Growing demand for bulletproof vehicles and enhanced emphasis of government to develop local manufacturing units are expected to drive the demand for the global infantry fighting vehicle market in the forecast period, 2023-2027.
According to TechSci Research report, “Infantry Fighting Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global infantry fighting vehicle market is anticipated to witness impressive growth in the forecast period, 2023-2027. Infantry combat vehicles are shielded by armor for protection against weapons, missiles, bullets, projectile, and shrapnel systems. The development of advanced military vehicles equipped with innovations in the field of electronics, material science, weaponry, and automotive are expected to influence the market growth positively. Launching novel armored vehicles with active protection systems, advanced autoloaders, reactive armor technology, and programmable ammunition is expected to create new growth avenues for the global infantry fighting vehicle market in the forecast period. The active protection system technology is highly useful as they detect and counterattack incoming threat projectiles before they are able to reach the target. It uses sensors, launchers, radar sensors, and countermeasure munitions that protect the combat vehicles from anti-tank guided vehicles and grenades. The growing military spending is expected to be a significant growth factor for the global infantry fighting vehicle market. According to a report by Stockholm International Peace Research Institute (SIPRI), defense spending increased by 0.7 percent in 2021 compared to 2020. The military expenditure reached $2113 billion in 2021, and the countries heavily invested in research and development activities to have a bigger market share. The top biggest defense spender countries across the globe were the United States, China, India, the United Kingdom, and Russia. The rise in defense expenditure is expected to bolster the demand for the global infantry fighting vehicle market over the next five years.
However, the high costs of main battle tanks and the absence of major original equipment manufacturers in the middle east and Asia-pacific regions may restrain the global infantry fighting vehicle market growth in the forecast period.
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The global infantry fighting vehicle market is segmented into type, application, configuration, regional distribution, and competitive landscape.
Based on type, the market is divided into wheeled and tracked. Wheeled infantry fighting vehicle is anticipated to capture the highest market share in the forecast period, 2023-2027. Increased demand for light armored vehicles for transportation and Intelligence, Surveillance, and Reconnaissance (ISR) applications is expected to drive the segment demand in the coming years.
Based on application, the market is divided into combat, armored reconnaissance, and others. Combat applications are expected to hold the largest market share for the next five years. The growing popularity of light armored vehicles and armored personal carriers accelerates the segment demand. The increase in cross-border issues and territorial conflicts are making the armed forces adopt advanced weapons and vehicles, which is expected to act as a positive factor for the global infantry fighting vehicle market.
Major market players operating in the global infantry fighting vehicle market are:
- BAE Systems Plc
- FNSS Savunma Sistemleri A.Ş.
- Hanwha Defense Systems
- Krauss-Maffei Wegmann GmbH Co. KG
- Paramount Group
- Saab AB
- Rheinmetall AG
- Kurganmashzavod JSC
- Iveco - Oto Melara Consortium
- General Dynamics Corporation
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“The Asia-pacific region is expected to hold significant market share in the forecast period, 2023-2027. The rise in the defense expenditure by the emerging countries and the launch of programs focusing on military modernization are expected to fuel the demand for the global infantry fighting vehicle market. China and India are among the top spenders across the world and are increasing their defense budgets to procure advanced weapons and vehicles for military operations. The government of several countries is introducing programs to boost domestic manufacturing of unmanned combat vehicles and armored vehicles to enhance the foothold of their country's borders. The rise in the investments and the ongoing research and development activities by private and public players are expected to propel the global infantry fighting vehicle market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Infantry Fighting Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Type (Wheeled, Tracked), By Application (Combat, Armored Reconnaissance, Others), By Configuration (Amphibious and Non-Amphibious), and By Region”, has evaluated the future growth potential of global infantry fighting vehicle market and provides statistics information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global infantry fighting vehicle market.
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