The military land vehicles market was valued USD 22.8 billion in 2019 and is expected to reach USD 33.7 billion by 2029, with a CAGR of 3.9%. Rising defense expenditure and surging need to modernize military equipment, increasing cross-border terrorism, and surging number of defense deals drive the market growth.
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Key Highlights
- Oshkosh, BAE System Plc, General Dynamic Corporation, ST Engineering, Ashok Leyland, IVECO, RHEINMETALL AG, and Hyundai Rotem grab over 60% of the market share
- The service segment accounted for the highest market share in 2019 and is expected to dominate the market during the forecast period
- The IFV segment held the largest market share in 2019, which is more than 24%
- The defense and combat segment accounted for the largest share of the pie in 2019
- The logistic and transportation segment is expected to grow with a CAGR of 4.2% during the forecast period
Key Players
- Oshkosh Defense, LLC
- BAE Systems plc
- Ashok Leyland
- General Dynamics Corporation
- ST Engineering
- Rheinmetall AG
- Uralvagonzavod
- Krauss-Maffei Wegmann (KMW)
- Hyundai Rotem
- Iveco S.p.A.
- Nexter Systems
- China North Industries Corporation (NORINCO)
Military Land Vehicles Market Segmentation
By Offering
By Product Type
- Infantry fighting vehicles (IFV)
- Armored personnel carriers (APC)
- Main battle tanks (MBT)
- Light multirole vehicles (LMV)
- Tactical trucks
By Application
- Defense and combat
- Logistics and transportation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods