Dublin, Sept. 20, 2021 (GLOBE NEWSWIRE) -- The "Global Military Land Vehicles Market to 2031 - Market Size and Drivers, Major Programs, Competitive Landscape and Strategic Insights" report has been added to ResearchAndMarkets.com's offering.
The global military land 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 market for global military land vehicles is anticipated to value US$292.8 billion over the forecast period.
The demand for military land vehicles is anticipated to be driven by the European region, especially in countries such as France, Russia, and the UK. The North American region will hold the second largest position globally, exhibiting a steady pace of growth over the forecast period with a CAGR of 2.34%. Major military forces around the globe are currently undertaking modernization efforts to replace their legacy platforms in the face of modern threats. Those efforts will support market growth over the next decade.
Increased geopolitical tensions, need for the deployment of forces in areas all over the world, and standardization requirements as part of alliances such as NATO are some of the reasons that drive military forces to acquire modern military land vehicles. Moreover, tensions with Russia in Eastern Europe are driving other countries in the region and across 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 present in the inventories of Eastern European armies needs to be replaced by new platforms, which is further driving market growth in the region.
The global military land vehicles market is expected to be led by Europe. Major European countries have increased their defense budgets and have tried to maintain that even during the pandemic. This will allow them to implement largescale procurement projects without major delays. North America will follow the European market. This growth is attributed to the implementation of a wide range of procurement 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 fleet of vehicles and will provide increased protection to its deployed forces. The Canadian military is also contributing to the regional growth through the implementation of a series of programs covering multiple market segments.
The global military military land vehicles market is expected to grow at a CAGR of 3.75% over the forecast period.
The global military land vehicles market is expected to be led by Europe with a revenue share of 41.1%. The growth in Europe market is attributed to spending by countries such as the UK, Russia and France among others.
Armored personnel carrier is expected to be the largest segment of the military land vehicles market over the forecast period.
In particular, the report provides an in-depth analysis of the following:
Market size and drivers: Detailed analysis during 2021-2031, including highlights of the demand drivers and growth. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing military land vehicle projects being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
Major programs: details of the key programs in each segment, which are expected to be executed during 2021-2031.
Competitive landscape and strategic insights: analysis of the competitive landscape of the global military land vehicles market. It provides an overview of key players, their strategic initiatives, and financial analysis.
Key Topics Covered
Global Military Land Vehicles Market Overview
Key Programs Analysis
Competitive Landscape Analysis
China North Industries Group Corp. Ltd.
BAE Systems PLC
For more information about this report visit https://www.researchandmarkets.com/r/n29pe8
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