DUBLIN, August 03, 2021--(BUSINESS WIRE)--The "Global Military Land Vehicles Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights" report has been added to ResearchAndMarkets.com's offering.
The global military land vehicles market is valued at US$21.9 billion in 2021 and will grow at a CAGR of 3.74% to reach a value of US$31.6 billion by 2031.
The cumulative market for global military land vehicles is anticipated to value US$292.8 billion over the forecast period. The demand for military land vehicles is anticipated to be driven by the European region, especially in countries such as France, Russia, and the UK. The North American region will hold the second largest position globally, exhibiting a steady pace of growth over the forecast period with a CAGR of 2.34%. Major military forces around the globe are currently undertaking modernization efforts to replace their legacy platforms in the face of modern threats. Those efforts will support market growth over the next decade.
Increased geopolitical tensions, need for the deployment of forces in areas all over the world, and standardization requirements as part of alliances such as NATO are some of the reasons that drive military forces to acquire modern military land vehicles. Moreover, tensions with Russia in Eastern Europe are driving other countries in the region and across NATO to improve their conventional capabilities with new platforms capable of countering the heavy armored and mechanized formations of the Russian Army. In addition, the old Soviet equipment currently present in the inventories of Eastern European armies needs to be replaced by new platforms, which is further driving market growth in the region.
The global military land vehicles market is expected to be led by Europe. Major European countries have increased their defense budgets and have tried to maintain that even during the pandemic. This will allow them to implement largescale procurement projects without major delays. North America will follow the European market. This growth is attributed to the implementation of a wide range of procurement programs by the US Army and the US Marine Corps. The most notable programs are the JLTV and the Stryker, which will standardize the country's fleet of vehicles and will provide increased protection to its deployed forces. The Canadian military is also contributing to the regional growth through the implementation of a series of programs covering multiple market segments.
The global military land vehicles market is expected to grow at a CAGR of 3.75% over the forecast period.
The global military land vehicles market is classified across various categories; Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tank, Armored Multirole Vehicle, Tactical Truck, Armored Support Vehicle, Armored Engineering Vehicle And Light Utility Vehicle.
The global military land vehicles market is expected to be led by Europe with a revenue share of 41.1%. The growth in Europe market is attributed to spending by countries such as the UK, Russia and France among others.
Armored personnel carrier is expected to be the largest segment of the military land vehicles market over the forecast period.
Reasons to Buy
Determine prospective investment areas based on a detailed trend analysis of the global military land vehicles over the next ten years
Gain in-depth understanding about the underlying factors driving demand for different military land vehicles segments in the top spending countries across the world and identify the opportunities offered by each of them
Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
Identify the major channels that are driving the global military land vehicle market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global military land vehicles market
Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top military land vehicles providers around the world. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available
Key Topics Covered:
Global Military Land Vehicles Market - Overview
Global Military Land Vehicles Market - Segment Analysis
Global Military Land Vehicles Market - Regional Analysis
Global Military Land Vehicles Market - Trend Analysis
Key Programs Analysis
Competitive Landscape Analysis
China North Industries Group Corp Ltd
BAE Systems Plc
For more information about this report visit https://www.researchandmarkets.com/r/a6e7e2
View source version on businesswire.com: https://www.businesswire.com/news/home/20210803005491/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900