The global defense vehicle market is anticipated to grow at a considerable CAGR 6% during the forecast period (2022-2028). The rise in defense budgets is one of the factors driving the growth of the market. According to the data published by PRS Legislative Research, from 2021-to 2022, the ministry of defense has been allocated Rs 4,78,196 crore. According to the Stockholm International Peace Research Institute (SIPRI), India was the third-largest defense spender in 2019. The allocation for the Ministry of Defense is anticipated to grow at 3.0% in 2022 over 2020. The capital outlay for the defense expenditure includes machinery and equipment. Further, the capital expenditure outlay for defense grew by 7.0%, while the overall capital expenditure of the central government grew by 13.0%. Thus, such capital expenditure and budget allocations are anticipated to fuel the demand for the global defense vehicle market.
The rising cross-border terrorism is anticipated to spur the growth of the global defense vehicle market. According to the Global Terrorism Index (GTI) report published by the Institute of Economics & Peace in 2020, 63 countries recorded at least one death from terrorism in 2019. Moreover, in the west, ISIL directed at least 78 terror attacks between 2014 and 2019, resulting in 471 fatalities. France recorded the most ISIL-related terrorism deaths, followed by the US and Belgium. Furthermore, the country with the largest increase in deaths from terrorism was Burkina Faso, where the number of fatalities rose from 86 in 2018 to 593 in 2019. Thus, such terrorism is anticipated to fuel the demand for the global defense vehicle market during the forecast period.
Looking toward the demand for defense vehicles, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in March 2021, the Ministry of Defense (MoD) awarded a contract to Mahindra Defence Systems (MDS), for the manufacturing of Armored Tactical Vehicles for the Indian Army for their weapon carrier requirements. The induction of vehicles is anticipated to be completed by 2025. Thus, such launches are anticipated to drive the growth of the global defense vehicle market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BAE Systems Plc., General Dynamics Corp., and Oshkosh Corp., among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Defense Vehicle Market is available at: https://orionmarketreports.com/global-defense-vehicle-market/108856/
Global Defense Vehicle Market Report by Segment
By Type
- Main Battle Tank
- Infantry Battle Tank
- Armored Personal Carriers
- Armored Combat Support Vehicles
- Others
By Application
- Defense
- Military
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