PUBLISHER: The Business Research Company | PRODUCT CODE: 1409610
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409610
“Military Land Vehicles Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on military land vehicles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for military land vehicles? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The military land vehicles market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Military land vehicles are advanced vehicles designed to deliver superior performance, ensuring mobility and adaptability in challenging terrains. These vehicles are characterized by a high power-to-weight ratio, elevated ground clearance, and a substantial weight capacity. Their primary purpose is the transportation of personnel, combat equipment, resupplying combat vehicles, and deploying weapons systems.
The key product categories within military land vehicles include infantry fighting vehicles, armored personnel carriers, main battle tanks, light multi-role vehicles, tactical trucks, and others. Tactical trucks encompass any vehicle specifically crafted to meet the field requirements of combat and tactical operations or to train personnel for such endeavors. The offerings include a range of services and platforms designed for defense and transportation applications.
The military land vehicles market research report is one of a series of new reports from The Business Research Company that provides military land vehicles market statistics, including global market size, regional shares, competitors with a military land vehicles market share, detailed military land vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the military land vehicles industry. This military land vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The military land vehicles market size has grown strongly in recent years. It will grow from $22.1 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The historical period's growth can be ascribed to factors such as budget allocations and defense spending, addressing logistical challenges and meeting mobility needs, the impact of industrialization and mass production, military modernization programs, and a comprehensive assessment of threats and defense strategy.
The military land vehicles market size is expected to see strong growth in the next few years. It will grow to $29.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be linked to various factors, including global geopolitical shifts, heightened logistics efficiency, emphasis on interoperability and networking, improved survivability and protection measures, the integration of cybersecurity and digitalization, and the enhancement of urban warfare capabilities. Prominent trends in the forecast period encompass military modernization programs, adaptation to hybrid warfare, urban warfare capabilities, a shift towards unmanned and autonomous systems, and a continued focus on enhancing survivability and protection.
The anticipated escalation in geopolitical tensions is poised to drive the growth of the military land vehicles market. Geopolitical tensions, arising from various factors such as power struggles, trade disputes, military activities, climate change, or significant events, can lead to political concerns and turmoil between countries. In response to potential conflicts stemming from such tensions, military land vehicles play a crucial role in transporting personnel, combat equipment, and weapons systems across challenging terrains. For instance, a report from the Peace Research Institute Organization (PRIO) revealed that in 2021, at least 119,000 individuals lost their lives due to organized violence between countries, marking a 46% increase from the previous year. Hence, the mounting geopolitical tensions are a driving force behind the growth of the military land vehicles market.
The increasing allocation to the military budget is expected to fuel the expansion of the military land vehicle market. The military budget, also known as defense expenditure, represents the financial commitment made by a government to fund its military and defense-related activities. A growing military budget provides the financial resources needed for governments to invest in, upgrade, and maintain their fleets of military land vehicles, thereby contributing to the growth of the market. For instance, a report by the Stockholm International Peace Research Institute highlighted a 3.7% real-term increase in global military spending in 2022, reaching a record-high of $2,240 billion. Notably, Europe experienced a substantial 13% growth in military expenditure during the same period. The United States and China remained the top two spenders, contributing 39% and 13%, respectively, to the global military spending. This underscores the significance of increasing military budgets in driving the growth of the military land vehicle market.
Product innovations emerge as a prominent trend in the military land vehicle market, with major companies focusing on developing innovative military vehicles to gain a competitive advantage. For example, in May 2021, Rheinmetall, a Germany-based automotive and arms manufacturer, introduced the latest generation of its HX family of heavy-duty tactical trucks tailored for military use. These trucks boast autonomous driving capabilities, serve as the foundation for various artillery systems, and offer enhanced protection, reliability, mobility, driving comfort, and digital interface architecture. The HX3 generation vehicles are available in 4×4, 6×6, 8×8, and 10×10 variants, showcasing features such as emergency brake assist, adaptive cruise control, lane departure warning, and a new electronic and electric architecture.
Major companies in the military land vehicle market are actively developing innovative products, including armored personnel carriers, to expand their customer bases, increase sales, and drive revenue growth. Armored personnel carriers (APCs) are designed to transport troops while providing protection against enemy fire and battlefield threats. For instance, in December 2021, Proforce Ltd., an Africa-based defense company, launched the Viper armored personnel carrier (APC), designed with special forces operations in mind. The vehicle offers exceptional protection against ballistic and blast threats, meeting CEN Level BR6 up to BR7 standards. With a curb weight of 7 tons and a payload capacity of 1,500 kg, the Viper accommodates up to nine occupants, including a gunner, and provides flexibility in weapon platform configurations. It features a robust 6.7-liter V8 engine, generating over 300 horsepower and propelling the 4×4 vehicle to a top speed exceeding 120 km/h.
In January 2021, Oshkosh Corporation, a US-based industrial company specializing in specialty trucks and military vehicles, acquired Pratt Miller for $115 million. This strategic acquisition allows Oshkosh Corporation to leverage Pratt Miller's expertise in areas such as artificial intelligence, robotics, autonomous and connected systems, and electrification. The acquisition positions Oshkosh Corporation for future growth, particularly in the development of hybrid-electric unmanned ground combat vehicles (UGCV) for defense.
Major companies operating in the military land vehicles market report are 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, Deere & Company, Otokar Otomotiv ve Savunma Sanayi A.S., Hyundai Rotem Company, Lockheed Martin Corporation, Thales Group, Artec GmbH, Navistar Defense, Textron Systems, AM General LLC, Nexter Group, Hanwha Defense, FNSS Savunma Sistemleri A.S. Defense Systems, Tata Motors Limited, Kurganmashzavod, Uralvagonzavod, Rosoboronexport, China North Industries Corporation, Avibras Industria Aeroespacial S.A., Rostec, Ukroboronprom, Paramount Group, Denel Land Systems (Pty) Ltd., Plasan Sasa Ltd., Mitsubishi Heavy Industries Ltd., Fabrique Nationale Herstal S.A
North America was the largest region in the military land vehicles market in 2023. The regions covered in the military land vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the military land vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The military land vehicles market consists of revenues earned by entities by providing military land vehicle services for mobile military operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The military land vehicles market also includes sales of military vehicles with parts such as bar armor, mine-protected chassis, sub-frames, fuel tanks, general fabricated assemblies, machined components, and weapon mounts wiring looms which are used in providing military land vehicle services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.