impede the industry progression. Besides, high initial investment required is also acting as a major challenge for businesses operating in this domain.
 

Coming to regional front, Asia Pacific, North America, Europe, and Latin America are the key contributors to the overall market growth. Of these, Asia Pacific held 45% of worldwide military truck market share in the year 2019 and is anticipated to expand further through 2027, due to rising automotive consumer base in China and India, coupled with rapid industrialization.
 

On the other hand, Europe industry is predicted to accrue modest revenues over the coming years, creditable to presence of robust automotive base in Russia and Germany.
 

Major contenders in global military truck market sphere are Oshkosh Corporation Inc., Krauss-Maffei Wegmann GmbH & Co. KG (KMW), Tata Motors Ltd., Mercedes-Benz AG, Mitsubishi Heavy Industries Ltd., General Dynamics Corporation (GD), Textron Inc., Tatra Trucks A.S., Iveco S.p.A., and Rheinmetall AG.