Market Overview:
Infantry Fighting Vehicle industry is expected to reach USD 11.5 Billion by 2030, registering a CAGR of 5.7% during 2020-2030.
Despite the huge economic impact of the COVID-19 epidemic, the market for armoured fighting vehicles remained unaffected, with procurement programmes on schedule and armoured vehicle sales and revenues slowly increasing for manufacturers.
Throughout military missions and operations, the defence department requires a variety of vehicles, military equipment, and other resources. The increased demand for military-related commodities in the defence sector strengthens the many marketing sectors that give services to the military authorities.
Rising geopolitical tensions with border disputes between nations in Europe, Asia-Pacific, the Middle East, plus Africa are driving demand for new armoured vehicles to improve ground forces' fighting capabilities for Infantry fighting vehicle market CAGR .
Key Players:
The Key Players Of Infantry Fighting Vehicle industry are BAE Systems plc (UK), FNSS SavunmaSistemleri A.Ş. (Turkey), General Dynamics Corporation (US), Hanwha Defense Systems (South Korea), Iveco - Oto Melara Consortium (Italy), Krauss-Maffei Wegmann GmbH Co. KG (Germany), Kurganmashzavod JSC (Russia), Paramount Group (South Africa), Rheinmetall AG (Germany), Saab AB (Sweden).
Market Segmentation:
Configuration, type, and application categories make up the Infantry Fighting Vehicle Market.
By Type
Based on type, the Infantry fighting vehicle market data is divided into wheeled as well as tracked segments. The tracked infantry fighting vehicle holds the biggest proportion of the Infantry Fighting Vehicle Market Share between such segments. Its enhanced mobility characteristic allows the vehicle to travel easily over tough battlefield terrain.
By Configuration
The Infantry Fighting Vehicle Industry is separated into two configuration segments: amphibious as well as non-amphibious. The amphibious infantry fighting vehicle market is expected to grow fastest because of its ease of use and suitability for ship-to-shore manoeuvres.
By Application
In terms of application, the Infantry Fighting Vehicle Industry is divided into combat, ambulance, armoured reconnaissance, and others. Since combat vehicles are extensively used in numerous countries for military activities, the combat category has registered the biggest market share.
Regional Analysis:
As per geographical reports, the Infantry Fighting Vehicle Market Outlook has diversified its growth into numerous regions such as Asia Pacific, North America, and the Rest of the World. Amongst some of the major market areas, North America has the greatest share of the Infantry Fighting Vehicle Market Share.
The United States and Canada make up the North American area, and these two countries are leading the market's expansion. The US Department of Defense has mostly bought these vehicles in recent times, and as a result, the Infantry Fighting Vehicle Market in this area is booming.
Military operations and drills have risen in the Middle East, resulting in a continuous growth rate. Due to increasing military sector investments, other areas of the Infantry Fighting Vehicle Market, like the Asia Pacific, will experience strong growth.
Industry news:
The expansion of the armoured vehicles market is being fuelled by increased demand for armoured vehicles as cross-border clashes and asymmetric warfare become more common around the world. The absence of significant armoured vehicle OEMs in the Middle East and Asia Pacific region and electrical, mechanical, and other types of failure in armoured vehicles are expected to stymie market expansion.
The majority of the world's military forces are still using old and ageing armoured vehicles. The military services are investing in new generation armed vehicle programmes with greater lethality, efficiency, and surveillance capabilities to replace the older armoured vehicle fleet.
The infantry fighting vehicle (IFV) sector now leads the market and is anticipated to do so for the foreseeable future. This is primarily due to rising demand for IFVs, which have the tactical benefit of providing direct-fire support while also embarking infantry troops.
Related reports:
Armored Vehicles Upgrade and Retrofit Market Research Report: Information by Vehicle Type (Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers and others), Design (Wheeled Armored Vehicles and Tracked Armored Vehicles) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2027
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