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From GlobeNewswire: 2025-04-01 07:22:00
A new report from The Insight Partners analyzes the global Military Vehicle Market from 2021 to 2031, covering various vehicle types, applications, technologies, and geographical trends. The market is projected to reach $65.53 billion by 2031, growing at a CAGR of 10.8%. Government demand for modern military vehicles worldwide is a key driver, with recent contracts like India’s $180 million deal for Tank-72 Bridge Laying Tanks.
Rising defense expenditures globally are fueling the demand for advanced military vehicles, with governments allocating significant funds to enhance their military capabilities. Geopolitical tensions and uncertainties, such as conflicts between nations and regional disputes, are driving the need for high-end surveillance, communication, and navigation systems in military vehicles. North America led the market in 2023, with North America expected to see the highest CAGR in the forecast period.
The Military Vehicle Market is segmented by type (tanks, armored vehicles, etc.), application (tactical warfare, military transportation, etc.), and technology (autonomous, manually driven). Armored vehicles are in high demand due to security concerns, while military transportation focuses on payload capacity and versatility. Major players like BAE Systems, Rheinmetall AG, and Lockheed Martin are leading the market with new contracts and innovations. Strategies like new product launches and joint ventures are employed to stay competitive in the market.
Recent developments in the Military Vehicle Market include major contracts and collaborations, such as BAE Systems’ $2.5 billion deals with Sweden and Denmark for combat vehicles. The market report provides insights for stakeholders on navigating the evolving landscape and unlocking new opportunities in the global military vehicle industry. For more information and detailed insights, visit The Insight Partners’ website or contact them directly for customized research solutions.
Read more at GlobeNewswire: Military Vehicle Market Size Worth $65.53 Billion,