Home Aerospace And Defense Military Land Vehicles Market|2021-29| Trends, Analysis & Covid-19 Impact

Military Land Vehicles Market

Military Land Vehicles Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2021-2029

Report Code: SRAD787DR
Study Period 2017-2029 CAGR 3.9%
Historical Period 2017-2019 Forecast Period 2021-2029
Base Year 2020 Base Year Market Size USD XX Billion
Forecast Year 2029 Forecast Year Market Size USD 33.8 –Billion
Largest Market North America Fastest Growing Market Asia Pacific
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Market Overview

Increasing military budgets across the globe to acquaint highly-advanced technical combat weapons and military vehicles, coupled with increasing cross border conflicts in sensitive areas drive the market growth. On the other hand, high maintenance costs and surging prices of raw materials hamper the market growth.

The military land vehicles market was valued at USD 22.8 billion in 2019 and is expected to reach USD 33.8 –billion by 2029, with a CAGR of 3.9% during the forecast period, 2020–2029.

Market Dynamics

Technological Advancement in Military Vehicles

Emerging economies such as India, Afghanistan, and the Middle-East, and Africa have been witnessing threat of cross border terrorism, further rising the demand for advanced military land vehicles. The vehicles are categorized into tanks, armored vehicles, unmanned ground vehicles, infantry fighting vehicles, and light utility vehicles. These vehicles are integrated with hi-tech devices such as navigation systems, onboard optics, fire control systems, and self-protection systems. For instance, the Tak-4 military vehicles are embedded with independent and distinctive suspension systems in the light, medium, and heavy vehicles. The Oshkosh Defence Autonomous Technology offers LIDAR, radar vision, military-grade global navigation satellite systems, and accurate positioning without the need for continuous tracking or GPS.

Increasing Global Defense Expenditure to Drive the Market Growth

The U.S. (USD 648 billion), China (USD 249 billion), Saudi Arabia (USD 67 billion), India (USD 66 billion), France (USD 63 billion), and Russia (USD 61billion) were the leading regions in terms of military defense expenditure in 2018. Increasing demand for military equipment, rising need for military modernization, and surging global security concerns drive the market growth.

The global defense expenditure is presumed to reach around USD 2.1 trillion by 2024, with a CAGR of 3% 2019–2023. As per the SIPRI Military Expenditure Database, the U.S. foreign military sales exhibited a steady growth, which was about USD 44.2 billion in 2019, up from USD 55.7 billion in 2018.  The Middle East offers lucrative opportunities for market players due to rising geopolitical tensions. Whereas India, China, and Japan and France are expected to increase their defense budgets, further driving the market growth.

Regional Analysis

The U.S. to Lead the Global Defense Exports

North America held the largest market share in 2019 and is expected to dominate the market during the forecast period. The region is largely driven by the U.S., which leads the globe defense exports. As per the SIPRI database, the U.S. government invested over USD 731 billion in defense, which is highest among all the countries in the world. The region is also backed by the presence of leading market players, such as General Dynamics, Oshkosh Corporation, BAE Systems, and John Deere.

Asia-Pacific is expected to be the fastest-growing market in military land vehicles on account of increasing cross-border terrorism in the Indian sub-continent and rising defense expenditure by China, India, South Korea, and Japan.

Report Scope

Report Metric Details
By Offering
  1. Platform
  2. Services
By Product Type
  1. Infantry fighting vehicles (IFV)
  2. Armored personnel carriers (APC)
  3. Main battle tanks (MBT)
  4. Light multirole vehicles (LMV)
  5. Tactical trucks
By Application
  1. Defense and combat
  2. Logistics and transportation
Company Profiles 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)
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

Service Segment to Hold A Quarter of the Market Share

The service segment accounted for over 55% of the market shares in 2019 and continues to dominate the market. The service segment includes training and maintenance services that are required for post-purchase assistance. These services vary in accordance with the purchase agreement under MOUs. The services offered by the company and third-party vendors are solely responsible for the maintenance service, such as the replacement of spare parts, software/platform updates, and other support services. On the other hand, the platform segment is projected to exhibit the highest CAGR of 3.8% during the forecast period.

The IFV segment accounted for the largest market share and continues to dominate the market owing to its cost-effectiveness and easy maintenance. Some of the best infantry fighting vehicles include Puma manufactured by the joint venture of Krauss-Maffei Wegmann (KMW) and Rheinmetall Land Systems. K21 IFV is manufactured by the Doosan DST for the South Korean army.

Defense and Combat Segment to Hold Three-Quarters of the Market Share

The defense and combat segment held over 75% of the market shares in 2019 and is presumed to exhibit a significant CAGR during the forecast period. On the other hand, the logistics and transportation segment is projected to grow with a CAGR of 4.2% during the forecast period.

Market Size By Offering

Market Size By Offering
  • Platform
  • Services
  • Key Players

    Military Land Vehicles Market Share of Key Players

    Military Land Vehicles Market Share of 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) Others

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the Military Land Vehicles Market?
    Military Land Vehicles Market size will grow at approx. CAGR of 3.9% during the forecast period.
    Some of the top prominent players in Military Land Vehicles Market are, 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), etc.
    In the Military Land Vehicles Market, North America has established itself as the market leader with a significant market share.
    The region with the most rapid expansion in the Military Land Vehicles Market is Asia Pacific.
    The global Military Land Vehicles Market report is segmented as follows: By Offering, By Product Type, By Application

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