Global military land vehicles market to reach $27.6bn in 2032
The global military land vehicles market is set to grow at a compound annual growth rate of 4.1% between 2022 and 2032 to reach $27.6bn in 2032, forecasts GlobalData.
The ongoing Russia-Ukraine conflict has exposed European countries to the potential threat that Russia poses from the east, resulting in smaller nations in the Baltics and Eastern Europe procuring military equipment.
In addition, several modernisation programmes have been undertaken by various nations globally to upgrade their inventory. As a result, the global military land vehicles market is set to grow at a compound annual growth rate of 4.1% between 2022 and 2032 to reach $27.6bn in 2032, forecasts GlobalData
GlobalData’s latest report, “Global Military Land Vehicles Market 2022–2032,” reveals that the key emerging trends include the integration of active protection systems (APS) and remote operational capability as most vehicles are vulnerable to attacks from rocket propelled grenades and anti-tank guided missiles.
Aamir Chowdry, aerospace and defence associate analyst at GlobalData, comments: “The rapid proliferation of ATGMs has compelled countries to equip infantry fighting vehicles and armoured personnel carriers with enhanced shielding and firepower, like APS and remote weapon stations (RWS), for soldier protection. While RWS has become a common feature on armoured vehicles over the last decade, military forces such as the US and Russian Army have pursued the integration of full remote-operational capabilities to enhance the combat capabilities of their land vehicles.”
Besides initiating the Optionally Manned Fighting Vehicle (OMFV) programme to replace the M2 Bradley, the US is seeking to develop a smaller version of the battle tank through its Mobile Protected Firepower programme to enhance mobility and offensive capability.
In Europe, France and Germany are replacing their Leclerc and Leopard 2 tanks through the Main Ground Combat System (MGCS) programme. Similarly, the UK is upgrading its Challenger 2 battle tanks to the Challenger 3 standard. Turkey is manufacturing its indigenous Altay battle tank while Poland is procuring the M1A1 Abrams tank from the US.
Chowdry concludes: “As technological advancements continue rapidly, it is expected that there will be increased efforts to integrate as many of these on to military land vehicles to enhance the lethality and protection of troops through the increased sharing of information from different sources, including teamed unmanned ground and aerial systems.”
GlobalData's thematic approach to sector activity seeks to group key company information on investments to see which industries are best placed to deal with any issues they may encounter.