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Impact Of Economic Growth On Land-Based Defense Equipment Market: Core Growth Enabler in the Land based Defense Equipment Market, 2025
Land based Defense Equipment Market
Land based Defense Equipment Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the market size for land-based defense equipment has seen robust growth. It is projected to expand from $47.15 billion in 2024 to $51.04 billion in 2025, registering a compound annual growth rate (CAGR) of 8.2%. The growth during the historic period can be linked to the rise in military budgets, geopolitical instabilities, evolving threat scenarios, strategic partnerships, and operational necessities.
How Will the Land based Defense Equipment Market Size Evolve and Grow by 2029?
The market size of terrestrial defense equipment is projected to witness significant expansion in the coming years, reaching a size of $66.05 billion in 2029 with a compound annual growth rate (CAGR) of 6.7%. The expected growth during this forecast period can be attributed to the emergence of new threats, budgetary allocations, the worldwide security scenario, international cooperation, and modernisation plans. Noteworthy trends for this period include concerns about cybersecurity, technological innovation and advancement, electric and hybrid systems, and uncrewed systems and robotics.
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What Drivers Are Propelling the Growth of Land based Defense Equipment Market Forward?
The land-based defense equipment market is predicted to be favorably influenced by the overall economic expansion of emerging economies. Economic growth in these markets leads to increasing disposable income, which in turn positively affects the demand for defense equipment. For example, a report from the World Bank's India Development Update (IDU) in September 2024 noted that India experienced an impressive 8.2 percent growth rate in FY23/24. It's projected that India will sustain this robust growth at 7 percent in FY24/25 and maintain this development into FY25/26 and FY26/27. This forecasted economic progression is set to propel the sea-based defense equipment market during the estimated period.
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Which Emerging Trends Are Transforming the Land based Defense Equipment Market in 2025?
The defense industry is witnessing an escalating use of CornerShot rifles. These firearms are equipped with a steel hinge, enabling the frame to pivot around corners and aim at the target without any exposure. The shooters are facilitated to manoeuvre around corners through a high-resolution camera and an LCD screen incorporated in these rifles. Their application is prevalent in armored vehicles and tanks, often mounted on a turret, thereby providing a comprehensive 360-degree coverage while keeping the gunman protected inside the vehicle. Depending on the specific type of weapon, these guns can accurately hit targets up to a distance of 100 to 200 meters. CornerShot thus negates the requirement for initial exposure.
What Are the Key Segments in the Land based Defense Equipment Market?
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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Who Are the Key Players Shaping the Land based Defense Equipment Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Land based Defense Equipment Market?
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.
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