New York, United States , May 14, 2024 (GLOBE NEWSWIRE) -- The Global Military Land Vehicles Market Size to Grow from USD 25.8 Billion in 2023 to USD 35.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.24% during the forecast period.
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The military land vehicles market encompasses a wide variety of armoured vehicles, tanks, troop transporters, artillery vehicles, and other ground-based military equipment. Many countries are investing in military modernization to maintain their technological superiority and respond to emerging threats. This section discusses the development and purchase of next-generation armoured vehicles with greater mobility, firepower, and survivability. With an increased emphasis on asymmetric warfare and urban engagements, there is a larger demand for armoured vehicles built for urban missions. These vehicles frequently have improved manoeuvrability, urban situational awareness systems, and higher resistance to improvised explosive devices (IEDs) and small arms fire. Military land vehicles are increasingly designed with modular components to allow for upgrades, mission modification, and the addition of new capabilities.
Military Land Vehicles Market Value Chain Analysis
The value chain for military land vehicles includes everything from research and development to deployment and disposal. It entails a collaboration between research institutes, defence contractors, and government organisations to create new technology and vehicle designs. Component suppliers offer critical parts and subsystems, which are ultimately assembled by defence contractors into finished vehicles. Rigorous testing and validation ensure that performance and safety standards are met prior to government acquisition. After procurement, ongoing logistics support, maintenance, and upgrades are provided to ensure operational readiness. Finally, decommissioning and disposal procedures assure proper end-of-life management. Throughout this value chain, numerous stakeholders work together to provide capable and dependable military land vehicles to armed forces worldwide.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Military Land Vehicles Market Size By Offering (Platform and Services), By Product Type (Infantry Fighting Vehicles (IFV), Armored Personnel Carriers (APC), Main Battle Tanks (MBT), Light Multirole Vehicles (LMV), and Tactical Trucks), By Application (Defense and Combat, Logistics and Transportation), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Offering
The services segment accounted for the largest market share over the forecast period 2023 to 2033. As military land vehicles advance in technology, the complexity of maintenance and repair tasks increases. Military forces frequently lack the specific expertise and infrastructure required to carry out MRO activities in-house, forcing the outsourcing of these services to external suppliers. Logistics and support services are crucial for keeping military land vehicles operational during their entire lives. This includes supply chain management, spare part inventory, technical assistance, and field service operations. Logistics and support services are crucial for keeping military land vehicles operational during their entire lives. This includes supply chain management, spare part inventory, technical assistance, and field service operations. With the increasing digitization and connectivity of military land vehicles, cybersecurity has become a key concern.
Insights by Product Type
The infantry fighting vehicles segment is dominating the market with the largest market share over the forecast period 2023 to 2033. Many countries are launching military modernization programmes to replace outdated armoured vehicles with next-generation IFVs with greater capabilities. Modern infantry fighting vehicles have enhanced mobility, firepower, protection, and situational awareness, making them essential assets in mechanised infantry forces. The rise of urban warfare and asymmetric threats in modern combat scenarios has increased demand for IFVs optimised for urban operations. Modern infantry fighting vehicles are designed to operate through congested urban terrain, provide close fire support to dismounted people, and engage enemy units in highly populated areas while causing minimal collateral damage.
Insights by Application
The defence and combat segment accounted for the largest market share over the forecast period 2023 to 2033. Evolving security problems, including conventional and asymmetric warfare, terrorism, and hybrid threats, are driving up demand for improved defence and combat capabilities in military land vehicles. As adversaries develop more sophisticated weaponry and tactics, military forces require vehicles that provide greater protection, firepower, mobility, and situational awareness to maintain battle superiority. Many countries are pursuing military modernization plans to replace their armoured vehicle fleets with cutting-edge vehicles equipped with advanced protection and combat technologies. Military ground vehicles are being included into multi-domain operations, which include coordinated actions on land, sea, air, space, and cyberspace. Modern combat vehicles are designed to operate in complex, contested environments while also assisting joint and coalition operations by providing ground forces with firepower, protection, and mobility.
Insights by Region
North America is anticipated to dominate the Military Land Vehicles Market from 2023 to 2033. The United States, as the world's largest defence spender, is a major driver of the North American military land vehicles market. Its defence budget covers the purchase, upgrading, and maintenance of a diverse range of ground vehicles for several branches of the military. North American defence companies play an important role in the global arms market, exporting military land vehicles to allies and partners. The US Foreign Military Sales (FMS) programme allows for the export of defence equipment, primarily land vehicles, to recognised foreign governments, thereby contributing to market expansion. North American defence companies are increasingly focusing on cybersecurity and information warfare capabilities to protect military networks, command systems, and communication platforms integrated into land vehicles.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region is dealing with a wide range of security issues, including territorial disputes, regional tensions, and the growth of asymmetric threats. As a result, regional governments are investing in military capabilities, such as land vehicles, to improve their defensive posture and preserve national security interests. The Asia-Pacific region is home to a growing number of indigenous defence enterprises capable of designing, manufacturing, and supplying military land vehicles. Countries like South Korea, India, and Singapore have built their own armoured vehicle manufacturing capabilities, which contribute to regional self-sufficiency and export prospects. Economic growth and infrastructure development in Asia-Pacific create opportunities for the deployment of military land vehicles in a number of operational situations, including urban centres, remote regions, and maritime domains.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Vendors in the Global Military Land Vehicles Market are Oshkosh Defense, LLC, General Dynamics Corporation, ST Engineering, BAE Systems plc, Hyundai Rotem, Ashok Leyland, China North Industries Corporation (NORINCO), Rheinmetall AG, Nexter Systems, Uralvagonzavod, Krauss-Maffei Wegmann (KMW), and Iveco S.p.A.
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Recent Market Developments
- In January 2021, Oshkosh Corporation, an American industrial company that designs and manufactures military vehicles and specialty trucks, has purchased Pratt Miller.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Military Land Vehicles Market, Offering Analysis
- Platform
- Services
Military Land Vehicles Market, Product Type Analysis
- Infantry Fighting Vehicles (IFV)
- Armored Personnel Carriers (APC)
- Main Battle Tanks (MBT)
- Light Multirole Vehicles (LMV)
- Tactical Trucks
Military Land Vehicles Market, Application Analysis
- Defense and Combat
- Logistics and Transportation
Military Land Vehicles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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