Military Land Vehicles Market Trends 2023 | Industry Growth and Forecast 2028
IMARC Group, a leading market research company, has recently releases report titled, “Military Land Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global military land vehicles market trends, share, size and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the military land vehicles market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 22.2 Billion |
| Market Forecast in 2028 | US$ 27.2 Billion |
| Growth rate (2023 to 2028) | CAGR of 3.70% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is military land vehicles?
Military land vehicles represent specialized automobiles that are designed and utilized by armed forces in ground operations, suiting various purposes. They play a vital role in modern service operations by providing mobility, firepower, and protection to troops in several combat scenarios. Military land vehicles encompass various automobiles, each tailored for specific tasks and environments. Armored personnel carriers (APCs) and infantry fighting vehicles (IFVs) are among the popular categories. They are designed to transport infantry units across various terrains while providing protection against small arms fire and explosive devices. They often feature armored hulls, gun turrets, and advanced communication systems. Main battle tanks (MBTs) are another critical component of military land vehicles. These heavily armored and armed automobiles are specifically designed to engage and destroy enemy forces and fortifications. Equipped with powerful cannons, advanced targeting systems, and reinforced armor, MBTs offer superior firepower and protection.
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What are the growth prospects and trends in the military land vehicles industry?
The escalating security and defense demands that aim to enhance the capability of armed forces to safeguard borders, maintain territorial integrity, and deter potential threats are primarily driving the military land vehicles market. Besides this, the ability of these automobiles to operate across several terrains and environments, adapting to various operational scenarios, is further augmenting the market growth. Moreover, military land vehicles are integrated with advanced technologies, such as night vision systems, GPS navigation, communication systems, and enhanced protection features to withstand harsh operating conditions across deserts, forests, and urban environments, which is also catalyzing the global market. Apart from this, the extensive utilization of these automobiles to counter specific threats, including improvised explosive devices (IEDs), anti-armor weapons, and challenges posed by urban warfare, enabling an effective response to asymmetric warfare tactics, is anticipated to propel the military land vehicles market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Offering Insights:
- Platforms
- Services
Product Type Insights:
- Infantry Fighting Vehicles
- Armored Personnel Carriers
- Main Battle Tank
- Light Multi-Role Vehicles
- Tactical Trucks
- Others
Application Insights:
- Defense
- Transportation
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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., etc.
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