Military Land Vehicles Market Size, Share, Growth and Industry Analysis, By Type (Military Armored Vehicles, Military Battle Tanks and Unmanned Ground Vehicles), By Application (Defense and Transportation), Regional Insights, and Forecast From 2024 To 2032

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MILITARY LAND VEHICLES MARKET OVERVIEW

The global military land vehicles market size was USD 45.51 billion in 2023 and is projected to grow from USD 47.51 billion in 2024 to USD 67.29 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period. Asia-Pacific holds leading position in military land vehicles market share in 2023.

The need for new military land vehicles is being driven by a number of factors, including rising international tensions, low-intensity cross-border clashes, diverse geographical deployment of armed forces, and standardization needs as part of military alliances like NATO. It is projected that the European region, which is updating its inventory of armored vehicles, will be the main driver of demand for military land vehicles.

COVID-19 Impact

Number of Difficulties Experienced by the Manufacturers of Military Vehicles due to the COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering; with the military land vehicles market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to military land vehicles market growth and demand returning to pre-pandemic levels once the pandemic is over.

Owing to the COVID-19 pandemic, the military sector has encountered never-before-seen difficulties. Due to decreased defense spending in nations like Thailand, India, South Korea, and others, the market's growth pace has slowed down. Due to the epidemic, military land vehicles manufacturers on the market had delays in delivery of their products. The market expanded more slowly as a result of supply chain disruption, a slump in the economy, and a manufacturing standstill suffered by the producers.

LATEST TRENDS

Introduction of the Latest QRFV for the Indian Army will Improve the Operation Capacity of the Army During Warlike Instances 

Tata Advanced Systems Limited (TASL) became India's first private sector business to construct and supply wheeled armored combat-ready vehicles for the Indian armed services in April 2022, marking a milestone in the country's military ecosystem. To improve the Indian military's operational capacity the Indian army has received the Quick Reaction Fighting Vehicle-Medium (QRFV), which was developed locally. According to TASL, the made-in-India troop carrier will improve the Indian army's operating capability in upcoming conflicts and warlike scenarios.

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MILITARY LAND VEHICLES MARKET SEGMENTATION

• By Type

Based on type, the market is distributed into Military Armored Vehicles, Military Battle Tanks and Unmanned Ground Vehicles

• By Application

Based on application, the market is divided into Defense and Transportation

DRIVING FACTORS

Rapid Increasing IFVs Sector on Account of its Advantages on the Battlefield is Broadening the Growth of the Market

With a market share of nearly 29% over the projection period, the infantry fighting vehicles (IFV) sector is anticipated to be the military land vehicles market's fastest-growing segment. This significant portion is ascribed to the IFVs' enduring significance in the armored structure of contemporary military forces. The combat efficiency and cutting-edge armored protection for troops offered by IFVs have both been extensively documented due to their use in nearly all major international conflicts. They are essential for providing direct-fire support and allowing soldiers to travel across the battlefield in safety.

Increasing Threat of Cross-Border Terrorism has Led to Growing Demand for Technological Advancements in Military Vehicles

The fear of cross-border terrorism has increased demand for sophisticated military land vehicles in expanding countries like India, the Middle East, Afghanistan, and Africa. The many types of vehicles include light utility vehicles, tactical fighting vehicles, heavy weaponry, tanks, and military vehicles. These vehicles incorporate cutting-edge equipment like location tracking, fire suppression systems, integrated optics, and self-defense systems. For instance, independent and different suspension systems are built into the light, medium, and heavy vehicles of the Tak-4 military fleet. LIDAR, radar imaging, military-grade global satellite navigation systems, and precise positioning are all provided by the Oshkosh Defense Autonomous Technology without the requirement for ongoing tracking or GPS.

RESTRAINING FACTORS

Decrease in Government Spending’s on Military and Defense in Different Nations Can Hamper with the Growth of the Market

Governments in a number of nations are cutting back on military spending and national defense spending, which has an effect on how quickly the market for military land vehicles is expanding globally. For instance, military spending in nations like Algeria, Sudan, and Angola declined from 2017 to 2018 by about 6.1%, 49%, and 18%, accordingly. Additionally, Saudi Arabia and France saw a large decline in military spending of 6.5% and 1.4%, respectively, and saw a decline in their standing in terms of defense spending. Therefore, it is projected that a decline in nationwide military and defense spending will restrain the military land vehicles market growth.

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MILITARY LAND VEHICLES MARKET REGIONAL INSIGHTS

Europe to Lead in the Global Market due to the Nations in the Region Increasing their Defense Budget

During the forecast period, Europe is anticipated to have the largest military land vehicles market share. Major European nations have raised their defense budgets and attempted to keep up their military spending despite the outbreak. Because of this, nations with substantial defense budgets have been able to carry out important procurement initiatives without suffering undue delays. In the following years, it is anticipated that various European nations would increase their purchases of military land vehicles due to the situation in Ukraine.

KEY INDUSTRY PLAYERS

The Players are Focused on Creating Technological Products & Forging Alliances with Governments to Fulfill Requirements of End-Users

The market is competitive and made up of a number of significant firms who work on designing and developing military land vehicles. Original equipment producers (OEMs) are concentrating on creating technologically cutting-edge products and forging solid alliances with the administrations of both developed and emerging nations. This way the players in the market are aiming to stay ahead of their competitors and at the same time fulfill the demands of the end users.

List Of Top Military Land Vehicles Companies

• BAE Systems (U.K.)
• Rheinmetall (Germany)
• General Dynamics (U.S.)
• Oshkosh Corporation (U.S.)
• ST Engineering (Singapore)
• Achleitner (Austria)
• Ashok Leyland (India)
• Iveco (Netherlands)
• John Deere (U.S.)
• Otokar (Turkey)
• Krauss-Maffei Wegmann (China)
• Lockheed Martin Corporation (U.S.)
• Thales Group (France)

REPORT COVERAGE

This report covers the military land vehicles market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.