Military Land Vehicles Market Overview, Size, Major Drivers, Segments And Forecast 2033

The military land vehicles market size has grown strongly in recent years. It will grow from $22.1 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to budget allocations and defense spending, logistical challenges and mobility needs, industrialization and mass production, military modernization programs, threat assessment and defense strategy.

The military land vehicles market size is expected to see strong growth in the next few years. It will grow to $29.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to global geopolitical shifts, logistics efficiency, interoperability and networking, enhanced survivability and protection, cybersecurity and digitalization, urban warfare capabilities. Major trends in the forecast period include military modernization programs, adaptation to hybrid warfare, urban warfare capabilitiesm, shift towards unmanned and autonomous systems, enhanced survivability and protection.

Market Overview -
Military land vehicles refer to high-performance vehicles designed for mobility and adaptability in challenging terrain. These vehicles feature a high power-to-weight ratio, high ground clearance, and a high weight capacity. They are used for transporting personnel, combat equipment, and re-supply combat vehicles, and weapons systems.

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Geopolitical Tensions Drive Surge In The Military Land Vehicles Market
Rising geopolitical tensions are expected to propel the growth of the military land vehicles market going forward. Geopolitical tensions are the political concerns that produce tension or turmoil between two or more countries. These tensions can be triggered by a variety of circumstances, including power, commerce, military activities, climate change, or significant events. Military land vehicles are high-performance vehicles designed for mobility and adaptability in challenging terrain, used for transporting personnel, combat equipment, resupplying combat vehicles, and weapons systems in the event of a conflict that might arise from geopolitical tensions. For instance, in 2021, according to the report published by the Peace Research Institute Organization (PRIO), a Norway-based organization that researches the conditions for peaceful relations between states, in 2021, at least 119,000 people perished as a consequence of organized violence between the countries which is a 46% increase over the previous year 2020. Therefore, the rising geopolitical tensions are driving the growth of the military land vehicles market.

Competitive Landscape -
Major companies operating in the military land vehicles market report are Oshkosh Defense LLC, BAE Systems plc, Ashok Leyland Limited, General Dynamics Corporation, ST Engineering Ltd., Rheinmetall AG, Krauss-Maffei Wegmann GmbH & Co. KG, Iveco S.p.A., Achleitner Fahrzeugbau, Deere & Company, Otokar Otomotiv ve Savunma Sanayi A.S., Hyundai Rotem Company, Lockheed Martin Corporation, Thales Group, Artec GmbH, Navistar Defense, Textron Systems, AM General LLC, Nexter Group, Hanwha Defense, FNSS Savunma Sistemleri A.Ş. Defense Systems, Tata Motors Limited, Kurganmashzavod, Uralvagonzavod, Rosoboronexport, China North Industries Corporation, Avibras Indústria Aeroespacial S.A., Rostec, Ukroboronprom, Paramount Group, Denel Land Systems (Pty) Ltd., Plasan Sasa Ltd., Mitsubishi Heavy Industries Ltd., Fabrique Nationale Herstal S.A. .

Advancements In Military Land Vehicles Propel Market Growth
Product innovations are a key trend gaining popularity in the military land vehicle market. Major companies operating in the military land vehicle market are focusing on innovative military vehicles to gain a competitive edge in the market. For instance, in May 2021, Rheinmetall, a Germany-based automotive and arms manufacturer, launched the latest generation of its HX family of heavy-duty tactical trucks for military use. The trucks feature autonomous driving capability, serve as the basis for several artillery systems, and provide improved protection, reliability and mobility, driving comfort, and digital interface architecture. HX3 generation vehicles are available in 4×4, 6×6, 8×8 and 10×10 variants. Its unique features such as emergency brake assist (EBA), adaptive cruise control (ACC) and lane departure warning (LDW), and a totally new electronic and electric architecture.

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Key Segments -
The military land vehicles market covered in this report is segmented -
1) By Product Type: Infantry Fighting Vehicles, Armoured Personnel Carriers, Main Battle Tank, Light Multi-Role Vehicles, Tactical Trucks, Other Product Types
2) By Offerings: Services, Platforms
3) By Application: Defence, Transportation

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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