DUBLIN--(BUSINESS WIRE)--The "Military Land Vehicles Market Size and Trend Analysis including Segments (Infantry Fighting Vehicles, Armored Personnel Carrier, Main Battle Tanks, Armored Multirole Vehicles, Tactical Trucks and Others), Key Programs, Competitive Landscape and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
This report provides the market size forecast and the estimated Compound Annual Growth Rate (CAGR) for the next ten years. The report covers industry analysis including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military land vehicles market over the forecast period.
Companies Mentioned
- Rostec Corp
- General Dynamics
- BAE Systems
- Rheinmetall AG
- Oshkosh Defence
- Hyundai Motor Group
- CNH Industrial N.V.
- Rheinmetall
- ARTEC GmbH
Increasing geopolitical tensions, low-intensity cross-border skirmishes, varied geographical deployment of armed forces, and standardization requirements as part of military alliances such as NATO are few of the reasons that are driving military forces globally to acquire modern military land vehicles. The demand for military land vehicles is anticipated to be primarily driven by the European region, especially in countries such as the UK, France, Germany, Poland, and Russia, which are revamping their armored vehicles fleet.
Moreover, tension with Russia amid the war in Ukraine is driving countries in the European region and across NATO to improve their conventional capabilities with new platforms capable of countering the heavily armored and mechanized formations of the Russian Army. Additionally, the Soviet-era military equipment in possession of several Eastern European countries needs to be replaced with more advanced platforms suitable for evolving warfare tactics, which is further driving the market growth in the region.
The infantry fighting vehicles (IFV) segment is expected to be the leading segment in the military land vehicles market with a share of 29.2% over 2022-32. This large share is attributed to the continued importance of IFVs in the armored formation of modern armed forces. The combat effectiveness and the advanced armored protection for troops provided by IFVs have been well documented as they have been used in almost all the major conflicts around the world. They are crucial in providing direct-fire support and enabling troops to move safely across the battlefield.
According to Venkatesh K, Defense Analyst at the publisher: 'The increased focus on the development and manufacturing of state-of-the-art armored vehicles by the leading military powers such as the US, France, Russia, China, and the UK to replace their aging inventory of Cold War era vehicles is anticipated to drive the market over 2022-32.'
Europe is expected to dominate the global military land vehicles market from 2022 to 2032. Major European countries have increased their defense budgets and have tried to maintain their military expenditures even during the pandemic. This has allowed countries with large defense budgets to implement major procurement projects without any significant delays. Amid the Ukraine conflict, several European countries are expected to ramp up the procurement of military land vehicles in the upcoming years.
Key Highlights
- The global military land vehicles market is expected to grow at a CAGR of 4.1% over the forecast period.
- The global military land vehicles market is classified into eight categories: armored personnel carrier, infantry fighting vehicles, main battle tanks, armored multirole vehicles, tactical trucks, armored support vehicles, armored engineering vehicles and light utility vehicle.
- Europe is expected to dominate the global military land vehicles market over the forecast period with a market share of 50.9%, followed by North America and Asia-Pacific regions.
- Infantry Fighting Vehicle is expected to be the largest segment among other military land vehicles categories over the forecast period.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the global military land vehicles over the next ten years.
- Gain an in-depth understanding of the underlying factors driving demand for different military land vehicles segments in the top spending countries across the world and identify the opportunities offered by each of them.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
- Identify the major channels that are driving the global military land vehicle market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global military land vehicles market.
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top military land vehicles providers around the world. The company profiles also include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available.
For more information about this report visit https://www.researchandmarkets.com/r/rxvxla
Source: GlobalData
