DUBLIN, September 20, 2021 / PRNewswire / – The “Global Military Land Vehicle Market to 2031 – Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Outlook” report was added to ResearchAndMarkets.com offer.
The global military land vehicles market is valued at US $ 21.9 billion in 2021 and will increase at a CAGR of 3.74% to reach a value of US $ 31.6 billion by 2031. The cumulative global military ground vehicles market is expected to $ 292.8 billion over the forecast period.
The demand for military ground vehicles is expected to be driven by the European region, especially in countries such as France, Russia, and the United Kingdom. The North America region will occupy the second place in the world, showing a steady growth rate during the forecast period with a CAGR of 2.34%. Major military forces around the world are now undertaking modernization efforts to replace their old platforms in the face of modern threats. These efforts will support market growth over the next decade.
Heightened geopolitical tensions, the need to deploy forces to regions around the world and the demands for standardization under alliances such as NATO are some of the reasons that push military forces to acquire military ground vehicles. modern. In addition, the tensions with Russia in Eastern Europe urge other countries in the region and 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 in the stocks of the armies of Eastern Europe must be replaced with new platforms, which further stimulates the growth of the market in the region.
The global military land vehicle market is expected to be dominated by Europe. Major European countries have increased their defense budgets and tried to maintain them even during the pandemic. This will allow them to implement large-scale procurement projects without major delays. North America will follow the European market. This growth is attributed to the implementation of a wide range of supply programs by the US Army and US Marine Corps. The most notable programs are the JLTV and the Stryker, which will standardize the country’s vehicle fleet and provide increased protection for its deployed forces. The Canadian military also contributes to regional growth through the implementation of a series of programs covering several market segments.
- The global military land vehicles market is expected to grow at a CAGR of 3.75% during the forecast period.
- The global military land vehicle market is expected to be dominated by Europe with a revenue share of 41.1%. Growth in Europe contract is awarded to the expenditure of countries such as the United Kingdom, Russia and France among others.
- Armored personnel carriers are expected to be the largest segment of the military ground vehicles market during the forecast period.
In particular, the report provides an in-depth analysis of the following:
- Market size and drivers: Detailed analysis over the period 2021-2031, including highlights of demand and growth drivers. It also provides an overview of spending and modernization patterns in different regions of the world.
- Recent developments and industry challenges: An overview of technological developments and a detailed analysis of existing military ground vehicle projects being executed and planned around the world. It also presents trends in the changing structure of the industry and the challenges facing industry participants.
- Regional highlights: Study of the key markets in each region, providing an analysis of the key market segments that are expected to be in demand.
- Major programs: details of key programs in each segment, which are expected to be executed in 2021-2031.
- Competitive landscape and strategic perspectives: Analysis of the competitive landscape of the global military land vehicles market. It provides an overview of the main players, their strategic initiatives and financial analysis.
Key topics covered
- Global Military Land Vehicle Market Overview
- Market dynamics
- Segment analysis
- Regional analysis
- Trend analysis
- Analysis of key programs
- Competitive landscape analysis
- General dynamics
- Oshkosh Corp.
- China North Industries Group Corp. Ltd.
- BAE Systems PLC
- Rostec Corp.
- Rheinmetall AG
- Iveco SpA
- Hyundai Corp.
For more information on this report, visit https://www.researchandmarkets.com/r/4ibhyd
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SOURCE Research and Markets