Combat Vehicles Market Size And Share, Industry Future Outlook To 2029

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Combat Vehicles Market Size And Share, Industry
Future Outlook To 2029
Combat vehicles play a critical role in modern
military operations, providing mobility,
protection, and firepower to ground forces.
Understanding the dynamics of the combat vehicles
market is essential for stakeholders ranging
from defense contractors to military
strategists. Combat Vehicles Market Size Analysis

• The Combat vehicles market is estimated to be
  valued at USD 25.25 billion in 2024, with
  projections to reach USD 32.21 billion by 2029,
  growing at a CAGR of 4.99. Despite the
  challenges posed by the COVID-19 pandemic, the
  market has remained resilient, driven by ongoing
  procurement projects and increasing defense
  budgets.
• Combat Vehicles Industry Trends
• Dominance of Infantry Fighting Vehicles (IFVs)
• The IFV segment is expected to dominate the
  Combat Vehicles Industry, driven by increasing
  procurement and rising defense expenditure. These
  vehicles play a crucial role in carrying
  mechanized infantry units into battle and
  providing direct-fire support. The US Army and
  Australian Army, among others, are investing in
  large-scale procurements of IFVs.

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• Large-Scale Procurements
• Countries like India, China, and Australia are
  significantly investing in new armored vehicles
  to replace aging fleets. The Indian Army, for
  example, is procuring Futuristic Infantry Combat
  Vehicles, while Australia plans to acquire 450
  tracked IFVs under Project LAND 400 Phase 3.
  Such procurements are expected to propel market
  growth.
• Regional Analysis In Combat Vehicles Sector
• Asia-Pacific Region
• The Asia-Pacific region is witnessing robust
  growth in military spending, driven by increasing
  geopolitical tensions. Countries like China,
  India, and Japan are investing in new armored
  vehicles, with a focus on developing local
  manufacturing capabilities. Companies like
  NORINCO in China are expanding production to
  meet regional demand.
• Middle East and Africa
• In the Middle East and Africa, local players are
  emerging as significant competitors in the
  Combat Vehicles Industry. Companies like Saudi
  Arabian Military Industries (SAMI) and STREIT
  Group are signing long-term contracts to supply
  vehicles to regional armed forces. International
  players are also focusing on partnerships to
  enhance their presence in these regions.
• Combat Vehicles Market Major Players
• Some of the major players in the combat vehicles
  industry include Rheinmetall-
• AG
• General Dynamics Corporation
• Nexter Group
• BAE Systems plc
• Oshkosh Corporation.
• These companies are investing in research and
  development to develop innovative solutions to
  meet evolving military requirements.

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• In December 2022 Japan selected Patria-built
  armored modular vehicles to replace existing
  wheeled armored personnel carriers.
• Read Also- Combat Vehicles Market Insights A
  Comprehensive Analysis
• Conclusion
• The combat vehicles market presents significant
  opportunities for both established players and
  new entrants. With increasing defense budgets,
  geopolitical tensions, and technological
  advancements, the market is poised for continued
  growth. However, stakeholders must stay abreast
  of evolving trends and challenges to capitalize
  on these opportunities.
• FAQs
• What is the current size of the combat vehicles
  market?
• Ans. The combat vehicles market is estimated to
  be valued at USD 25.25 billion in 2024, with
  projections to reach USD 32.21 billion by 2029,
  growing at a CAGR of 4.99.
• Which segment is expected to dominate the market
  in the coming years?
• Ans. The Infantry Fighting Vehicle (IFV) segment
  is expected to dominate the market due to
  increasing procurement and rising defense
  expenditure.
• Which regions are witnessing the highest growth
  in military spending?
• Ans. The Asia-Pacific region, including countries
  like China, India, and Japan, is witnessing
  robust growth in military spending due to
  increasing geopolitical tensions.
• How are local players impacting the competitive
  landscape?

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Q.5 What are the key challenges facing the combat
vehicles market? Ans. Some key challenges facing
the combat vehicles market include supply chain
disruptions, geopolitical tensions, and the need
for technological advancements to meet evolving
military requirements.