What Has Been the Growth of the Military Land Vehicles Market So Far?
The military land vehicles market has seen considerable growth due to a variety of factors.
• In recent times, the market size for military land vehicles has seen a vigorous expansion. It is projected to surge from $22.92 billion in 2024 to $24.23 billion in 2025, maintaining a compound annual growth rate (CAGR) of 5.7%. Factors such as budgetary distribution and defense expenditure, logistic hurdles and mobility necessities, industrialization and bulk production, modernization programs in the military, and threat analysis and defense tactics have contributed to this growth during the historical period.
How Will the Military Land Vehicles Template Market?
The Military Land Vehicles market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size of military land vehicles will experience notable expansion. The expected growth targets $29.81 billion by 2029 with a compound annual growth rate (CAGR) of 5.3%.
Factors such as geopolitical shifts worldwide, improvements in logistics efficiency, networking and interoperability, increased cybersecurity and digitalization, and advanced urban warfare capabilities contribute to the growth in the forecast period. Key trends during this period comprise military upgrading programs, adjustments towards hybrid warfare, emphasis on urban warfare abilities, a shift towards unmanned and autonomous systems, and improved survivability and protection.
Which Factors Are Boosting Growth In The Military Land Vehicles Market?
Predictions suggest that the military land vehicles market will be driven by rising geopolitical tensions. These tensions emerge from political issues causing disagreement or discord amongst countries, triggered by variances in power, commercial endeavors, military activities, climate change, or significant global incidents. Military land vehicles, designed to overcome challenging terrains and ensure mobility, are used for personnel transport, battle gear transport, restocking battle vehicles, and weapon systems in case a conflict arises out of geopolitical tensions. For example, as reported by Global Finance - a US financial publication - in June 2024, the previous year observed 162,000 deaths related to conflicts. This figure is the second-largest in three decades. The wars in Ukraine and Gaza contributed to approximately 75% of these fatalities, with over half (83,000) in Ukraine and at least 33,000 in Gaza by April 2024. Also, there is an increasing internationalization of conflicts with engagement from 92 countries, a significant increase from 33 in 2008. This pattern underlines the growing intricacies and influence of worldwide conflicts.
What Key Areas Define The Segmentation Of The Global Military Land Vehicles Market?
The military land vehicles market covered in this report is segmented –
1) By Product Type: Infantry Fighting Vehicles, Armored Personnel Carriers, Main Battle Tank, Light Multi-Role Vehicles, Tactical Trucks, Other Product Types
2) By Offerings: Services, Platforms
3) By Application: Defense, Transportation
Subsegments:
1) By Infantry Fighting Vehicles (IFVs): Tracked IFVs, Wheeled IFVs
2) By Armored Personnel Carriers (APCs): Wheeled APCs, Tracked APCs
3) By Main Battle Tanks (MBTs): Heavy Tanks, Medium Tanks
4) By Light Multi-Role Vehicles: Utility Vehicles, Reconnaissance Vehicles, Tactical Trucks
5) By Tactical Trucks: Light Tactical Vehicles, Medium Tactical Vehicles, Heavy Tactical Vehicles
6) By Other Product Types: Mine-Resistant Ambush Protected (MRAP) Vehicles, Recovery Vehicles, Engineering Vehicles
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How Are Emerging Trends Reshaping The Dynamics Of The Military Land Vehicles Market?
One emerging trend in the military land vehicle market is the growing emphasis on product innovations. As a way of gaining an upper hand in the industry, major businesses in this sector are concentrating on the creation of innovative military machinery. For example, Defenture, a key player in the European market for specialized military vehicles, launched the Mammoth in June 2024. The Mammoth, recognized for its exceptional mobility, balance and battle effectiveness, features a state-of-the-art design allowing it to address the demands of contemporary military operations. Furthermore, it enhances efficiency and safety, and its distinctive blend of power, flexibility and adaptability makes it ideal for various operational scenarios, even under the toughest conditions.
Who Are the Key Players In The Military Land Vehicles Market?
Major companies operating in the military land vehicles market include:
• Oshkosh Defense LLC
• BAE Systems plc
• Ashok Leyland Limited
• General Dynamics Corporation
• ST Engineering Ltd.
• Rheinmetall AG
• Krauss-Maffei Wegmann GmbH & Co. KG
• Iveco S.p.A.
• Achleitner Fahrzeugbau
• Otokar Otomotiv ve Savunma Sanayi A.S.
• Hyundai Rotem Company
• Lockheed Martin Corporation
• Thales Group
• Artec GmbH
• Navistar Defense
• Textron Systems
• Nexter Group
• Hanwha Defense
• FNSS Savunma Sistemleri A.S. Defense Systems
• Tata Motors Limited
• Kurganmashzavod
• Uralvagonzavod
• Rosoboronexport
• China North Industries Corporation
• Rostec
• Ukroboronprom
• Paramount Group
• Denel Land Systems (Pty) Ltd.
• Plasan Sasa Ltd.
• Mitsubishi Heavy Industries Ltd.
What Is The Most Dominant Region In The Military Land Vehicles Market?
North America was the largest region in the military land vehicles market in 2024. The regions covered in the military land vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
