Military Land Vehicles Market Expansion In The Near Future At A CAGR Of 4.20% During The Forecast Period 2023 To 2032.

Growing defense spending worldwide is expected to drive market expansion in the near future at a CAGR of 4.20% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Global Military Land Vehicles Market” that contains information from 2018 to 2032. The military land vehicles market is estimated to register a CAGR of 4.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global military land vehicles market - Oshkosh Defense, LLC, General Dynamics Corporation, ST Engineering, BAE Systems plc, Hyundai Rotem, Ashok Leyland, China North Industries Corporation (NORINCO), Rheinmetall AG, Nexter Systems, Uralvagonzavod, Krauss-Maffei Wegmann (KMW), and Iveco S.p.A.

Market Highlights

The global military land vehicles market is accounted to register a CAGR of 4.20% during the forecast period and is estimated to reach USD 34.465 billion by 2032.

The growing need for combat tanks and armored vehicles, developing geopolitical tensions, rising defense budgets, technical improvements, and the emphasis on improving soldier safety and survivability are the main factors driving the military land vehicles market. The market is growing due to rising cross-border conflicts in sensitive locations and rising military budgets allocated globally to acquire highly advanced technical combat weapons and military vehicles. However, growing raw material prices and excessive maintenance expenses are impeding the market's expansion.

Segment Analysis

The global military land vehicles market has been segmented into offering, product type, and application.

On the basis of offering, the market is segmented into Platform and Services. The services segment was attributed to holding the largest market share in 2022. The service segment includes the training and maintenance services required for post-purchase support. These services vary under MOUs according to the conditions of the purchase agreement. The company's services and those of its outside partners are the only ones that can update platforms and software, replace spare components, and offer additional support.

Based on product type, the global military land vehicles market has been segmented into Infantry Fighting Vehicles (IFV), Armored Personnel Carriers (APC), Main Battle Tanks (MBT), Light Multirole Vehicles (LMV), and Tactical Trucks. The infantry fighting vehicles (IFV) segment was expected to hold the largest market share in 2022 because it is inexpensive and requires little upkeep. The Puma, produced by the joint venture of Rheinmetall Land Systems and Krauss-Maffei Wegmann (KMW), is one of the greatest infantry fighting vehicles. The Doosan DST produces the K21 IFV for the South Korean military.

Based on application, the global military land vehicles market has been segmented into Defense and Combat, Logistics and Transportation. The defense and combat segment was expected to hold the largest market share in 2022. These vehicles are designed to boost soldier survivability while also withstanding and mitigating the effects of hostile attacks when in combat. This military ground vehicle is vital to the armed forces, not only for preserving national security but also for providing effective combat capabilities and operations.

Regional Analysis

The global military land vehicles market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe military land vehicles market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The military land vehicles market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World military land vehicles market comprises of Middle East, Africa, and Latin America.

The largest market share for military land vehicles was maintained by the North American regional sector. The United States leads the world in defense exports, and this has a significant influence on the region. The United States government has the biggest defense spending of any nation in the world, at over USD 731 billion, according to the SIPRI database. Prominent industry participants including BAE Systems, General Dynamics, Oshkosh Corporation, and John Deere support the region as well.

Moreover, the Europe market has been persistently growing over the forecast period. Despite the outbreak, major European nations have raised their defense budgets and attempted to sustain military spending. This has eliminated needless delays in the execution of large-scale procurement initiatives for nations that spend a lot on defense. In the upcoming years, it is anticipated that the crisis in Ukraine would cause several European nations to increase their purchases of military land vehicles.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific Military Land Vehicle Market is heavily influenced by nations like China, Japan, South Korea, Australia, and India. To improve their military prowess, several nations are aggressively investing in the market. The market is driven by both foreign businesses working with significant local market players and indigenous defense industry.

Furthermore, the rest of the world's military land vehicles market is divided into the Middle East, Africa, and Latin America. The rest of the world's military ground vehicles are heavily impacted by new technological developments. The use of unmanned ground vehicles (UGVs) is growing because they can carry out a variety of jobs including logistics, research, and observation without endangering human life. Electric and hybrid technologies are being used in military land vehicles due to the growing demand for eco-friendly automobiles.

Key Findings of the Study

• The global military land vehicles market is expected to reach USD 34.465 billion by 2032, at a CAGR of 4.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. The domestic defense industry and international companies collaborating with major local market participants drive the market.


• Based on application, the defense and combat segment was attributed to holding the largest market in 2022, with an approximate market share of 47%.


• Oshkosh Defense, LLC, General Dynamics Corporation, ST Engineering, BAE Systems plc, Hyundai Rotem, Ashok Leyland, China North Industries Corporation (NORINCO), Rheinmetall AG, Nexter Systems, Uralvagonzavod, Krauss-Maffei Wegmann (KMW), and Iveco S.p.A.