The market for military land vehicles is expected to grow in the coming years due to a number of factors. Firstly, the increasing tensions between various countries around the world is likely to lead to an increase in demand for military land vehicles. Secondly, the increasing incidence of terrorist activities is also likely to boost demand for these vehicles. Thirdly, the need for rapid transportation of troops and supplies is another key factor driving growth in the market. Fourthly, the development of new technologies such as unmanned ground vehicles is also expected to drive market growth. Finally, the increasing spending on defence by various countries is also expected to contribute to market growth.
The market for military land vehicles is expected to grow in the coming years due to the increasing demand for defense applications and the need for better transportation options. The market is segmented by type, application, and region. Military armored vehicles are used in a variety of applications such as defense, transportation, and others. These vehicles offer protection from enemy fire and are capable of withstanding harsh conditions. They are available in a variety of sizes and shapes to meet the specific needs of the users.
Military battle tanks are specially designed for combat operations. They are heavily armored and have powerful weapons that can destroy enemy targets. These tanks are used by armies around the world to maintain their superiority on the battlefield. Unmanned ground vehicles (UGVs) are robots that can be operated without a human driver. These vehicles are equipped with sensors and cameras that allow them to navigate through rough terrain. UGVs are used in a variety of applications such as reconnaissance, surveillance, and bomb disposal.
Military land vehicles offer a number of advantages over their civilian counterparts. They are designed to withstand the rigors of combat and are typically better armored and equipped with more sophisticated weapon systems. In addition, military land vehicles often have superior mobility, making them ideal for use in challenging terrain or urban environments.
Military land vehicles are used for a variety of applications, including defence, transportation, and others. The defence application segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising tensions between countries and the need for effective border security.
The global military land vehicles market is expected to grow from USD 22.8 Billion in 2021 to USD 34.1 Billion by 2031, at a CAGR of 3.1% during the forecast period.
The military land vehicles market is driven by the increasing demand for border security and territorial integrity, rising instances of cross-border disputes, and the need for effective transportation of military personnel and supplies.
There are several restraining factors that are affecting the growth of the military land vehicles market. Firstly, the high cost of developing and manufacturing these vehicles is a major challenge for market players. Secondly, stringent government regulations regarding the export of military products is hampering the growth of this market. Moreover, the volatile political situation in various regions is another key factor that is restricting market growth. However, the increasing demand is expected to boost the market during the forecast period.
Some of the key players in the military land vehicles market are:
1. General Dynamics Corporation (US)
2. BAE Systems plc (UK)
3. Oshkosh Corporation (US)
4. Textron Inc.(US)
5. Lockheed Martin Corporation(US)
6. Northrop Grumman Corporation (US)
7. Rheinmetall AG (Germany).
The military armored vehicles segment to form major portion of the market
The segment of military armored vehicles is expected to grow during the forecast period. This is due to the increasing demand for these vehicles from defense forces around the world. These vehicles offer protection from enemy fire and are used in a variety of applications, such as transportation and reconnaissance.
The defense Segment to be on top of the market
The defense segment is expected to be the largest application for military land vehicles, followed by transportation and others. The defense segment is expected to grow at the highest CAGR during the forecast period.
North America to dominate the market
The North American region is expected to dominate the global military land vehicles market during the forecast period. The presence of a large number of leading manufacturers in this region is one of the major factors driving market growth. Moreover, high defense spending by countries in this region is fueling market growth.
Covid-19 Impact & Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the military land vehicles market. The demand for military land vehicles has declined significantly due to the decrease in military expenditure by various countries. Moreover, the production of military land vehicles has also been affected due to the lockdown imposed by various governments across the globe.
Latest Innovations in the Global Military Land Vehicles Market: A Snapshot
1. In May 2019, Fujifilm launches new Diosynth Biotechnologies UK manufacturing site in Billingham, England.
2. In November 2019, Lonza Group Ltd and Agios Pharmaceuticals Inc entered into a license agreement for the development and commercialization of AG-348 to treat patients with pyruvate kinase deficiency.
3. In November 2019, Abzena PLC announced that it was awarded a contract by Ardelyx Inc to provide process development services for RDX013 program.
Military Land Vehicles Market Scope
|Revenue forecast in 2031
|USD 34.1 Billion
|CAGR of 3.1% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., REV Group Inc., Tiffin Motorhomes Inc., Newmar Corporation, Heartland RV LLC, Jayco Inc., EHGNA (Erwin Hymer Group), Dometic Group AB (Cramer Products), among others.
Key Segment of Global Military Land Vehicles Market
By Type Overview 2021-2031, (USD Billion)
• Military Armoured Vehicles
• Military Battle Tanks
• Unmanned Ground Vehicles
By Application Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa