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Lockheed Martin, Iveco S.p.A., and Daimler AG assert dominate in the military trucks industry holding market share over 20% through their comprehensive capabilities and global reach. Lockheed Martin's expertise in defense systems and technology integration, coupled with Iveco's proficiency in vehicle manufacturing and Daimler AG's innovation in automotive engineering, collectively provide a dominating force.
Leveraging extensive experience, robust supply chains, and strategic partnerships, these companies offer tailored solutions for military applications. Their commitment to quality, reliability, and customer satisfaction ensures that they remain at the forefront of the market, meeting the diverse needs of armed forces worldwide. Through ongoing research, development, and collaboration, Lockheed Martin, Iveco S.p.A., and Daimler AG continue to drive innovation and set industry standards, solidifying their positions as leaders in the military trucks segment.
Major companies operating in the military trucks industry are:
Asia Pacific military trucks industry held a share of over 30% in 2023, owing to increasing tensions and security concerns.
The heavy-duty trucks vehicle segment accounted for over 46% of the market share in 2023, as they are crucial for transporting troops, across challenging terrains and harsh environments.
The market size of military truck reached USD 24.7 billion in 2023 and will grow at over 3.5% CAGR between 2024 and 2032, led by the strong need for rapid deployment.
AB Volvo, Lockheed Martin, Dailmer AG, Navistar Defense, Iveco S.p.A., and General Dynamics Land Systems among others.