Military Vehicle Market Size Worth $65.53 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

Military Vehicle Market share research includes key company profiles like ASHOK LEYLAND; BAE Systems Plc; General Dynamics Corporation; NORINCO Group; Oshkosh Defense, LLC; Patria; Rheinmetall AG; Soframe; Tata Motors; Thales Group; Lockheed Martin Corporation; and KNDS France

/EIN News/ -- US & Canada, April 01, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “the global Military Vehicle Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Tanks, Military Trucks, Amphibious Military Vehicles, Armored Vehicles, Reconnaissance Vehicles, Special Purpose Vehicles, and Others), Application (Ground Support Vehicles, Tactical Warfare, ISR, Military Transportation, and Others), Technology (Autonomous Vehicles and Manually Driven Vehicles), and Geography”.

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The report carries out an in-depth analysis of market trends, key players, and future opportunities. The market, in terms of application, is categorized into ground support handling, tactical warfare, ISR, military transportation, and others. Increasing several countries’ government demand to procure modern military vehicles across the globe is major driving factor for the military vehicles market during the forecast period. For instance, in January 2025, the Ministry of Defence signed a contract with Heavy Vehicles Factory, a unit of Armoured Vehicle Nigam Limited, for the procurement of 47 Tank-72 Bridge Laying Tanks (BLT) for the Indian Army at a total cost of ~US$ 180 million.

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Market Overview and Growth Trajectory:

Military Vehicle Market Growth: The military vehicle market is expected to reach US$ 65.53 billion by 2031 from US$ 32.47 billion in 2024; it is anticipated to register a CAGR of 10.8% during the forecast period of 2025–2031.  

Rising Defense Expenditure: The changing modern warfare scenario has compelled governments of various countries across the globe to allocate substantial funds and financial aid toward respective defense and military forces. The defense budget allocation supports the army and military forces to acquire enhanced technologies and equipment from native or international developers. Alternatively, military and army vehicle modernization is on the rise due to the growing defense budget allocation. Furthermore, the growing governmental expenditure shows the government's attention on improving national security forces. There is an augmented need to reinforce military and border security forces with cutting-edge surveillance, communication, artillery, navigation equipment, armaments, and vehicles, among others; hence, military forces across the globe are focusing on investing significant amounts in procuring advanced technologies. Defense forces' constant inclination to acquire new technologies for noncombat and combat operations further boosts military expenditure across the globe.

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The unstable geopolitical scenario worldwide involving India-Pakistan, China-Taiwan, China-India, Russia-Ukraine war, Russia-US, and the Israel-Palestine war is boosting the demand for advanced military vehicles equipped with high-end surveillance, communication, and navigation systems. The uncertain geopolitical occurrences, such as wars between nations, are jeopardizing common life and increasing the national security threat and uncertainties, which is the major reason for the growing focus on strengthening the security forces to combat such unwanted situations. Instances such as Brexit, European elections and the threat of exit from the Eurozone, US Presidential elections, the US and China trade war, Hong Kong protests, and China and Taiwan hostilities are also boosting the demand for strong military and defense sector, thereby driving the requirement for advanced military vehicles.

Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. North America is expected to register the highest CAGR during the forecast period.

Military Vehicle Market Segmentation, Applications, Geographical Insights:

• Based on type, the military vehicle market is segmented into tanks, military trucks, amphibious military vehicles, armored vehicles, reconnaissance vehicles, special purpose vehicles, and others. The demand for armored vehicles has been experiencing significant growth, driven by the rising global security concerns, geopolitical hostilities, and the demand for enhanced defense capabilities. In 2024, BAE Systems received a US$ 184 million contract modification to produce an additional 48 Armored Multi-Purpose Vehicles (AMPV) for the US Army. In 2024, Patria and the Latvian Ministry of Defence agreed on the production and delivery of an additional 56 Patria 6x6 armored vehicles to serve as command and control (C2) units.
  
  
• Based on application, the military vehicle market, is categorized into ground support handling, tactical warfare, ISR, military transportation, and others. The military transportation segment is distinguished from other segments by its focus on payload capacity, range, and versatility, with vehicles designed to operate in a wide range of terrain and environmental conditions. These vehicles may include trucks, trailers, and specialized transport platforms, each with unique features and capabilities to meet the specific requirements of military logistics. Factors driving the market growth of the military transportation segment include the increasing need to modernize aging fleets, evolving military operational requirements, and the continuous demand for efficient logistics in complex combat scenarios.
  
  
• Based on technology, the Military Vehicle market is divided into autonomous vehicles and manually driven vehicles. The manually driven vehicles segment accounted for a significant market share in 2024, owing to the rising military expenditure for the purchase of new military vehicles.
  
  

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Key Players and Competitive Landscape:

The Military Vehicle Market is characterized by the presence of several major players, including:

• ASHOK LEYLAND
• BAE Systems Plc
• General Dynamics Corporation
• NORINCO Group
• Oshkosh Defense, LLC
• Patria
• Rheinmetall AG
• Soframe;
• Tata Motors
• Lockheed Martin Corporation
• KNDS France
  
  

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Military Vehicle Market Recent Developments and Innovations:

• " BAE Systems signed individual contracts worth approximately US$ 2.5 billion with Sweden and Denmark for new CV90 combat vehicles.”
  
  
• “The Bundeswehr has commissioned Rheinmetall to supply 568 logistics vehicles. These will include 349 UTF trucks (unprotected transport vehicles) in 5t and 15t models, as well as 219 trucks with a swap-body system, 121 of which will have a protected driver's cab.”
  
  
• “Leonardo and Rheinmetall established a joint venture to form a new European nucleus for the development and production of military combat vehicles.”
  
  
• “BAE Systems has been awarded $68 million in contracts to produce an additional 44 Cold Weather All-Terrain Vehicles (CATV) for the U.S. Army.”
  
  

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Conclusion:

Manufacturers operating in the military vehicle market strongly emphasized collaborating with different governments and armed forces to comprehend their respective demands and offer suitable solutions. The military forces of various countries are granting numerous contracts to military vehicle manufacturers to procure advanced military vehicles equipped with high-end communication, surveillance, and navigation systems. Moreover, the defense forces of different nations are investing substantially in obtaining military vehicles such as tanks, military trucks, amphibious military vehicles, armored vehicles, reconnaissance, and special-purpose vehicles. Military vehicles are essential to comprehensive logistics, combat, transporting, communication, surveillance, and navigation purposes. They enable armed forces to facilitate enhanced major military operations.

The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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