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on March 12, 2024
The latest report by IMARC Group, titled “Military Land Vehicles Market by Offering (Platforms, Services), Product Type (Infantry Fighting Vehicles, Armored Personnel Carriers, Main Battle Tank, Light Multi-Role Vehicles, Tactical Trucks, and Others), Application (Defense, Transportation), and Region 2024-2032“, The global military land vehicles market size reached US$ 23.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 30.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.23% during 2024-2032.
Factors Affecting the Growth of the Military Land Vehicles Market :
- Significant Modernization and Technological Advancements:
Modernization and technological advancements are significant drivers of the military land vehicles market. In an era where military superiority depends on cutting-edge technology, nations are investing heavily in upgrading their land-based military assets. This includes the development of advanced armored vehicles, infantry fighting vehicles, and main battle tanks equipped with state-of-the-art communication systems, armor protection, and weaponry. The utilization of advanced materials such as composite armor and reactive armor has enhanced the survivability of military land vehicles against various threats, including improvised explosive devices (IEDs) and anti-tank guided missiles. Additionally, the integration of AI-driven systems, unmanned ground vehicles (UGVs), and autonomous driving capabilities is revolutionizing military land vehicle operations. Furthermore, the focus on reducing the environmental impact of military operations has led to the development of hybrid and electric military land vehicles. These innovations reduce the carbon footprint and also increase the operational range and flexibility of military forces.
- Rising Geopolitical Tensions and Security Concerns:
Geopolitical tensions and security concerns worldwide play a crucial role in driving the military land vehicles market. As nations strive to protect their territorial integrity and maintain a strong defense posture, they increase their investments in land-based military assets. Ongoing conflicts and territorial disputes in various regions fuel the demand for armored vehicles and tanks, as these are essential tools for ground-based operations. Moreover, the rise of asymmetric warfare and insurgent threats has necessitated the development of counter-insurgency vehicles that are adaptable to urban environments and irregular warfare scenarios. This has led to the creation of specialized armored vehicles tailored to address these challenges.
- Replacement and Upgradation Needs:
Numerous countries around the world have aging military land vehicle fleets that require replacement or extensive upgrades. This factor drives the market as defense agencies seek to maintain operational readiness. The cost-effectiveness of upgrading existing vehicles versus procuring entirely new ones often makes upgrades an attractive option. The need for replacing outdated technology, improving vehicle mobility, and enhancing crew protection are key considerations in these replacement and upgradation efforts. It is common to see programs aimed at retrofitting older armored vehicles with modern communication systems, better armor, and more powerful engines, extending their operational life and capability.
Competitive Landscape with Key Player:
- Ashok Leyland Ltd. (Hinduja Group Ltd.)
- BAE Systems Plc
- General Dynamics Corporation
- Hyundai Rotem Company (Hyundai Motor Group)
- IVECO S.p.A. (Iveco Group)
- Krauss-Mafeeo Wegman GmbH & Co. KG (KMW+ Nexter Defense Systems N.V.)
- Oshkosh Defense LLC (Oshkosh Corporation)
- Rheinmetall AG, ST Engineering Ltd.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/military-land-vehicles-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Offering Insights:
- Platforms
- Services
Services dominate the market due to their integral role in providing expertise, support, and customized solutions that enhance the value and effectiveness of products, fostering long-term client relationships and trust.
Product Type Insights:
- Infantry Fighting Vehicles
- Armored Personnel Carriers
- Main Battle Tank
- Light Multi-Role Vehicles
- Tactical Trucks
- Others
Infantry fighting vehicles hold maximum number of shares due to their versatile role in modern warfare, serving as a crucial combination of troop transport, armored support, and firepower on the battlefield.
Application Insights:
- Defense
- Transportation
Based on the application, the market has been divided into defense and transportation.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the military land vehicles market is attributed to its robust defense spending, technological innovation, and the presence of established defense contractors, making it a major hub for military land vehicle procurement and development.
Global Military Land Vehicles Market Trends:
The evolving nature of warfare, including the rise of unconventional and asymmetric threats such as terrorism and insurgency, drives the demand for military land vehicles. These vehicles are essential for counter-terrorism operations, border security, and peacekeeping missions in regions with unstable political environments. Additionally, proximity to regions with ongoing or potential cross-border conflicts motivates neighboring countries to invest in military land vehicles. They do so to ensure their readiness and deterrence capabilities, which can include the deployment of armored personnel carriers, self-propelled howitzers, and border surveillance vehicles. Other than this, numerous countries with advanced military land vehicle manufacturing capabilities actively seek export opportunities and enter into international alliances. This strategy generates revenue and strengthens diplomatic and defense ties. Nations, such as Russia, China, and the United States, for instance, export their military land vehicles to bolster their global influence and forge alliances with other countries seeking modern military technology.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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