Increasing Defense Expenditure to Drive the Military Land Vehicles Market Growth

Mon, 11 May 2020 3:20

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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Military Land Vehicles Market?

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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

  • Platform
  • Services

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

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