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The global military land vehicle market experience exceptional growth during 2006-2011; however, over the next five years, the industry is forecast to experience much more moderate growth and has been forecast to hit a market value of $41.6 billion by 2017.
The global market for military land vehicles is undergoing a transition. Many countries have been forced to curtail their defence spending and as a result, vehicle programs in the West are being delayed or facing reduction in procurement numbers.
Even though some notable land vehicle modernisation programs are under development and even deployment, the market future is uncertain.
The reason for the short term slowdown is decline in the Western defence markets. Currently the global military land vehicle market is dominated by the United States.
However, expected cuts in major US vehicle programs will result in a decline of 1.5%. Growth momentum will pick up again in the medium term as APAC and the Middle East markets reach the procurement phase.
The changing nature of warfare and ever increasing cost of military operations are forcing military planners to rethink their future vehicle capabilities. Future military operations will be asymmetric and forces have to operate in urban environments.
Mobility, modularity, protection and compatibility with other battlefield elements are key attributes for future vehicles to protect against contemporary threats in a cost efficient way. The need for agile vehicles will, in turn, boost demand for light weight and hybrid vehicles.
As 'quality over quantity' is getting more and more important, offering a cost efficient solution will be a major future challenge for suppliers.
For more information on the global military land vehicle market, see the latest research: Global Military Land Vehicle Market
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