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In-Depth Analysis of the Land based Defense Equipment Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Land based Defense Equipment
The burgeoning economies are anticipated to have a affirmative influence on the land-based defense equipment market due to their overall economic expansion. Increase in disposable income, which is a consequence of economic development in these up-and-coming markets, has spurred the demand for defense equipment. For example, a report from the India Development Update (IDU) by the World Bank, a US-based international development agency, disclosed in September 2024 that India, having experienced an impressive growth rate of 8.2 percent in FY23/24, is anticipated to uphold a robust growth of 7 percent in FY24/25 and sustain this momentum in FY25/26 and FY26/27. This is in turn predicted to propel the sea-based defense equipment market in the forecast period.
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What is the future CAGR of the land based defense equipment market, and how will it impact industry expansion?
In recent times, the market size for land-based defense equipment has seen a notable increase. Growth is expected to proceed from $47.15 billion in 2024 to $51.04 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. The expansion during the historic period can be linked to increased military funding, rise in geopolitical disagreements, emerging threat environments, strategic partnerships, and operational needs.
In the coming years, robust growth is forecasted for the land based defense equipment market, which is projected to reach $66.05 billion in 2029, with a compound annual growth rate (CAGR) of 6.7%. Factors driving this growth during the predicted period include evolving threats, budget apportionment, the worldwide security climate, international cooperation, and modernization strategies. The major trends predicted to influence the market during this period are worries about cybersecurity, technological breakthroughs, technological advancements, electrification and hybridization, and the introduction of unmanned systems and robotics.
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What are the most significant trends transforming the land based defense equipment market today?
The defense industry is experiencing a growing utilization of CornerShot rifles. The distinctive feature of these weapons lies in their steel hinge, which allows the weapon's frame to twist around corners, enabling the shooter to attack without revealing their position. Thanks to a high-definition camera and LCD screen, these rifles make it possible to aim around corners. Their use is particularly prevalent in armored vehicles and tanks, allowing a comprehensive 360-degree coverage area from an elevated turret, all while keeping the operator safe within the vehicle. Depending on the specific model, the weapon's effectiveness and accuracy ranges between 100 to 200 meters. CornerShot eliminates the need for direct line-of-sight, reducing exposure risks.
Which key market segments comprise the land based defense equipment market and drive its revenue growth?
The land based defense equipment market covered in this report is segmented -
1) By Type: Armored Vehicles, Missiles, Tanks, Small Arms and Light Weapons
2) By Operation: Autonomous Land based Defense Equipment, Manual
3) By Application: Military, Law Enforcement
Subsegments:
1) By Armored Vehicles: Infantry Fighting Vehicles (IFVs), Armored Personnel Carriers (APCs), Mine-Resistant Ambush Protected (MRAP) Vehicles, Armored Cars And Transport Vehicles
2) By Missiles: Anti-Tank Guided Missiles (ATGMs), Surface-To-Air Missiles (SAMs), Tactical Ballistic Missiles, Cruise Missiles
3) By Tanks: Main Battle Tanks (MBTs), Light Tanks, Armored Reconnaissance Vehicles, Tank Destroyers
4) By Small Arms And Light Weapons: Rifles, Submachine Guns, Shotguns, Light Machine Guns (LMGs), Handguns, Grenades And Launcher Systems
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What regions are at the forefront of land based defense equipment market expansion?
Asia-Pacific was the largest region in the land-based defense equipment market in 2024. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the land based defense equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the land based defense equipment market?
Major companies operating in the land based defense equipment market include China North Industries Group Corporation Limited, Raytheon Company, Lockheed Martin Corporation, Hanwha Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Thales Group, Leonardo S.p.A., Oshkosh Corporation, Science Applications International Corporation (SAIC), Rheinmetall AG, Elbit Systems Ltd., Larsen & Toubro Limited, Bharat Electronics Limited, Hyundai Rotem Company, Uralvagonzavod, RUAG Group, IVECO Defence Vehicles, Nexter Group, Patria Oyj, FNSS Savunma Sistemleri A.S., Navistar Defense LLC, Denel SOC Ltd, Israel Aerospace Industries Ltd., Krauss-Maffei Wegmann GmbH & Co. KG, Otokar Otomotiv ve Savunma Sanayi A.S., Paramount Group, Plasan Sasa Ltd., Rafael Advanced Defense Systems Ltd., Rostec State Corporation, ST Engineering, Tata Motors Limited, Ukroboronprom
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What Is Covered In The Land based Defense Equipment Global Market Report?
•Market Size Forecast: Examine the land based defense equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the land based defense equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the land based defense equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the land based defense equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the land based defense equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the land based defense equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the land based defense equipment market.
•Competitive Landscape: Review strategic developments in the land based defense equipment market, including expansions, agreements, and new product launches.
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