Dublin, Jan. 06, 2026 (GLOBE NEWSWIRE) — The “Military Land Vehicles Global Market Opportunities and Strategies to 2034” has been added to ResearchAndMarkets.com’s offering.
The military land vehicles market, spanning 2019-2024 as the historic period and 2024-2029, 2034F as the forecast period, is poised for substantial growth. The global market hit nearly $23.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 3.64% from 2019. Projected to increase at a CAGR of 5.29%, it is expected to reach $30.28 billion by 2029, eventually growing to $37.87 billion by 2034 at a 4.57% CAGR.
Several factors contributed to historic growth, including military modernization programs, geopolitical tensions, urban unrest, and increased cross-border activity. Challenges such as high procurement costs and stringent military standards impeded progress. Looking ahead, factors including expanded military forces, homeland crisis responses, and increased defense budgets will fuel growth. Conversely, potential obstacles include training gaps, maintenance in challenging terrains, and trade tensions.
Regionally, North America led the market in 2024, contributing 29.81% or $6.97 billion of the total. Asia Pacific and Eastern Europe are forecasted to be the fastest-growing regions, with respective CAGRs of 7.01% and 5.97%. Western Europe and the Middle East are also expected to experience significant growth.
The market remains concentrated, dominated by major players like General Dynamics Corporation and Rheinmetall AG. The top ten companies accounted for 37.75% of the total market in 2024, with General Dynamics holding a 7.69% market share. Key competitors also include KNDS Group, BAE Systems, and Leonardo S.p.A.
Segmented by product type, infantry fighting vehicles emerged as the largest segment, representing 28.41% or $6.64 billion in 2024. This segment is anticipated to be the fastest-growing, expanding at a CAGR of 6.36% from 2024-2029. The offerings segment showed significant promise, with platforms leading at 57.88% or $13.54 billion in 2024 and expected to grow at a 5.44% CAGR.
Defense applications dominated in 2024, accounting for 66.61% or $15.59 billion of the market. However, the ‘other’ segment is projected to be the fastest-growing application area, with a 5.40% CAGR during the forecast period.
Key opportunities will arise in the infantry fighting vehicles segment with an expected increase of $2.4 billion in annual sales by 2029. Platforms and defense applications will also witness significant growth, making major gains in the market, particularly in the USA with a projected $1.02 billion increase.
Strategic trends in the market emphasize the development of all-terrain, amphibious, and modular vehicles, enhancing operational flexibility. The focus is also on autonomous platforms, NATO-compliant designs, MRAP-level protection, and next-generation infantry fighting vehicles integrating advanced C4ISR systems.
Leading companies are likely to continue strengthening operations via strategic partnerships, acquisitions, and securing new contracts. Recommendations include focusing on frontier markets, maintaining a presence in developed regions, offering competitive pricing, engaging in B2B promotions, and participating in industry trade shows, thereby optimizing battlefield support and modular upgrades.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 368 |
| Forecast Period | 2024 – 2034 |
| Estimated Market Value (USD) in 2024 | $23.4 Billion |
| Forecasted Market Value (USD) by 2034 | $37.87 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Markets Covered:
- Product Type: Infantry Fighting Vehicles, Armored Personnel Carriers, Main Battle Tanks, and more.
- Offering: Platforms and Services.
- Application: Defense, Transportation, and Others.
Companies Featured
- General Dynamics Corporation
- Rheinmetall AG
- KMW + Nexter Defense Systems (KNDS Group)
- BAE Systems plc
- Leonardo S.p.A.
- Hanwha Defense
- Rostec State Corporation
- Oshkosh Corporation
- Thales Group
- China North Industries Group Corporation Limited (Norinco Group)
- NORINCO
- Sinotruk
- Shaanxi Automobile Group
- Patria
- Mitsubishi Heavy Industries (MHI)
- Komatsu Ltd.
- Toyota Motor Corporation
- Rheinmetall’s
- Hanwha Aerospace
- Hyundai Rotem
- Hyundai Motor Company
- Tata Advanced Systems (TASL)
- Mahindra Defence Systems
- Ashok Leyland
- BAE Systems Australia
- John Cockerill Defense
- Rheinmetall
- Rheinmetall Defence Nederland B.V.
- Rheinmetall Defence UK Limited
- Nexter Systems (KNDS France)
- Arquus (formerly Renault Trucks Defense)
- FFG Flensburger Fahrzeugbau Gesellschaft mbH
- Leonardo DRS
- NPO Androidnaya Tekhnika
- Excalibur Army
- STREIT Group
- Navistar International Corporation
- Lockheed Martin Corporation
- Iveco Group
- GS Engineering Inc
- GM Defense
- Oshkosh Defense LLC
- ST Engineering
- Roshel
- GM Defensive
- Ares Aeroespacial e Defesa
- Elbit Systems
- Milrem Robotics
- Mahindra Emirates Vehicle Armouring
- The Armored Group
- Calidus Abu Dhabi
- Denel Land Systems (DLS)
- Paramount Group
- Proforce Defence
- Innoson Vehicle Manufacturing Co. Ltd
- INKAS
For more information about this report visit https://www.researchandmarkets.com/r/qrapa5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Military Land Vehicles Market
