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Global Military Land Vehicle Industry Expected to Reach $ 31.6 Billion by 2031

DUBLIN, August 03, 2021– (COMMERCIAL THREAD)–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 ground 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 global military ground vehicles market is expected to reach US $ 292.8 billion during the forecast period. The demand for military ground vehicles is expected to be driven by the European region, especially in countries like France, Russia and the UK. The North American 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, tensions with Russia in Eastern Europe are pushing 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 United States. 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 the 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.

Highlights

  • The global military land vehicles market is expected to grow at a CAGR of 3.75% during the forecast period.

  • The global military land vehicles market is categorized into different categories; Armored personnel carrier, infantry fighting vehicle, main battle tank, multipurpose armored vehicle, tactical truck, armored support vehicle, armored engineer vehicle and light utility vehicle.

  • The global military land vehicle market is expected to be dominated by Europe with a revenue share of 41.1%. The growth of the European market is attributed to spending by countries such as the UK, 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.

Reasons to buy

  • Determine potential investment areas based on a detailed analysis of global military ground vehicle trends over the next ten years

  • Gain an in-depth understanding of the factors underlying the demand for different segments of military ground vehicles in the world’s heaviest spending countries 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 driving the global Military Land Vehicle market, providing a clear picture of future opportunities that can be exploited leading to increased revenue

  • Channel resources by focusing on ongoing programs undertaken by defense ministries of different countries in the global military land vehicle market

  • Make the right business decisions based on an in-depth competitive landscape analysis consisting of detailed profiles of the major military ground vehicle vendors around the world. Company profiles also include information on key products, alliances, recent contracts awarded, and financial analysis where applicable.

Main topics covered:

  • Summary

  • Global Military Land Vehicle Market – Overview

  • Market dynamics

  • Global Military Land Vehicles Market – Segment Analysis

  • Global Military Land Vehicles Market – Regional Analysis

  • Global Military Land Vehicle Market – Trend Analysis

  • Analysis of key programs

  • Competitive landscape analysis

Companies mentioned

For more information on this report, visit https://www.researchandmarkets.com/r/a6e7e2

View the source version on businesswire.com: https://www.businesswire.com/news/home/20210803005491/en/

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Rodney N.

The author Rodney N.