ID: MRFR/A&D/5923-HCR | February 2021 | Region: Global | 125 pages
Infantry Fighting Vehicle growth rate continues consistently due to the worldwide demand for infantry fighting vehicles for the military sectors. Infantry Fighting Vehicle Market Is Estimated To Register A CAGR Of Nearly 6% During The Forecast Period Of 2018 To 2023.
The defense department needs various military equipment, vehicles, and other required materials during military missions and operations. The rise in demand of the defense sectors for military-related materials is boosting the different marketing sectors which provide services to the military departments.
For instance, the Infantry Fighting Vehicle Market is driven by these reasons. The infantry fighting vehicle is also termed a mechanized infantry combat vehicle or armored fighting vehicle, specially designed to carry troops on the battlefields. These vehicles have various features which help the military troops in military missions. The infantry vehicles are lightweight and have better mobility features than military tanks. Therefore the infantry vehicles are widely preferred in various nations; these specialized features of the vehicle are boosting the Infantry Fighting Vehicle Market.
Various growth factors are showing a positive impact on the Infantry Fighting Vehicle Market Growth. The focus of defense sectors to provide enhanced situational awareness on the battlefield to make the military troops ready for the opponent's attacks is one of the driving features of the market.
The rise in incidences such as conflicts, violent activities across the nation's borders, and asymmetric warfare shows a positive impact on the Infantry Fighting Vehicle Market Growth. The government's concern for the defense sectors to provide safeguarding facilities for the military forces largely drives the Infantry Fighting Vehicle Market. The increased investments by the defense entities for the procurement of improved and advanced military vehicles are propelling the Infantry Fighting Vehicle Market Trends. The rise of combat activities in military operations against the attacks has lifted the market's demand.
The virus outbreak has negatively impacted the global economy by harming various market sectors. The Infantry Fighting Vehicle Market even faced challenges while progressing its growth. The manufacturing and production of the infantry fighting vehicle were marked as a priority because of its importance in the military field. Still, the disruption in the supply chain has hampered the growth rate of the Infantry Fighting Vehicle Market.
But the key player's investment and strategies to uplift the market and regain its growth rate in the coming years. Amid the COVID-19 effect, the Infantry Fighting Vehicle Market will notice a remarkable future and will successfully achieve the estimated CAGR during the forecast period.
Chief Factors Existing In The Market
There are many prominent drivers of the Infantry Fighting Vehicle Market Size, which boost the global market. The rise in cross-border conflicts and other violent incidences is driving the market, resulting in high demand for infantry fighting vehicles. The rise in incidences of asymmetric warfare worldwide is one of the chief driving factors of the Infantry Fighting Vehicle Market.
The Infantry Fighting Vehicle Market has faced a challenging situation during the pandemic. The other major challenge of the market is the high costs of battle tanks. The specialized design of vehicles with propulsion systems requires sufficient time, capital, and technical requirements. These factors have become challenging for the market's growth.
The Infantry Fighting Vehicle Market is receiving worldwide opportunities due to its vast usage in nations for military operations. The rise of violent incidences demands combat vehicles that open the Infantry Fighting Vehicle Market Forecast opportunities. The increase in the adoption of unmanned combat ground vehicles by the military forces is even propelling the market growth.
The Infantry Fighting Vehicle Market is even facing restraining factors that limit the market's growth. One of the major restraining factors is the absence of major OEMs of these vehicles in various regions across the world. The procurement of these vehicles is expensive, decreasing its demand in different regions worldwide.
The Infantry Fighting Vehicle Market Value evaluation is estimated to reach its significant USD value in the review period. The chief factors of the market such the chief drivers and the widespread opportunities to drive the market to flourish across the globe. The Infantry Fighting Vehicle Market Forecast overview shows its importance in the defense sectors and the government's increased investment to propel the Infantry Fighting Vehicle Market Size. During the COVID-19 period, the market faced a bit of a downfall, but it is expected to successfully regain its growth. Other restraining factors of the market are limiting its growth, but the key players carefully check it. The Infantry Fighting Vehicle Market is expected to reach its CAGR during the forecast period.
The Infantry Fighting Vehicle Market is segmented into type, configuration, and application segments.
The Infantry Fighting Vehicle Market is segmented into wheeled and tracked segments based on type. The tracked infantry fighting vehicle has accounted for the largest share of the Infantry Fighting Vehicle Market Share between these segments. Its advanced mobility feature helps the vehicle move smoothly in rough terrains of battlefields.
The configuration segment of the Infantry Fighting Vehicle Market is divided into amphibious and non-amphibious. The amphibious infantry fighting vehicle segment is estimated to witness the highest CAGR as they can easily function and are ideal for the ship to shore maneuvers.
The Infantry Fighting Vehicle Market is categorized into combat, armored reconnaissance and ambulance, and others in the application segment. The combat segment has registered to account for the largest market share among these categories because these combat vehicles are widely used in various regions for combat activities.
According to the geographical reports, the Infantry Fighting Vehicle Market Outlook has diversified its growth into various regions such as North America, Asia Pacific, and the Rest of the World. North America is the largest share-holding market of the Infantry Fighting Vehicle Market Share among other market regions.
The North American region includes the US and Canada; these regions are emerging the market's growth. The US Department of Defense has mostly procured these vehicles in recent years; due to this factor, this region's Infantry Fighting Vehicle Market is witnessing significant growth. The Middle East countries notice a steady growth rate due to increased military operations and exercises. The other regions of the Infantry Fighting Vehicle Market, such as the Asia Pacific, will register a good growth rate due to the high investments in defense sectors.
Competitive Intensity Within The Industry
The prominent players of the Infantry Fighting Vehicle Market Outlook are playing their effective role to let the market function well at the global level. The investments of these players propel the growth of the Infantry Fighting Vehicle Market Value. Below mentioned is the list of prominent players in the market.
Recent Market Developments
Kazakhstan Paramount Engineering (KPE), which is a joint venture between the global aerospace and technology business, Paramount Group, and Kazpetromash, has announced production of the advanced Infantry Fighting Vehicle, the Barys 6×6, which is expected to get delivered by the end of this year to Armed Forces Special Units of the Republic of Kazakhstan.
According to the news update, the two vehicles under consideration for Australia's multi-billion-dollar infantry fighting vehicle project have undergone sea transportability trials on Sydney Harbour.
The overview report of the Infantry Fighting Vehicle Market Analysis shows the overall growth rate of the market in recent years and its estimated growth in the upcoming years. The marketing dynamics, such as the growth factors and the opportunities, are rising the demand of the Infantry Fighting Vehicle Market Trends.
The pandemic report shows the effect of the lockdown of the market's growth. The key market players are trying to overcome the issues related to the market to let it flourish at the global level. The Infantry Fighting Vehicle Market Analysis segments are noticed, and the largest share-holding segments are marked. The regional analysis report shows the market's growth in various developing nations. While observing the overall report of the Infantry Fighting Vehicle Market, it is estimated to witness its expected CAGR in the forecast period.
Key Industrial Segments
Frequently Asked Questions (FAQ) :
Global infantry fighting vehicle market is projected to expand at a CAGR of 6% during the forecast period from 2020 to 2027.
Global infantry fighting vehicle market is likely to procure a considerable market value during the review period from 2018 to 2023.
Global infantry fighting vehicle market is segmented on the basis of type, configuration, application, and region.
North America is likely to acquire the largest market share during the forecast period from 2020 to 2027.
BAE Systems plc (UK), General Dynamics Corporation (US), Paramount Group (South Africa), and Hanwha Defense Systems (South Korea) are some of the renowned players of the global infantry fighting vehicle market.