Global Military Land Vehicles Market 2023-2030

Title: Global Military Land Vehicles Market Size, Share & Trends Analysis Report by Type (Military Armored Vehicles, Military Battle Tanks, and Unmanned Ground Vehicles) and by End-Users (Defense, and Transportation) Forecast Period (2023-2030).

The global military land vehicles market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period. The market growth is attributed to factors such as the increasing defense expenditure, geopolitical tensions, and technological advancements. The modernization of military forces and the demand for enhanced battlefield capabilities are some other factors anticipated to fuel the military land vehicles market growth. Additionally, several countries are also focusing on upgrading their armored vehicle fleets and investing in unmanned ground vehicles for various military operations. For instance, in February 2023, Mack Defense awarded a contract to design, build, and deliver trucks for the prototype and testing phase of the US Army's Common Tactical Truck (CTT) Program. The goal of the program is to develop fuel-efficient trucks for the US Army. Mack Defense specializes in providing militarized rigid trucks and tractors that are based on commercial vehicles adapted to the specific needs of armed forces. The Mack Defense family of vehicles includes line haul and troop carrier trucks, among others.

Segmental Outlook

The global military land vehicles market is segmented based on its type and end-users. Based on type, the market is segmented into military armored vehicles, military battle tanks, and unmanned ground vehicles. Based on end-users, the market is bifurcated into defense and transportation. Among types, the military armored vehicles sub-segment is anticipated to hold a significant market share of the global military land vehicles market owing to its versatility and wide range of applications in various military operations.

The Defense Sub-Segment is Anticipated to Dominate the Global Military Land Vehicles Market

The defense sub-segment is anticipated to dominate the global market owing to the primary application of military land vehicles in defense forces globally. The growth of this sub-segment is driven by several factors including the requirement to modernize and address evolving threats, geopolitical considerations, technological advancements, armed vehicle launches, and collaborative efforts within the industry. For instance, in March 2020, Ukrainian Armor Co. started the delivery of Novator 4x4 armored vehicles to the National Guard of Ukraine under a State contract. The Novator is a light armored vehicle designed and manufactured in Ukraine by Ukrainian Armor. It is created for patrolling mountainous terrain, ending public disorder, conducting special operations for the elimination of massive disturbances, the search and detention of criminals who constitute a public danger, the transportation of wounded, and for people taken into custody. The vehicle is protected against small arms and shell splinters, including a 7.62×54mmR fired from a Dragunov sniper rifle at 10 meters

Regional Outlooks

The global military land vehicles market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the European region is anticipated to witness a prominent growth, which is primarily supported by the ongoing military modernization programs and the demand for advanced armored vehicles. Apart from this, the Asia-Pacific region is also projected to experience a considerable growth over the forecast period. The growth is fueled by the rising defense expenditures, territorial disputes, and the focus on indigenous defense manufacturing capabilities.

North America is Anticipated to Hold a Significant Share in the Market During the Forecast Period

North America is anticipated to hold a significant share of the market during the forecast period. The regional market growth is primarily driven by factors such as the increasing defense budgets, technological advancements, and the presence of major defense contractors such as BAE Systems Inc., L3Harris Technologies Inc., Huntington Ingalls Industries Inc., Textron Inc., Canoo, and others. For instance, in July 2022, Canoo delivered its first Light Tactical Vehicle (LTV) to the US Army for analysis and demonstration. The LTV is a jack-of-all-trades vehicle that can be converted from a pickup to a flatbed truck, a cargo vehicle, and more. It is designed to be durable with a focus on passenger and battery safety, incorporating carbon Kevlar for strength without the added weight. The LTV is an electric hauler that features a proprietary modular attachment system and accessories that can quickly interchange the flatbed walls with many other types of mounts, including racks, ramps, storage boxes, tents, or tactical systems.

Market Players Outlook

The major companies serving the global military land vehicles market include: General Dynamics, BAE Systems plc, Lockheed Martin Corp., Rheinmetall AG, Oshkosh Corp., and others. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in January 2023, the US Army selected 3 companies, including Oshkosh Corp., to build new tactical truck prototypes as part of the Common Tactical Truck program. Oshkosh Defense builds and delivers 3 variants to the US Army for test and evaluation. The other 3 companies selected were Mack Defense, Navistar Defense, and the American Rheinmetall Vehicles-GM Defense team. The prototypes will better inform the US Army's future Common Tactical Truck. The program aims to develop a new family of vehicles that will replace the current fleet of tactical trucks.

The Report Covers:

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global military land vehicles market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.