Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) — The “Global Military Vehicle Sustainment Market by Service (Maintenance, Repair, & Overhaul, Parts & Components Supply, Training & Support), Vehicle Type (Armored Fighting Vehicles, Engineering & Recovery Vehicles, Ground Support Vehicles), Application – Forecast 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The Military Vehicle Sustainment Market is experiencing a significant growth trajectory, as projected in this comprehensive research publication. This insightful analysis foresees the market expanding from a valuation of USD 20.17 billion in 2022 to an estimated USD 21.58 billion in 2023. With a robust Compound Annual Growth Rate (CAGR) of 7.36%, the sector is expected to attain a market size of USD 35.62 billion by the year 2030.
Military Modernization Programs Propel Market Growth
Rapid advancements in defense technologies and the urgent need for the modernization of military vehicles continue to drive the market forward. With an increasing focus on ensuring the longevity and operational efficacy of critical defense equipment, the demand for specialized services within the military vehicle sustainment sector is growing. Services such as maintenance, repair, and overhaul (MRO), parts & components supply, and training & support are gaining momentum.
Regional Developments and Competitive Landscape
The Americas are leading the way with significant investments in upgrading existing military vehicle fleets with advanced technologies. Similarly, regions such as the EMEA and APAC are not far behind in contributing to the market’s growth, focusing on indigenous defense capabilities and embracing collaborative efforts to enhance their military vehicular technology. The FPNV Positioning Matrix and Market Share Analysis, integral parts of the research, provide a detailed competitive assessment and a clear understanding of market dynamics. Key players leading the charge in this sector are pioneering sophisticated solutions to cater to the evolving defense landscape.
Segmentation and Strategic Insights
The research elucidates on the market’s segmentation, covering various levels, including services offered, vehicle types, and application areas. It delves into domains such as Air Force, Army, and Navy sustainment, providing stakeholders with strategic intelligence.
- Ground Support Vehicles
- Armored Fighting Vehicles
- Engineering & Recovery Vehicles
The analysis offers a granular view of market penetration and development across mature and emerging segments and diverse geographic locations, from the United States and Canada to key economies in the Asia-Pacific like China and India.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $21.58 Billion |
| Forecasted Market Value (USD) by 2030 | $35.62 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Companies Mentioned
- 3M Company
- AM General LLC
- Babcock International Group PLC
- BAE Systems plc
- Booz Allen Hamilton Holding Corporation
- CAMSS Shelters
- EDGE Group PJSC
- Elbit Systems Ltd.
- General Dynamics Land Systems
- GS Engineering Inc.
- Honeywell International Inc.
- Indra Sistemas, S.A.
- Kratos Defense & Security Solutions, Inc.
- L3Harris Technologies, Inc.
- Larsen & Toubro Ltd
- Leonardo DRS, Inc.
- Lockheed Martin Corporation
- Mahindra Emirates Vehicle Armoring Fz LLC by Mahindra & Mahindra Limited
- ManTech International Corporation
- Meritor, Inc. by Cummins Inc.
- Northrop Grumman Corporation
- Oshkosh Corporation
- Rheinmetall AG
- RTX Corporation
- Serco Group plc
- Sprung Instant Structures Ltd
- Terma A/S
- Textron Systems Corporation
- Thales Group
- Ventia Services Group Pty Limited
For more information about this report visit https://www.researchandmarkets.com/r/ii2ui5
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- Global Military Vehicle Sustainment Market
