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Asia Pacific Military Truck Market Forecast to 2028-Regional Analysis- by Application (Cargo/Logistics Carrier and Troop Carrier), Truck Type (Light Truck, Medium Truck, and Heavy Truck), Propulsion Type ( Electric/Hybrid and Diesel), and Transmission Type ( Automatic Transmission and Manual Transmission)
Market Report I 2023-06-09 I 133 Pages I The Insight Partners
The Asia Pacific military truck market is expected to grow from US$ 5,057.17 million in 2023 to US$ 6,318.54 million by 2028. It is estimated to grow at a CAGR of 4.6% from 2023 to 2028.
Upsurge in Defense Budget Fuels Asia Pacific Military Truck Market
Governments of various countries continuously focus on strengthening their military capabilities by spending more on the modernization of their operations. According to Global Firepower, China, and India are the top 5 nations with the largest defense budget in 2023.
In February 2023, the Government of India announced the allocation of a total budget of US$ 72.64 billion (INR 593,537.64 crore) to the Ministry of Defence, with an increase of 13.0% compared to the amount allocated in 2022. Out of this, capital allocations of US$ 19.9 billion (Rs 162,600 crore) are for the modernization and infrastructure development of defense services, which indicates a rise of 6.7% compared to 2022. Out of this total budget allotted to MoD, ~57% will be for Army. Furthermore, in 2023, the Indian Army received 23% of the total modernization funds among the defense services. Moreover, in March 2023, the government of China announced its official defense budget of ~US$ 224.8 billion for FY 2023, marking a 7.2% increase compared to 2022. According to the defense ministry of the country, the increased defense expenditure helps provide Chinese forces with better training and more advanced equipment. Thus, the growing defense expenditure by governments of different countries would create significant opportunities for the growth of the Asia Pacific military truck market during the forecasted period.
Asia Pacific Military Truck Market Overview
The Asia Pacific military truck market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. According to the Stockholm International Peace Research Institute (SIPRI), the region has been witnessing a growth in military spending in recent years. China spent ~US$ 293 billion and India spent ~US$ 76.6 billion on military spending in 2021. Moreover, Japan increased its spending by 7.3%, South Korea by 4.7%, and Australia by 4%. Medium players in ASEAN also stepped up their expenditures. Indonesia witnessed a rise of 35% in its military expenditures in 2021 from 2012, while Singapore and Thailand experienced a rise of 24% and 16%, respectively. Thus, increasing military expenditure by countries in Asia Pacific and growing product innovations by market players are boosting the growth of the Asia Pacific military truck market.
Exhibit: Asia Pacific Military Truck Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Military Truck Market Segmentation
The Asia Pacific military truck market is segmented into application, truck type , propulsion type, transmission type, and country.
Based on application, the Asia Pacific military truck market is segmented into cargo/logistics carrier and troop carrier. The troop carrier segment held a larger share of the Asia Pacific military truck market in 2023.
Based on truck type, the Asia Pacific military truck market is segmented into light truck, medium truck, and heavy truck. The heavy truck segment held the largest share of the Asia Pacific military truck market in 2023.
Based on propulsion type, the Asia Pacific military truck market is segmented into electric/hybrid and diesel. The diesel segment held a larger share of the Asia Pacific military truck market in 2023.
Based on transmission type, the Asia Pacific military truck market is segmented into automatic transmission and manual transmission. The automatic transmission segment held a larger share of the Asia Pacific military truck market in 2023.
Based on country, the Asia Pacific military truck market is segmented int o China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. The China dominated the share of the Asia Pacific military truck market in 2023.
AB Volvo; Hyundai Rotem Co; Iveco Group NV; Oshkosh Corp; Rheinmetall AG; Tata Motors Ltd are the leading companies operating in the Asia Pacific military truck market .
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Military Truck Market Landscape
4.1 Market Overview
4.2 Porter Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Asia Pacific Military Truck Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Initiatives by Governments to Expand Their Military Troops
5.1.2 Efforts by Companies to Provide High-Mobility and Multipurpose Solutions for Transportation
5.2 Key Market Restraints
5.2.1 Growing Use of Robots in Military Operations
5.3 Key Market Opportunities
5.3.1 Upsurge in Defense Budget
5.4 Future Trends
5.4.1 Electrification of Military Vehicles
5.5 Impact Analysis of Drivers and Restraints
6. Military Truck -Asia Pacific Market Analysis
6.1 Asia Pacific Military Truck Market Overview
6.2 Asia Pacific Military Truck Market Revenue Forecast and Analysis (US$ Million)
7. Asia Pacific Military Truck Market - By Application
7.1 Overview
7.2 Asia Pacific Military Truck Market, by Application (2022 and 2028)
7.3 Cargo/Logistics Carrier
7.3.1 Overview
7.3.2 Cargo/Logistics Carrier: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Troop Carrier
7.4.1 Overview
7.4.2 Troop Carrier: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Military Truck Market - By Truck Type
8.1 Overview
8.2 Asia Pacific Military Truck Market, by Truck Type (2022 and 2028)
8.3 Light-Duty Trucks
8.3.1 Overview
8.3.2 Light-Duty Trucks: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Medium Trucks
8.4.1 Overview
8.4.2 Medium Trucks: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
8.5 Heavy Trucks
8.5.1 Overview
8.5.2 Heavy Trucks: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Military Truck Market Analysis - By Propulsion Type
9.1 Overview
9.2 Asia Pacific Military Truck Market, by Propulsion Type (2022 and 2028)
9.3 Electric/Hybrid
9.3.1 Overview
9.3.2 Electric/Hybrid: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
9.4 Diesel
9.4.1 Overview
9.4.2 Diesel: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
10. Asia Pacific Military Truck Market - By Transmission Type
10.1 Overview
10.2 Asia Pacific Military Truck Market, by Level of Automation (2022 and 2028)
10.3 Manual Transmission
10.3.1 Overview
10.3.2 Manual Transmission: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
10.4 Automatic Transmission
10.4.1 Overview
10.4.2 Automatic Transmission: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
11. Asia Pacific Military Truck Market - Country Analysis
11.1 Overview-
11.1.1 Asia Pacific Military Truck Market, By Key Country
11.1.1.1 Australia: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 Australia: Asia Pacific Military Truck Market, By Application
11.1.1.1.2 Australia: Asia Pacific Military Truck Market, By Truck Type
11.1.1.1.3 Australia: Asia Pacific Military Truck Market, By Propulsion type
11.1.1.1.4 Australia: Asia Pacific Military Truck Market, By Transmission Type
11.1.1.2 China: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 China: Asia Pacific Military Truck Market, By Application
11.1.1.2.2 China: Asia Pacific Military Truck Market, By Truck Type
11.1.1.2.3 China: Asia Pacific Military Truck Market, By Propulsion type
11.1.1.2.4 China: Asia Pacific Military Truck Market, By Transmission Type
11.1.1.3 India: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 India: Asia Pacific Military Truck Market, By Application
11.1.1.3.2 India: Asia Pacific Military Truck Market, By Truck Type
11.1.1.3.3 India: Asia Pacific Military Truck Market, By Propulsion type
11.1.1.3.4 India: Asia Pacific Military Truck Market, By Transmission Type
11.1.1.4 Japan: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.4.1 Japan: Asia Pacific Military Truck Market, By Application
11.1.1.4.2 Japan: Asia Pacific Military Truck Market, By Truck Type
11.1.1.4.3 Japan: Asia Pacific Military Truck Market, By Propulsion type
11.1.1.4.4 Japan: Asia Pacific Military Truck Market, By Transmission Type
11.1.1.5 South Korea: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
11.1.1.5.1 South Korea: Asia Pacific Military Truck Market, By Application
11.1.1.5.2 South Korea: Asia Pacific Military Truck Market, By Truck Type
11.1.1.5.3 South Korea: Asia Pacific Military Truck Market, By Propulsion type
11.1.1.5.4 South Korea: Asia Pacific Military Truck Market, By Transmission Type
11.1.1.6 Rest of Asia Pacific: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
11.1.1.6.1 Rest of Asia Pacific: Asia Pacific Military Truck Market, By Application
11.1.1.6.2 Rest of Asia Pacific: Asia Pacific Military Truck Market, By Truck Type
11.1.1.6.3 Rest of Asia Pacific: Asia Pacific Military Truck Market, By Propulsion type
11.1.1.6.4 Rest of Asia Pacific: Asia Pacific Military Truck Market, By Transmission Type
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Arquus SAS
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Oshkosh Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Rheinmetall AG
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 TATRA TRUCKS AS
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 General Dynamics European Land Systems SLU
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Hyundai Rotem Co
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 AB Volvo
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Tata Motors Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Financial Overview
13.8.4 SWOT Analysis
13.8.5 Key Developments
13.9 Iveco Group NV
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Navistar Defense LLC
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Financial Overview
13.10.4 SWOT Analysis
13.10.5 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Military Truck Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Asia Pacific Military Truck Market, By Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Asia Pacific Military Truck Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Asia Pacific Military Truck Market, By Truck Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Asia Pacific Military Truck Market, By Propulsion type - Revenue and Forecast to 2028 (US$ Million)
Table 6. Australia: Asia Pacific Military Truck Market, By Transmission Type - Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Asia Pacific Military Truck Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Asia Pacific Military Truck Market, By Truck Type - Revenue and Forecast to 2028 (US$ Million)
Table 9. China: Asia Pacific Military Truck Market, By Propulsion type - Revenue and Forecast to 2028 (US$ Million)
Table 10. China: Asia Pacific Military Truck Market, By Transmission Type - Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Asia Pacific Military Truck Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 12. India: Asia Pacific Military Truck Market, By Truck Type - Revenue and Forecast to 2028 (US$ Million)
Table 13. India: Asia Pacific Military Truck Market, By Propulsion type - Revenue and Forecast to 2028 (US$ Million)
Table 14. India: Asia Pacific Military Truck Market, By Transmission Type - Revenue and Forecast to 2028 (US$ Million)
Table 15. Japan: Asia Pacific Military Truck Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 16. Japan: Asia Pacific Military Truck Market, By Truck Type - Revenue and Forecast to 2028 (US$ Million)
Table 17. Japan: Asia Pacific Military Truck Market, By Propulsion type - Revenue and Forecast to 2028 (US$ Million)
Table 18. Japan: Asia Pacific Military Truck Market, By Transmission Type - Revenue and Forecast to 2028 (US$ Million)
Table 19. South Korea: Asia Pacific Military Truck Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 20. South Korea: Asia Pacific Military Truck Market, By Truck Type - Revenue and Forecast to 2028 (US$ Million)
Table 21. South Korea: Asia Pacific Military Truck Market, By Propulsion type - Revenue and Forecast to 2028 (US$ Million)
Table 22. South Korea: Asia Pacific Military Truck Market, By Transmission Type - Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of Asia Pacific: Asia Pacific Military Truck Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Asia Pacific: Asia Pacific Military Truck Market, By Truck Type - Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Asia Pacific: Asia Pacific Military Truck Market, By Propulsion type - Revenue and Forecast to 2028 (US$ Million)
Table 26. Rest of Asia Pacific: Asia Pacific Military Truck Market, By Transmission Type - Revenue and Forecast to 2028 (US$ Million)
Table 27. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Military Truck Market Segmentation
Figure 2. Asia Pacific Military Truck Market Segmentation - By Country
Figure 3. Asia Pacific Military Truck Market Overview
Figure 4. Asia Pacific Military Truck Market, By Truck type
Figure 5. Asia Pacific Military Truck Market, By Country
Figure 6. Porter Analysis
Figure 7. Asia Pacific Military Truck Market- Ecosystem Analysis
Figure 8. Asia Pacific Military Truck Market Impact Analysis of Drivers and Restraints
Figure 9. Asia Pacific Military Truck Market Revenue Forecast and Analysis (US$ Million)
Figure 10. Asia Pacific Military Truck Market Revenue Share, by Application (2022 & 2028)
Figure 11. Cargo/Logistics Carrier: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 12. Troop Carrier: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 13. Asia Pacific Military Truck Market Revenue Share, by Truck Type (2022 & 2028)
Figure 14. Light-Duty Trucks: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 15. Medium Trucks: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 16. Heavy Trucks: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. Asia Pacific Military Truck Market Revenue Share, by Propulsion Type (2022 & 2028)
Figure 18. Electric/Hybrid: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 19. Diesel: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 20. Asia Pacific Military Truck Market Revenue Share, by Transmission Type (2022 & 2028)
Figure 21. Manual Transmission: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 22. Automatic Transmission: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
Figure 23. Asia Pacific Military Truck Market, by Key Country- Revenue (2022) (US$ Million)
Figure 24. Asia Pacific Military Truck Market Revenue Share, by Key Country (2022 & 2028)
Figure 25. Australia: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. China: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
Figure 27. India: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Japan: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. South Korea: Asia Pacific Military Truck Market - Revenue and Forecast to 2028 (US$ Million)
Figure 30. Rest of Asia Pacific: Asia Pacific Military Truck Market- Revenue and Forecast to 2028 (US$ Million)
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